TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. FinCEN pushes AML for cryptocurrencies. Bitcoin.com acquires development startup O3 Labs. Facebook Libra could take another path to launch. Binance will debut fiat-to-crypto trading with the ruble. Bitmain launches 50MW mining farm in Texas, and Bitfinex files a discovery motion related to Crypto Capital funds.
Bitmain Launches 50 MW Mining In Texas
Bitmain, the worldwide leading mining hardware manufacturer, launched its new cryptocurrency mining farm in Rockdale, Texas. The 50MW farm can be expanded into a 300MW facility, and is already considered a contender for one of the biggest farms in the world. The Mayor of Rockdale stated, “Bitmain will be the future for developing new industry projects in Rockdale, Texas. We are excited to continue to build partnerships together.” This is the third Bitmain funded project launched in US.
FinCEN Chief States AML Laws Apply to Crypto
Kenneth Blanco, director of the US regulator FinCEN stated cryptocurrencies need to comply with anti-money laundering policies “just like everyone else.” While giving a speech at the University of Georgetown, Blanco declared how “the person on the other side of that transaction — they might be dealing in some kind of illicit activity.” The FinCEN director also reinforced the concept of the Bank Secrecy Act applying also to crypto-related companies — “stablecoin, centralized, decentralized, doesn’t matter. You’ll still have to be able to comply.”
Bitcoin.com Acquires Development Startup O3 Labs
Bitcoin.com acquired a Japanese development startup called O3 Labs for an undisclosed sum. The startup had worked in projects for other blockchains like Neo and Ontology, and will now build mobile applications for Bitcoin.com. “We look forward to accelerating services in our mobile applications, serving anyone in the world with an internet connection,” Stefan Rust, CEO of Bitcoin.com declared. All six members of the O3 Labs teams will be absorbed.
Facebook Libra Could Take an Alternate Route
Facebook could take an alternate path to get its Libra token launched in the desired time-frame, according to David Marcus. Marcus, who is the overseer of the project, declared during a banking seminar they might try to use currency-pegged stablecoins to achieve regulatory compliance. Marcus stated, “Instead of having a synthetic unit…we could have a series of stablecoins: a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc,” but insisted this approach was not the preferred one for the project.
Binance to Debut Fiat to Crypto Trading Pairs With the Ruble
Binance will start adding fiat-to-crypto trading pairs on their main platform, according to declarations from CEO Changpeng Zhao. While giving a speech at a conference in Moscow, Zhao explained, “We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.” Binance has always been a crypto-to-crypto trading exchange, with some fiat ramps, but this marks the start of a new policy. Zhao did not communicate if other currencies will be added later.
Bitfinex Files a Discovery Application to Regain Control of Missing Funds
Bitfinex, the cryptocurrency exchange being sued by the New York Attorney General Office, filed a discovery motion to try to recover funds they claim were lost from a third party payment provider called Crypto Capital. The application filed in the US District Court for the Central District of Southern California seeks to have documents produced Crypto Capital. Sources claim $306 million is in custody of G.T.S. Resources Limited, owned by Reginald Fowler, who is also under investigation for fraud.
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