“Low-quality Crypto Exchanges Account For More Than 60% In Trading Volumes”
On Wednesday, CryptoCompare published a report on crypto exchange’s activity in July. According to the research, exchanges with lower ratings accounted for about two-thirds of the trading volume last month. This may be due to the lighter know-you-customer (KYC) verification procedures, if existent at all. The rating is based on CryptoCompare’s proprietary exchange benchmark grading. It rates platforms based on their jurisdiction, regulatory compliance, data provision quality, trade surveillance, and market quality, among others. Thus, exchanges get a double-A for the best score and an F for the poorest service. In July, D and E rated providers accounted for a combined 64% of the total trading volume. Those rate with AA and A accounted for a combined 25%.
“US DoT Cracking Down On Crypto Wallets Of Drug Operators”
The United States Department of the Treasury has added multiple cryptocurrency addresses to its Specially Designated Nationals (SDN) list under the Foreign Narcotics Kingpin Designation Act, also known as the Kingpin Act. These addresses, and the individuals associated with them, have been deemed to be associated with foreign narcotics operators. The Treasury updated its SDN list on Aug. 21. The three alleged narcotic operators associated with these addresses are Chinese citizens Xiaobing Yan, Fujing Zheng and Guanghua Zheng. The three individuals all have associated Bitcoin (BTC) addresses mentioned on the SDN list, and Guanghua Zheng additionally has a Litecoin (LTC) address.
“Ukraine Law-enforcement Uncovers Illegal Miners”
Ukraine’s top law-enforcement and counterintelligence agency uncovered crypto mining equipment on site at a nuclear power plant. According to local media reports, the Security Service of Ukraine (SBU) confiscated six Radeon RX 470 GPU video cards, a motherboard, power supplies and extension cords, a USB and hard drive, and cooling units installed in the South Ukrainian Nuclear Power Plant on July 10. All of the equipment was located in a single office, No. 104, in the administrative wing separate from the power facility, from the state-owned Energoatom enterprise. The power plant is registered as a state secret and outside computer equipment is not authorized to enter the property.
“Coincheck To Launch An IEO Platform”
Japanese cryptocurrency exchange Coincheck, which suffered a $530 million hack last year, is considering launching an initial exchange offering (IEO) platform to help firms raise funds via utility tokens. IEO, as a form of raising funds, is gaining attention, Coincheck said Thursday, adding that it will target companies and projects that already have content and want to grow their business and those who have not raised funds via tokens so far. The exchange, however, stressed that it will only accept those projects who use utility tokens, and not security tokens that are subject to the Financial Instruments and Exchange Act of Japan.