TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Travala brings cryptocurrency payments to Expedia. Kraken subsidiary receives UK license. Wirecard audit shows it lost money for years. Iran gives crypto mining operators a month to register. Global tax authorities disclose there are over $11 trillion in offshore bank accounts, and Paxos introduces no-fee Bitcoin Cash trading.
Travala Brings Crypto Payments to Expedia
Travala, the Binance backed crypto friendly bookings agency, forged a partnership with Expedia, another online travel agency, to bring cryptocurrency payments. Now, Travala users will be able to pay for more than 700,000 Expedia listings from all over the world in more than 30 cryptocurrencies, including BTC, ETH and Bitcoin Cash. “Travala is one of the very few projects in the crypto space that is bridging the gap to traditional multinationals in a huge way,” declared Expedia’s Senior Vice President Alfonso Paredes.
Kraken Subsidiary Receives UK License
A subsidiary of Kraken, an important US-based cryptocurrency and derivatives exchange, received a license from the UK FCA allowing the exchange to offer cryptocurrency-based derivatives in the EU. Crypto Facilities, which was acquired by Kraken last year, would be the only approved leveraged derivatives platform in the whole European Union while the UK is still in Brexit negotiations. The platform will allow its users to execute trades with up to 50x leverage in 5 different currencies (BTC, BCH, ETH, XRP, and LTC).
Wirecard Audit Shows Company Lost Money for Years
A new audit report made by KPMG, a big four finance services firm, found Wirecard’s core services had been losing money since 2016, contradicting the audit reports that EY, another important audit services firm, delivered. According to Financial Times, EY reported Wirecard doubling annual earnings before taxes to €439m, but KPMG concluded these profits were not accurate at all, possibly just having appeared on paper. EY auditors have already been sued in connection to the case that caused Wirecard to file for insolvency last month.
Iran Gives Crypto Miners a Month to Register
The government of Iran has given mining operators a month to register their activities with the Ministry of Industry, Mines and Trade. According to a new mining directive, operators have to disclose their identities and the size and class of their mining rigs. However, the new directive does not specify the punishments for not obeying it. This is the most-recent development in the battle the Iranian government is waging against illegal mining, after having closed several mining operations last year.
Tax Authorities Disclose Over $11 Trillion in Offshore Accounts
The OECD, (Organisation for Economic Co-operation and Development) announced global authorities accounted for $11 trillion dollars in offshore financial accounts that can be used to avoid tax responsibilities. This disclosure is part of the Common Reporting Standard, a model that allows financial institutions to share the holdings and financial information of foreign users on an annual basis.
Paxos Introduces Bitcoin Cash Trading Without Fees
This week we’re bringing $BCH and $LTC to Paxos with no trading fees. Start trading BCH/USD and LTC/USD on July 9. Buy, sell, deposit, withdraw & hold through your Paxos wallet soon. Stay tuned!https://t.co/ZWpJ2LUNkw
— Paxos (@PaxosGlobal) July 6, 2020
Paxos, the cryptocurrency financial organization behind the Paxos Standard (PAX) stablecoin, announced it will bring Bitcoin Cash and Litecoin to its platform. To celebrate, the company won’t collect fees for trading. Users of the exchange will be able to buy, sell, deposit, withdraw and hold Bitcoin Cash and Litecoin in the official Paxos wallet. Paxos will also introduce two trading pairs BCH/USD and LTC/USD, that will be available for all users.
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