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BSP Reminds Lyka to Register, Says It Is Closely Watching All Payment Operators

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By Shiela Bertillo

The Banko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno urged social media and e-commerce platform Lyka to secure a payment operator license from the central bank “to keep things in order” in an interview with ANC News.

Lyka is a platform launched in the Philippines by a Hong Kong-based company that allows users to convert likes and the number of activities or posts by a user into Gift cards in Electronic Mode (GEMs) that they can use to pay for goods and services at partner merchants of the app.

“It’s one of the things that we sighted because it continues to operate without a license and they need the imprimatur of the central bank to keep things in order,” Diokno told ANC. (Read More: LYKA to Comply With BSP Requirements After Being Ordered to Cease Operating)

Last July, BSP ordered the social media platform to stop its operations as it is not registered as an operator of payment system (OPS) as prescribed under Republic Act 11127 or the National Payment Systems Act (NPSA). It also suspended the provisional OPS licensed of Digital Spring, the marketing arm of Lyka in the Philippines.

According to Diokno during a briefing last month, Lyka was directed to suspend activities as an OPS and was invited to apply for registration with the BSP before it is allowed to continue operating.

Based on Republic Act No. 11127 or The National Payment Systems Act (NPSA), entities operating a payment system are required to comply with the provisions of the law, as well as rules under BSP Circular No. 1049 which provides the guidelines for OPS registration; OPS that are required to register, but are found to be operating without registration, will be directed to comply with the circular’s registration requirements. Failure to comply will result to an order to stop operations until immediate action is taken to register with the BSP.

Registration of an OPS allows BSP to supervise the payment system to ensure that it functions safely, efficiently, and reliably by itself, consistent with the central bank’s objectives of consumer protection and financial stability.

The central bank earlier reminded the public to transact only with BSP-registered OPS, which are listed on its website.

Conversely, The BSP remains wary when it comes to cryptocurrencies since virtual money is “volatile,” Diokno said. 

“The thinking of central banks in the world is that it’s not a good way of managing monetary policy in the sense that it’s volatile,” he said.

The BSP has been consistent in its messaging about cryptocurrencies being volatile. In an interview with Rico Hizon on CNN, Diokno reiterated that they have the potential to transform the delivery of financial services, but it’s also cognizant of its risks. 

“They have really the potential to revolutionize the delivery of financial services and further support of financial inclusion, Therefore it makes them very vulnerable for use in money laundering and terrorism financing. So you have to be wary about that. As a regulator, we should be wary about that,” Governor Diokno said.

Source: ABS-CBN News

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Source: https://bitpinas.com/regulation/bsp-reminds-lyka-to-register/

Blockchain

CFTC Examining Possible Insider Trading at Binance: Bloomberg

CFTC Examining Possible Insider Trading at Binance: Bloomberg

Rate this post The U.S. Commodities Futures Trading Commission (CFTC) has expanded the scope of its investigations into Binance to include possible insider trading at the exchange. CFTC Expands Investigation into Binance over Insider Trading Binance, which was already being probed for selling Bitcoin-related derivates in the U.S., is now facing an inquiry over insider trading, according to a report from Bloomberg. The report states that the CFTC has been reaching out to witnesses in recent weeks for more information on the matter.  As the world’s largest cryptocurrency exchange, Binance sees transactions worth billions every day. That also provides the company with privileged information about transactions, which is being questioned by the regulators.  For its part, the company stated that it has a “zero-tolerance” policy and a “strict ethical code” to prevent misconduct that could harm its customers.  “At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry,” a Binance spokesperson said. Binance’s regulatory woes in the U.S. extend beyond the CFTC investigation. The Department of Justice (DOJ) and the Internal Revenue Service (IRS) are also scanning the exchange for any links to money laundering and tax evasion in the country. Binance’s Continued Regulatory Headache Regulatory compliance has been an ongoing issue at Binance. The company’s founder and CEO Changpeng Zhao, also known as CZ, believes that there has been a “hyper-focus on regulation when it comes to Binance.” So far, the company has received official warnings in the UK, Japan, Cayman Islands, Hong Kong, Malaysia, and Thailand.  To counter scrutiny, the company has hired several former regulators and introduced mandatory know-your-customer (KYC) requirements for all its users. Just last month, Binance announced that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO).

The post CFTC Examining Possible Insider Trading at Binance: Bloomberg appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The U.S. Commodities Futures Trading Commission (CFTC) has expanded the scope of its investigations into Binance to include possible insider trading at the exchange.

CFTC Expands Investigation into Binance over Insider Trading

Binance, which was already being probed for selling Bitcoin-related derivates in the U.S., is now facing an inquiry over insider trading, according to a report from Bloomberg.

The report states that the CFTC has been reaching out to witnesses in recent weeks for more information on the matter. 

As the world’s largest cryptocurrency exchange, Binance sees transactions worth billions every day. That also provides the company with privileged information about transactions, which is being questioned by the regulators. 

For its part, the company stated that it has a “zero-tolerance” policy and a “strict ethical code” to prevent misconduct that could harm its customers. 

“At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry,” a Binance spokesperson said.

Binance’s regulatory woes in the U.S. extend beyond the CFTC investigation. The Department of Justice (DOJ) and the Internal Revenue Service (IRS) are also scanning the exchange for any links to money laundering and tax evasion in the country.

Binance’s Continued Regulatory Headache

Regulatory compliance has been an ongoing issue at Binance. The company’s founder and CEO Changpeng Zhao, also known as CZ, believes that there has been a “hyper-focus on regulation when it comes to Binance.”

So far, the company has received official warnings in the UK, Japan, Cayman Islands, Hong Kong, Malaysia, and Thailand. 

To counter scrutiny, the company has hired several former regulators and introduced mandatory know-your-customer (KYC) requirements for all its users. Just last month, Binance announced that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO).

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Source: https://www.cryptoknowmics.com/news/cftc-examining-possible-insider-trading-at-binance/

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Blockchain

QTUM Technical Analysis: Price to Look for Support Near $10.31

QTUM Technical Analysis: Price to Look for Support Near $10.31

Rate this post QTUM is another decentralized platform that transfers smart contracts. It uses the Proof-of-Stake (PoS) consensus, which means the node operators are rewarded for validating transactions. Moreover, it is a DGP governed blockchain. Let us look at the technical analysis of QTUM. Past Performance On September 11, 2021, QTUM opened at $12.78. On September 17, 2021, QTUM closed at $12.50. Thus, in the past week, the QTUM price has decreased by approximately 2%. In the last 24 hours, QTUM has traded between $12.30-$13.07. https://www.tradingview.com/x/JHAWkjFs/ QTUM Technical Analysis At the time of press, the price is at $12.27, which is near its long-term support level. Moreover, the token is currently forming its base between the range of $15.29 and $10.08. A break-out or a break-down from this range will decide the future of QTUM. Till then, let us have a look at what the indicators are indicating; The MACD and signal lines are in the positive range, thus, suggesting a buy signal. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, being the lagging indicator, we will have to wait and watch if the trend reversal is on the horizon or not. Currently, the RSI indicator is at 51%. It is constantly facing rejection at the 44% mark and currently, is taking constant support at the 45% mark. Thus, selling pressures are slowly mounting. We have to wait and watch if it becomes strong enough to bring about a bullish trend reversal. Until then, we can assume it will bounce back from this level. On the daily chart, the OBV indicator has broken its long-term downtrend and picked an upward trajectory. Thus, buying volumes are higher than selling volumes. In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend. Day-Ahead and Tomorrow Currently, the price is below the second Fibonacci pivot point of $15.03. If the bears take over from this position, then the price is likely to fall below the first, second, and third support levels of $12.21, $11.28, and $10.31, respectively. However, chances of it breaking out are higher. Thus, we can wait for another bull trigger and then expect the price to breakout. Post which, the price will test resistance at $14.35. If the price breaks this level on the upside, traders can take a long position, keeping the next target at $15.53.

The post QTUM Technical Analysis: Price to Look for Support Near $10.31 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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QTUM is another decentralized platform that transfers smart contracts. It uses the Proof-of-Stake (PoS) consensus, which means the node operators are rewarded for validating transactions. Moreover, it is a DGP governed blockchain. Let us look at the technical analysis of QTUM.

Past Performance

On September 11, 2021, QTUM opened at $12.78. On September 17, 2021, QTUM closed at $12.50. Thus, in the past week, the QTUM price has decreased by approximately 2%. In the last 24 hours, QTUM has traded between $12.30-$13.07.

TradingView Chart

QTUM Technical Analysis

At the time of press, the price is at $12.27, which is near its long-term support level. Moreover, the token is currently forming its base between the range of $15.29 and $10.08. A break-out or a break-down from this range will decide the future of QTUM. Till then, let us have a look at what the indicators are indicating;

The MACD and signal lines are in the positive range, thus, suggesting a buy signal. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, being the lagging indicator, we will have to wait and watch if the trend reversal is on the horizon or not.

Currently, the RSI indicator is at 51%. It is constantly facing rejection at the 44% mark and currently, is taking constant support at the 45% mark. Thus, selling pressures are slowly mounting. We have to wait and watch if it becomes strong enough to bring about a bullish trend reversal. Until then, we can assume it will bounce back from this level.

On the daily chart, the OBV indicator has broken its long-term downtrend and picked an upward trajectory. Thus, buying volumes are higher than selling volumes.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the price is below the second Fibonacci pivot point of $15.03. If the bears take over from this position, then the price is likely to fall below the first, second, and third support levels of $12.21, $11.28, and $10.31, respectively.

However, chances of it breaking out are higher. Thus, we can wait for another bull trigger and then expect the price to breakout. Post which, the price will test resistance at $14.35. If the price breaks this level on the upside, traders can take a long position, keeping the next target at $15.53.

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Source: https://www.cryptoknowmics.com/news/qtum-technical-analysis-price-to-look-for-support-near-10-31/

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Uniswap in a False Breakout, Resumes Downward Correction

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Sep 18, 2021 at 10:40 // News

The price of UNI is trying to move back up

The price of Uniswap (UNI) has fallen into the downtrend zone as the price reached the low of $25.08. As the price breaks below the moving averages, there is a likelihood of further downward movement in the price.

Today, the price of UNI is trying to move back up and reach the earlier high of $28. It is a difficult task for the buyers to regain the previous high of $28 as the altcoin is facing another rejection at $25.18. If the altcoin gets rejected at the recent high, the market will fall back to the low of $22. However, the uptrend will resume if the price finds support above $22. The $22 support has held in the price action so far. For the cryptocurrency to resume its upward momentum, buyers need UNI to hold above the moving averages.

Uniswap indicator reading

The altcoin is at level 47 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and below the midline 50. The price of the crypto is below the moving averages, indicating a possible downward movement of the altcoin. UNI is above the 25% range of the daily stochastic. The cryptocurrency is in bullish momentum but faces rejection at the recent high.

UNIUSD(_Daily_Chart)_-_SEPT._18.png

Technical indicators:

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap

According to the 4-hour chart, the price of Uniswap (UNI) continues to be in a downward correction. The cryptocurrency is hovering between the $22 and $25 levels, having broken through the $25 resistance. The selling pressure is pushing the altcoin back into the range bound zone. Today, the bulls are retesting the resistance to break it. It is likely that altcoin will continue its downward correction.

UNIUSD(4_Hour_Chart)_-SEPT.18.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

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Source: https://coinidol.com/uniswap-false-breakout/

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