blockchain technology
blockchain technology

Week in Crypto: Ghosn’s Crypto Escape, Beijing’s Blueprint to Blockchain Hub

July 28, 2020

Another interesting week in the world of blockchain technology and cryptocurrencies. Binance, the leading cryptocurrency exchange may be operating in Malaysia without authorization. A Japanese exchange is ready to delist a privacy coin in pursuit of receiving an operational license in Singapore. Cryptocurrencies may have played a part in Carlos Ghosn’s escape from Japan where he was due to answer to charges of financial misconduct.

Binance is Operating in Malaysia Without Authorization, Says Financial Regulator

The Securities Commission (SC) of Malaysia has published a list of unauthorized websites, investments products, companies, and individuals that deal with securities, derivatives, fund management, advising on corporate finance, investment advice, financial planning, private retirement schemes, and provide services as a market operator.

Binance, one of the leading cryptocurrency exchanges in the world, found itself on the list. According to the financial regulator, Binance is “operating a recognized market without authorization from the SC.”

The exchange offers fiat-to-crypto and peer-to-peer digital asset trading services via the local fiat currency, the Malaysian ringgit.

The financial regulator warned the public against making any “investments with companies/individuals that are not licensed or approved by the SC.”

The alert does not explicitly specify if Binance needs to stop offering its services or not.

Beijing Government Publishes a Blueprint to Guide it Towards Becoming a Blockchain Hub

The municipal government of Beijing published a 145-page document outlining the plan to become a major blockchain hub over the next two years.

The blueprint comes a month after the municipal government released the “Beijing Blockchain Innovation Development Action Plan (2020 – 2022). The plan will see Beijing become an early-bird in integrating blockchain technology into the city’s economic development.

“By 2022, Beijing will become an influential blockchain technology innovation center, application demonstration center, industrial development center, and innovative talent center, taking the lead in forming the ‘Beijing Plan’ for blockchain-enabled economic and social development,” reads part of the statement.

China’s Blockchain Infrastructure Integrates with Six Public Protocols

China’s Blockchain-based Service Network (BSN), a state-backed blockchain initiative, has joined forces with six public blockchains as part of China’s far-reaching efforts to become the leading hub for blockchain firms.

The six public chains are EOS, Ethereum, IRISnet, NEO, Nervos, and Tezos. China is expanding aggressively in strategic technologies such as 5G and artificial intelligence (AI).

China’s ambition in this regard is notable given that its previous expansion plans were thwarted. U.S. President Donald Trump banned Chinese tech giant Huawei from accessing America’s technology and software.

But the case is different with blockchain technology.

The state-backed blockchain infrastructure project was established in April and is overseen by the State Information Center of China (SIC). The infrastructure is supported by tech conglomerates such as China Mobile, China UnionPay, and Red Date.

The six blockchains are the first network to run on BSN’s infrastructure which consists of three data centers located in Hong Kong, Paris, and San Francisco. The BSN hopes to add 10 more public blockchains by the end of the year.

U.S. Prosecutors: Ghosn’s Escape from Japan Was Paid for in Cryptocurrency

The son of Carlos Ghosn, the former chairman of Nissan Motor Co, paid about $500,000 in cryptocurrency to the two men who helped him escape from Japan, U.S. prosecutors allege.

According to the filing, Ghosn’s son, Anthony Ghosn, paid Peter Taylor in cryptocurrency. Taylor and his father, U.S. Army Special Forces Veteran Michael Taylor smuggled Carlos out of Japan in a box and private plane. Ghosn escaped avoiding facing financial charges.

The cryptocurrency payment was in addition to the $862,500 Carlos paid to a company managed by Peter Taylor.

Peter and Michael were arrested in May at the request of Japan, which wants the pair extradited. The U.S. prosecutors cited the money arguing that the two are a flight risk as they have access to Ghosn’s vast resources.

Carlos fled to Lebanon where he grew up after being charged with taking part in financial wrongdoing. He denies the charges leveled against him.

The Philippines Has 16 Registered Cryptocurrency Exchanges

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has so far granted approval to 16 cryptocurrency exchanges. The latest list of “Remittance and transfer companies (RTC) with virtual currency exchange services indicate that four new cryptocurrency exchanges were recently approved. 

The newly-approved exchanges are Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp., and Wibs PHP Inc.

China’s Supreme Court Recommends Strengthening Cryptocurrency Property Rights

China Supreme Court is pushing for the expansion of property rights around the ownership of digital things such as digital currency, data, and network virtual property among other things.

A recently published document aims to “promote the improvement of a modern property rights system with clear ownership.”

Japanese Liquid Exchange Delists Privacy Coin to Expand into Singapore

It’s all fair in love and war, and in business too. Liquid, a Japanese cryptocurrency exchange, is delisting privacy coin Zcash from its platform because it wants to apply for a license in Singapore.

This development was announced by the Electric Coin Company, the company behind Zcash. The privacy coin will be delisted from the exchange alongside 28 other tokens.

We have been notified by Liquid that they will delist Zcash along with 28 other coins as part of their process for applying for a license to operate in Singapore,” Electric company tweeted.

The Electric Coin Company further states that Zcash is “entirely compatible with AML/CFT regulations.”

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