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Crypto Airdrops | Crypto Ban in China Spreads to Airdrops

China does not like cryptocurrency. The country has repeatedly imposed strict sanctions against its use and relative businesses. Now the central bank of China is adding to its list by banning crypto airdrops.

China Bans Crypto Airdrops After ICO Abhorrence

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

The bank’s regard for crypto airdrops echoes its abhorrence of ICOs, describing them as “illegal” fundraisers that lead to financial fraud, pyramid schemes, and hacks.

Now Crypto Airdrops Are Banned

The PBoC believes that crypto airdrops are evading regulation by giving away free assets to investors. According to Cointelegraph“airdrops earmark a token reserve and then capitalizing on speculation in the market to inflate the assets’ value and drive their own profits.”

And despite the bank’s continuous efforts to crack down on token issuance, ICOs and crypto airdrops are on the rise. It is calling for a doubled vigilance on the part of regulators to better protect investors.

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The document continues further hitting out at most aspects of the cryptocurrency industry. It is concerned about Chinese crypto companies moving abroad and using foreign “agents” to invest on behalf of Chinese citizens. It also warns against whitepapers and investment projects calling themselves “blockchain innovation.”

The overall fear is for crypto’s ability to evade capital controls and international sanctions. By encouraging a system of finance that lies outside of government control, PBoC feels money laundering, tax evasions, and illegal financing will result and impact society.

China has Never Warmed to Crypto

China has been stringent in its rules forbidding cryptocurrency. It placed a ban across crypto-to-fiat trading since September 2017, and the effect of that has been felt across the market. It has also officially blocked all websites related to cryptocurrency both domestic and foreign.

As the PBoC said previously, “to prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.”

Crypto airdrops are the latest victim of China’s firm hand on cryptocurrency.

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Japanese Cryptocurrency Exchanges Can Now Police Themselves

Japanese cryptocurrency exchanges have been given full license to create their own regulations.

So what’s going on?

Japanese Cryptocurrency Exchanges

Earlier today, the country’s financial regulator, the Financial Services Agency (FSA), granted the Japan Virtual Currency Exchange Association (JVCEA) a self-regulatory status.

The JVCEA is made up of 16 licensed and domestic crypto exchanges. Its members are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI Virtual Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Exchange (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation, and Bitocean.

The FSA has declared the body as a “certified fund settlement business association.” With this new status, it puts regulation responsibility in JVCEA’s hands. The body can now police its own exchanges.

Japan’s Cryptocurrency Exchanges

JVCEA can now implement its own rules and guideline for domestic crypto trading. In doing so, it can create measures to protect customer assets and improve security, whilst also curtailing insider trading, theft, and money laundering.

And this is exactly what the body was created to do; to regulate, protect, and give legitimacy to an industry that has suffered major hacks.

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Accreditation for Japanese Crypto Exchanges

In August, JVCEA submitted an application to the FSA to become an accredited body. After two months and a rigorous reviewing process, it is now an officially recognized body. The financial regulator had to “carefully examine the affairs of the Association and investigate whether proper group management can be expected.”

Now Japanese cryptocurrency exchanges can move forward and take control of the industry. JVCEA has already begun enforcing new rules effective immediately. The body has created a 100-page document with rule proposals. One example is a complete ban on privacy coins such as Monero and Dash from licensed exchanges. Another is a limit on margin trading with crypto.

JVCEA said on the news:

“With the acquisition of the accreditation, we will continue to make further efforts to create an industry that you can trust from everyone who uses virtual currency with members [exchanges].”

Japan’s crypto exchanges have been reeling from massive hacks. Notable thefts include January’s $530 million theft from Coincheck and the more recent Zaif exchange heist.

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New token Makes Unprecedented Gains after Binance Listing

Coinmarketcap.com has a new listing in its top 100. As of Sunday, Ravencoin has been occupying the 58th spot thanks to a Binance listing and has sustained a growth of 118% since that announcement.

Within ten days, the coin has grown its market cap from $212,000 to $49 million! This is a rather unbelievable rise of 23,000%.

In the last 24 hours alone, the coin has grown by 55%. It is now selling at $0.056.

About Ravencoin

If we look at its chart, Ravencoin obviously went relatively unnoticed until its Binance listing. But what is Ravencoin? And why did Binance take an interest?

Well, the coin has been around since 2017, and it is about to mark its one-year anniversary with an upcoming mainnet launch on October 31st.

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The Ravencoin protocol is open-source and available to the public. Built off of a Bitcoin fork, it has a focus on the creation of digital assets on its Proof-of-Work (PoW) blockchain. According to its official documentation:

“Assets can come in a variety of types, such as financial instruments such as security tokens/stocks/bonds/deeds/etc as well as gaming items (ex. a sword)/conventional asset management/managing distributions for co-ops/digital art. There are a lot of real-world applications that this blockchain is intended to disrupt and improve.”

Humble Beginnings

With no ICO, the project was built up by a small team of dedicated people. Because of this, CEO of Binance, Changpeng Zhao, allowed the project to list without any listing fees. It began trading on October 12th, and over 85% of its growth has come from Binance trades since.

“The project is a true open source project with no pre-mine, no ICO, no masternodes, and is focused on building a useful technology with a strong community.”

Binance is the world’s top exchange with the highest trading volume.

No coin has seen gains like this since Bitcoin’s demise last year. Will the gains continue, is the question? Would you invest in Ravencoin?

The most humble of acorns may prove to be the most fruitful yet; let’s keep our eye on this one!

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TRON (TRX) and EOS | Trading in the Red Despite Releasing Big News

While the total cryptocurrency market is trading mostly in the red today, most of the top digital tokens are only seeing slight losses. For the past 30 days, the total cryptocurrency market has hovered around the $210 billion range. Today, we’re going to take a closer look at TRON (TRX) and EOS.

 TRON (TRX)

TRON is currently the 11th largest cryptocurrency by its total market cap and is sitting just under Monero (XMR). Two days ago, TRON’s Founder Justin Sun announced that Odyssey 3.1 would be launched at 8 PM SGT that day.

Launching Odyssey 3.1 meant TRON’s committee function and its Virtual Machine would also go live during this upgrade. Sun claims that after Odyssey 3.1, TRON will be 200 times faster than Ethereum and 100 times cheaper than EOS.

The TRON Virtual Machine will allow developers to test smart contracts before they transfer over to the TRON mainnet. On the 7th, TRX spiked nearly 17%.

At the time of writing, TRX is trading at $0.0254 a coin, down -3.89% in 24 hours. At its peak on Sunday, TRX was trading at $0.0280 a coin, meaning TRX is now down nearly -10% from its spiked price.

EOS

Block.one is currently in the midst of getting together the final components of its EOS Hackathon. Last week, the company that founded EOS announced that its Grand Finale hackathon will be held in Cape Town, South Africa, on December 7th.

So far, the other four hackathons have been held in Hong Kong, Sydney, London, and San Francisco.

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Before the first event started in Hong Kong, Block.one held a virtual hackathon, and the winner was granted flight and hotel accommodations to attend the first event. It seems the company will hold another Virtual Hackathon.

This event will only be available to the EOS community within Africa and coding will begin on October 15th. Coding ends on October 18th at 9:00 Central Africa Time UTC+2:00.

According to CoinMarketCap, EOS is currently trading at $5.86 a coin, down -0.03% in 24 hours.

Will EOS and TRON (TRX) make a comeback after both pushing out positive news the past few days? We shall see!

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EOS, TRON (TRX), and Litecoin (LTC) Updates

The cryptocurrency market is trading mostly in the red this Friday morning. Most coins in the top 10 cryptocurrencies are either just above the percentage gains threshold or just below. EOS and TRON (TRX) are currently in the green, but Litecoin (LTC) is trading down.

Let’s take a closer look at these projects and their latest movements.

EOS

Recently, the official ‘EOS’ Twitter name was changed to Block.one. Block.one is the blockchain-based company that formed EOS. The company must be taking bets that most people truly interested in EOS know about Block.one, but I’m sure those new to the crypto community might get a bit confused.

However, in 2018 it seems the diehard crypto-loyalists are the only ones who have stuck around since the crypto rise and fall in January.

Recently, Block.one announced the location and date of the EOS Global Hackathon Grand Finale.

The grand finale will be held on December 7th, in Cape Town, South Africa.

>> EOS Gambling Platforms Hacked

TRON (TRX)

There has been lots of movement over at the TRON Foundation as of late. Since it acquired BitTorrent, the companies have formed a new web-based torrent streaming client called μTorrent.

It seems μTorrent Web currently has over one million active users already and the company announced that BitTorrent Web will be live soon. In addition to its BitTorrent movement, TRON has been expanding on exchanges.

On Bitfinex, users can now trade for TRX with JPY, GBP, and the EUR—making it far more accessible to those around the globe.

Litecoin (LTC)

Litecoin will be celebrating its seventh birthday coming up on October 13th. That same day, LTC will be added to Gemini’s exchange.

In mid-September, LTC was added to the Canadian exchange Coinut. Later this month, Litecoin Founder Charlie Lee will be attending and speaking at the World Crypto Conference in Las Vegas.

Tickets are still available for purchase if you would like to meet him in person.

EOS, TRON (TRX), and Litecoin (LTC) Price Movement

According to CoinMarketCap, EOS is currently trading at $5.74 a coin, up 0.99% in 24 hours. EOS still remains the fifth largest cryptocurrency by its total market cap.

TRX is currently trading at $0.0231 a coin, up 5.20% in 24 hours. TRON is currently the 12th largest cryptocurrency by its total market cap.

According to CoinMarketCap, LTC is currently trading at $58.18 a coin, down -0.59% in 24 hours. Litecoin remains the seventh largest cryptocurrency by its total market cap.

Featured Image: Depositphotos/© Wavebreakmedia

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