The global blockchain technology market is set to surpass $16 billion by 2024, according to a recent report from market research firm Global Market Insights, Inc. The report In a Sept. 20 news release, Global Market Insights provided highlights from its 180-page, concisely named report entitled "Blockchain Technology Market By Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Regional Outlook, Competitive Market Share & Forecast 2024." According to the analysis, the key factor contributing to the global …

If you are one of the 2.4 billion active Facebook users, the probability that your data has been leaked is around 17%, given the recent news of 419 million accounts being exposed. This means that, unless something changes, every sixth active user could lose control over their personal data. Again and again, no matter the government or the company managing personal data or how secure their systems are, personal data leaks happen all the time. But what are the fundamental problems of centralization and how can we rescue our data from criminals, greedy marketers and corrupt governments? Leaks are inevitable …

Switzerland’s Financial Market Supervisory Authority (FINMA) has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision. The new guidance for virtual asset service providers, published on Aug. 26, applies to blockchain service providers including exchanges, wallet providers and trading platforms. In its preface to the guidance, FINMA notes its adherence to the framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force (FATF). More stringent than the FATF FINMA underscores that blockchain sector businesses cannot be exempted from the country’s existing regulatory standards, such as the Anti Money Laundering (AML) Act. …

Blockchain analytics firm Chainalysis has launched alerts for suspicious transactions across 15 major cryptocurrencies. In a post published on the firm’s blog on Aug. 22, the company said its Know Your Transaction (KYT) tool works in real time to provide compliance with Anti-Money Laundering measures — and claimed this is the first solution to offer compatibility with such a broad range of crypto assets. Compliance risk mitigation The tool is meant to help cryptocurrency exchanges and other financial institutions mitigate their regulatory and reputational risks. Michael Breu, chief compliance officer at major crypto exchange Gemini, said: “As a New York …

Major cryptocurrency exchange Binance announced that it will offer a lifetime VIP membership to all its users affected by the recent Know Your Customer (KYC) images leak on the platform. According to the official blog, currently Binance is “actively contacting all potential victims with [...] guidance on privacy protection and restitution,” and highly recommends “affected users to apply for new identification documents in their respective region.” The post also states: “We are compensating affected users with a lifetime Binance VIP membership, including preferential trading fees, support, and more services.” When a hacker knows your customer As Cointelegraph reported recently, Binance …

Major cryptocurrency exchange Binance states that some leaked Know Your Customer (KYC) images overlap with those processed by a third party vendor. In an announcement on Aug. 23, Binance said that its investigation of a KYC data leak that occurred on Aug. 7 is still ongoing. The exchange’s security and investigations team is purportedly trying to identify the source of KYC images similar to those leaked by an unidentified hacker. Cryptocurrency exchanges will often require users to submit an image of themselves presenting credentials in order to verify their identity. Binance states that some of the leaked images overlap with …

Binance.US, an upcoming subsidiary of one of the world’s leading cryptocurrency exchanges that will be compliant to operate within the United States, has recently gotten investors excited with an announcement that the platform was reviewing 30 new assets for listing. Importantly, the news also shed some light on the Digital Asset Risk Assessment Framework — a novel set of criteria to determine blockchain projects that Binance deems worthy of adding to the platform. In the realm of digital finance, one of the biggest imaginable accomplishments for a blockchain startup is to get its coin listed on a major cryptocurrency exchange. …

The Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), has developed a Code of Practice in partnership with multinational law firm Linklaters. A Global Legal Post report published Aug. 19 revealed that ACCESS had the support of the Monetary Authority of Singapore (MAS) — the country’s central bank and regulatory authority — and also consulted the Association of Banks in Singapore to launch the new initiative. Tackling AML/CFT Risks The new Code of Practice falls within the scope of ACCESS’ “Standardization of Practice in Crypto Entities,” which provides detailed Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) guidelines (including …

Crypto market aggregator CoinGecko has joined the network of blockchain analytics and anti-money laundering (AML) company Coinfirm. This partnership will reportedly allow CoinGecko to improve its exchange Trust Score algorithm, as well as provide users with a means to report scams and hacks. The companies shared a press release with Cointelegraph on Aug. 16. According to documentation from Coinfirm, the company runs the AMLT network that allows members to report cryptocurrency addresses tied to hacks, ransomware, scams and fraud. Coinfirm then blocks these users and funds across the AMLT network. In return for supplying good information, Coinfirm rewards its members …

The hacker behind private user data allegedly stolen from cryptocurrency exchange Binance is preparing to release further material. Hacker “warming up” for leak In a series of tweets on Aug. 16, the Twitter account known as Bnatov Platon published an outline of Binance Know-Your-Customer (KYC) records allegedly in his or her possession. “Warming up,” an accompanying commentary reads. While no timeframe was given for the potential release, the hacker included records of Telegram chats, including with a user described as a member of Binance’s customer service team. Another appeared to show an attempt to trick the hacker into visiting a …

Cryptocurrency payment processor BitPay is introducing new identity verification measures for certain high-value payments, refunds and payouts. According to an Aug. 1 announcement from the United States-based firm, the new measures notably do not apply to person-to-person payments using the BitPay and Copay apps. Photo ID, Social Security number BitPay is rolling out its new ID verification flow as part of a new BitPay Dashboard, which will function as a personalized home page that provides access to users’ transaction histories and various payment features. With the launch of BitPay ID, users will be required to undergo a one-time verification process …

In the latest episode of “Coffee and Crypto,” Cointelegraph’s head of editorial Olivia Capozzalo and head of news Molly Jane Zuckerman have discussed the biggest headlines in the crypto world — armed with steaming cappuccinos. The cappucci-news In the video, Capozzalo and Zuckerman have a packed agenda. First, they make sense of the news that the United States Federal Reserve has started developing a 24/7 system for real-time payments — sparking endless questions and comparisons to Bitcoin (BTC) and Ripple’s XRP. Zuckerman says: “I hear the words ‘real-time payment and settlement system’ and I think that can only be done …