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PayPal CFO John Rainey said that the firm is not interested in getting involved in the cryptocurrency sector at the moment.
The chief financial officer (CFO) of major payment system PayPal said that the firm is hesitant about getting involved in the cryptocurrency sector in an interview with Yahoo Finance on May 7.
Speaking about the company’s future cryptocurrency plans, PayPal CFO John Rainey pointed out that the firm previously allowed its merchants to accept bitcoin (BTC) as a form of payment, but subsequently saw the instability and volatility of the currency. “If a merchant accepted that they would quickly convert it to a more stable currency like the euro or dollar,” Rainey stated, adding:
“We have teams clearly working on blockchain and cryptocurrency as well, and we want to participate in that in whatever form it takes in the future. I just think it’s a little early on right now.”
Rainey also revealed that PayPal made a $500 million worth investment in transportation network company Uber, because the two companies intend to jointly develop a payments platform.
In mid-April, PayPal won a cybersecurity patent for a system entitled “Techniques for cryptocurrency ransomware detection and mitigation,” that intends to improve the detection of ransomware and prevent it from locking up users’ access to their files.
Last year, PayPal filed another patent to increase the speed of cryptocurrency payments by using secondary private keys to reduce wait times for transactions between merchants and consumers. The patent details how the creation of secondary wallets with their own private keys will make transaction times much faster, “practically eliminat[ing] the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
Andrew Henderson is the founder of Nomad Capitalist, a company which helps people from around the world move to different countries while minimizing their tax obligations. In recent years the company has created plans for dozens of people who made their wealth from the cryptocurrency sector, including business owners, traders, investors and consultants. News.Bitcoin.com interviewed Henderson to learn about the process and specifically how it relates to U.S. citizenship.
What makes the plight of Americans stand out is that the U.S. applies its own taxation system on its citizens no matter where in the world they live, which includes its ever-changing rules in on cryptocurrencies. This is in contrast to most countries where taxes are linked to residency.
The Trump tax reform made the taxation of cryptocurrencies worse according to Henderson. So if you’re an American living overseas with crypto income you can’t pay zero taxes. “Basically, there is no way to escape tax if you’re in crypto. Even if you live outside of the US 365 days a year, you will probably pay a substantial amount of tax of your crypto,” he lamented. Obviously, some people in this situation will just not report their cryptocurrency earnings to the IRS, but that opens them up to legal problems.
Beyond the tax issues, U.S. citizens are also facing limitations on who they can work with due to companies’ fears of dealing with American regulations. In the crypto space there were many ICOs, for example, that banned U.S. citizens from investing, but some banks around the world are also banning U.S. citizens from opening accounts with them. “There’s a lot of financial institutions around the world that view US citizens as toxic, and I think that the US may make regulations more difficult for people in the future,” Henderson explained.
Where Do They Go and How Long Does It Take?
For people who want to sell as little of their crypto as possible, it makes sense to go with a citizenship by investment program, according to Henderson. “The Caribbean is generally good enough so there’s no need to go to Malta. Dominica, St Lucia, Antigua, are basically the cheapest ones. There are minor differences between them,” he explained. “There are many different passport options but I think that if you have any decent amount of crypto you should do citizenship by investment because you get the immediate effects and you reduce your opportunity cost.”
As for cryptocurrency investors selecting a new residency, it’s all over the map. Some people even become perpetual travelers, taking a Dominican passport and then traveling around the world. However, people generally want to go to a country that is tax-friendly. “What I recommend is the trifecta approach. My fiancé and I live in Malaysia for four months, we live in Montenegro for four months, four months somewhere else,” Henderson gave as an example.
People can get citizenship by investment, passport in hand, in about five to six months depending on how organized they are with the paperwork according to Henderson. His company’s cases process a little faster than people who do it on their own because Nomad Capitalist know how to fill out the large amount of paperwork involved. Going through naturalization can take two to five years.
How Much Do You Need to Make It Worth Renouncing Your US Citizenship?
Asked how much a person needs to have to make it worth the investment, Henderson replied: “Look at it as an insurance policy. How much you need to have before you take out more car insurance limit to avoid being sued if you hit somebody? It’s a personal decision. I think if you have a million dollars, you should have a second passport. If you don’t want to renounce to avoid the tax issues, you should at least find a country where you can work towards the second passport through naturalization.”
He also recommended people try applying for two or three of those countries to make sure that one or two come through. And if you’re paying $100K in tax, buying citizenship by investment will give you a 100% return on investment according to Henderson, in addition to freeing you from the system.
“The equation is different for everybody, there are some people who would say ‘Listen, I don’t care if I can save 10 million dollars, my US citizenship is worth more.’ No doubt, there are people in China, etc. who would pay 10 million dollars for US citizenship. That’s a personal discussion. My goal is: if I can make an ROI in six months or less, it’s worth it. If you look how much you’re going to save in the long run, you save the money every year, [and] you’re freeing yourself from what I call ‘a psycho ex-girlfriend’,” Henderson opined.
As for client reactions to being told they should renounce their citizenship, Henderson said it gave him a lesson on human behavior. “People, especially men, it’s hard for men to be vulnerable. They say ‘Yeah, I’ll renounce! Yeah, I’ll buy a passport!’ and then when they talk with the rest of the team who is about to help them proceed with the plan we hear: ‘Well, I’m concerned about it…’ When we say that renouncing is the best thing, most people get concerns or they delay the process. The problem is, you don’t know how it works until you do it, and once you do it – you can’t undo it.”
Would you consider renouncing your citizenship? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
Galaxy Digital CEO Michael Novogratz said that he expects bitcoin (BTC) to beat its all-time-high price within 18 months.
Galaxy Digital CEO Michael Novogratz said that he expects bitcoin (BTC) to beat its all-time-high price within 18 months. Novogratz made his remarks during an interview with mainstream media CNN published on May 9.
During the interview, Novogratz also said that he believes that $6,000 is probably a stall point, and the next one will be $10,000. Moreover, he expressed the belief that this time, other cryptocurrencies “aren’t going to go up nearly as quickly.” He explained:
“The other coins, Ethereum being the next biggest, Ripple…they have to prove use case, right?”
Novogratz pointed out that out of the 118 elements present on the periodic table, only “gold has store of value just because.” This is in line with what he said in February, when he argued that bitcoin occupies a unique place in the cryptocurrency landscape, and that it “is going to be digital gold, a place where you have sovereign money.”
Novogratz then stated that there are other elements, such as copper, that we value because we use them. According to Novogratz, just like copper, altcoins need to prove their use case in a similar way, “and that means getting people in their community, getting developers, and programmers, and being worthy of something.”
When asked about how concerned the public should be about breaches such as yesterday’s hack of cryptocurrency exchangeBinance, he said that “they should be somewhat concerned.” Still, he pointed out that “even the most aggressive exchanges only keep a certain amount of their coins on what’s called a hot wallet,” and that because of the reserves, no investor has lost his money.
Furthermore, Novogratz said that he expects regulators to take action and added:
“We think all the exchanges should go to a process where they almost self regulate, right? They do what the regulators want beforehand.”
When asked why the prices did not react negatively to the hack, Novogratz expressed the idea that bitcoin is currently in a bull market, stating “in bull markets, markets can digest bad news. We’re in a bull market.”
As Cointelegraph reported earlier today, when debating economist and notorious cryptocurrency critic Nouriel Roubini, Novogratz pointed out bitcoin’s recent recovery and concluded:
“The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”
Blockchain security and cryptocurrency custody firm BitGo has appointed a Wall Street high-frequency trader as its head of financial services.
Blockchain security and cryptocurrency custody firm BitGo has appointed a veteran Wall Street trader as its head of financial services, according to a press release published on May 9.
The new hire, Nick Carmi, joins BitGo after a reported 25 years of experience as a financial executive. His most recent role was as Global Head of FICC Business at the high-frequency trading firm Tower Research Capital — founded by former Credit Suisse proprietary trader Mark Gorton.
According to a statement from BitGo CEO Mike Belshe, the hire was spurred by an intent to forge a stronger connection between technologically innovative digital assets and the traditional financial sphere. The CEO outlined that the new head of financial services “brings a wealth of industry knowledge and has built these types of systems before.” He added:
“Nick will be critical to our future progress, helping us meet the existing needs of traditional clients while also helping us build a better financial market of the future in ways that can only be done with digital assets.”
According to the press release, Carmi’s previous role saw him running Tower Research Capital’s FX and FI businesses, where he was reportedly tasked with overseeing operational risk, prime brokers’ leverage and counterparty trading limits, as well as fostering access to new products that included NDFs, CCY Options and cryptocurrencies.
Before Tower, BitGo’s new head of financial services was reportedly director in Listed and OTC Clearing Sales at Deutsche Bank, where he was involved in the establishment of Fixed Income Prime Brokerage for Treasury and Repo services as well as aiding Deutsche Bank’s Equity Derivative Franchise to build an OCC clearing service.
His earlier experience reportedly spans experience at multiple financial institutions globally, including Barclays, Lehman Brothers, UBS and Credit Suisse.
As reported just yesterday, European crypto exchangeBitstamp has hired a former Coinbase executive with years of experience in the world of traditional finance, including at Barclays and at institutional-grade financial company RBC Capital Markets. The new hire will serve as Bitstamp’s head of United States operations.
In late April, BitGO sealed a further security certification from Big Four auditor Deloitte, after a review of its compliance, having been found to fulfil the requirements for a service organization control (SOC) 2 Type 2 certification.
Also in April, BitGo began providing its custody and multi-signature wallet services to a newly launched, institutional investor focused digital asset trading platform, LGO Markets.
During the conference, Roubini also reportedly said that bitcoin (BTC) and other crypto assets should not be called cryptocurrencies. According to him, “cryptocurrency is totally a misnomer” since “to be a currency, you have to be a unit of account, valuable and a scalable means of payment.”
Roubini also addressed bitcoin’s scalability, stating that while credit cards are capable of thousands of transactions per second, bitcoin’s network can only manage seven. He also claimed to have never witnessed a level of manipulation comparable to what is currently reported by the cryptocurrency market.
CEO of crypto bank Galaxy Digital and former Goldman Sachs partner, Michael Novogratz disagreed, and pointed out bitcoin’s price recovery after 2018’s collapse. He concluded:
“The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”
As Cointelegraph previously reported, Nouriel Roubini stated that blockchain is “no better than an Excel spreadsheet” during a panel in January.
On the other hand, in February, Novogratz argued that bitcoin occupies a unique place in the cryptocurrency landscape, stating that it “is going to be digital gold, a place where you have sovereign money.”
Cryptocurrency prices and market trends are constantly in flux. Cryptowatch is an Android Wear application that updates users about price changes on the go. It’s always with you, even when your smartphone is not around or runs out of battery.
Android Wear Cryptowatch App Keeps You Updated on Prices
Cryptowatch is a simple and easy to set up watch face for Android Wear OS smartwatches. The app updates you on the latest price of hundreds of cryptocurrencies including digital coins such as bitcoin cash (BCH).
The watch face is customizable in terms of choosing the cryptos you are interested in, displaying their prices in different fiat currencies, and changing the background color. You can also use it to track a portfolio of digital coins you own.
The software is capable of pulling price data from various sources like Coinmarketcap and a number of cryptocurrency exchanges such as Bitstamp, Bittrex, Poloniex, Coinbase, Gdax, Kraken, and Coincap.
The watch face automatically updates the numbers every five minutes to save battery but it has force refresh by clicking as well. Its settings can be adjusted both from your smartwatch and via the phone app it’s provided with.
Cryptowatch comes with complication support, which means it can be used with other watch faces on Android Wear 2.0. For example, Coinmarketwear is a chart complication wallpaper which provides weekly cryptocurrency charts that can be set as background. It takes the charts from Coinmarketcap, supports BCH among eight cryptocurrencies, and refreshes every hour.
In case you need to stay updated about the price and market caps of many more cryptocurrencies, you can also refer to the Bitcoin Markets page developed by Bitcoin.com. Track your favorite coins and compare their indicators in major crypto and fiat currencies. Check out our Bitcoin Charts page as well.
Do you use an app to track crypto prices on your smartwatch? Let us know in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article.
The breach resulted in about 7,074 bitcoins (BTC) — worth nearly $42.8 million at press time — being stolen from the exchange’s hot wallet. The transaction had 44 outputs, 21 of which were native Segregated Witness addresses, and those addresses received 99.97% of the funds.
According to The Block, the funds from those 44 addresses have been reportedly since moved to seven addresses, six of which hold 1,060.6 BTC, while one holds 707.1 BTC. Previously, anti-money laundering and counter-terrorist financing firm Confirm had reported that its analysis showed how 1,227 BTC were moved to two new addresses, one holding 707 coins, while the other one 520.
Earlier this week, famous American economist and Nobel Prize winner Joseph Stiglitz reiterated his negative stance on cryptocurrencies, stating that he thinks “we should shut down the cryptocurrencies.”
Most recently, the Wall Street Journal (WSJ) reported that Facebook is talking to major payment networks Visa and MasterCard to raise a $1 billion for its crypto project, which reportedly entails a stablecoin along with a crypto-powered online payments system.
Brief history of Facebook’s secretive crypto project
Facebook has been rumored to be involved with cryptocurrencies for at least a year now. In May 2018, the online publication Cheddar reported that the social media titan is “very serious” about launching its own digital token for its 2 billion users.
In response, the corporation did not comment on having a potential cryptocurrency in the works, but shared a short statement regarding its newly established blockchain team:
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”
The existence of Facebook’s blockchain research team remains to be the only official confirmation that the social media corporation is involved with crypto. The arm is lead by David Marcus, ex-Paypal president. Notably, soon after joining Facebook’s blockchain department, he had to leave the Coinbase board of directors, of which he was a member, to avoid conflict of interest. Marcus has also admitted to having “a longtime” interest in cryptocurrencies.
By December 2018, the social media corporation’s blockchain team, once categorized by Marcus as “small,” had nearly 40 employees, as per media reports. In late March, five new blockchain-related positions were announced, suggesting that the technology department might continue expanding in the near future.
As 2018 was drawing to a close, rumors about the Facebook-run cryptocurrency reignited with new details. Specifically, Bloomberg reported that the social media company is making a cryptocurrency for users of the messaging service WhatsApp, which Facebook acquired for $19 billion back in 2014.
The token will allegedly allow users to make money transfers within the messaging app and will focus on the remittances market in India, where WhatsApp is reported to have more than 200 million users. According to data from the World Bank, the country received nearly $69 billion in foreign remittances in 2017, which is 2.8% of India’s GDP.
Further, Bloomberg’s sources said that Facebook is developing a stablecoin, specifying that the social media outlet was still figuring out which asset their token will be tied to.
In response to requests for comment at the time, Facebook once again forwarded the statement about “exploring ways to leverage the power of blockchain technology.”
In February 2019, The New York Times wrote that Facebook is “hoping to succeed where Bitcoin failed,” revealing more details about the social media titan’s alleged crypto project.
According to the report, Facebook plans to rebuild its messaging infrastructure and merge its three wholly owned apps — WhatsApp, Messenger and Instagram — under one platform. As the NYT wrote, this would provide a future crypto token with exposure across the combined 2.7 billion who use the three services each month.
Additionally, the NYT quoted five people who have allegedly been briefed on the Facebook team’s work as saying that the corporation’s token will likely be a coin that would be pegged to the value of traditional currencies instead of just the United States dollar.
“Facebook could guarantee the value of the coin by backing every coin with a set number of dollars, euros and other national currencies held in Facebook bank accounts,” the report specified.
New details: $1 billion stablecoin for in-house crypto payments
The new WSJ story follows previous reports centered on the social media giant’s secretive project, and mentions even more concrete plans. Notably, the story mentions that the crypto project is codenamed “Libra Project,” while Facebook has recently acquired the rights to the “Libra” trademark, as per media reports.
Specifically, the publication argues that Facebook is planning to launch a cryptocurrency-based in-house payments system, and is in talks with financial firms, applications and e-commerce merchants. The social media platform has reportedly approached them to offer its token as a way to conduct online payments, as well as to seek financial investment.
Thus, the WSJ writes, Facebook “aims to burrow more deeply into the lives of its users” with the new system, following the moves of Apple and Amazon, which have recently unveiled major financial products of their own.
Notably, the in-house payments might be performed via a user’s Facebook profile. The social media platform is purportedly developing a type of checkout option that could be conveniently used on other websites — similarly to how a Facebook profile can be used to log into many platforms without having to sign in.
Furthermore, the social media behemoth might start paying its users with Facebook Coin — the unconfirmed name of the token — for viewing ads, shopping on Facebook or interacting with other content.
“This would reward the kind of genuine interaction that Facebook, beset by bots and hate speech, has been trying to encourage,” the WSJ suggests. “It could also blunt criticism that the company makes billions of dollars on the backs of its users, sometimes in troubling or invasive ways.”
The stablecoin model has been chosen to ensure the absence of volatility, the report continues, because “bitcoin and other cryptocurrencies that aren’t backed by hard assets has hampered their usefulness in payments.” A digital token that is backed by fiat, in turn, would prove to be a more reliable medium.
However, it is still not clear how much control Facebook would have over its digital coin — which seems to replicate the situation with JPM Coin. After the U.S. banking juggernaut rolled out its crypto project for in-house payments back in February, some claimed it was not a cryptocurrency at all, but a marketing play for JPMorgan Chase.
“I do believe that it would be considered a cryptocurrency stable coin, similar to USDC, an Ethereum-based stablecoin offered jointly by Coinbase and Circle that is fully backed 1:1 by US Dollars and audited by Grant Thornton LLP, a widely respected top accounting firm,” David Martin, chief information officer of the financial firm Blockforce Capital, told Cointelegraph.
“Coinbase and Circle formed the CENTRE Consortium so that the coin was not backed by just one centralized entity, but most people view USDC as a centralized ecosystem, and I’d imagine a Facebook coin would be set up in a similar manner.”
Eyal Shani, a blockchain researcher at consulting group Aykesubir, says that Facebook Coin “definitely” seems to be a cryptocurrency:
“If done correctly, even a centralized stablecoin together with the large user base can potentially lead to new innovative ideas for the payments world. Furthermore, we see this as a positive development that will eventually be taken over by officially minted crypto coins by the government, which will make the stablecoins obsolete.”
Facebook needs large amounts of government currency to reinforce its stablecoin. Interestingly, the social media has approached major payment networks Visa and MasterCard to raise a total of $1 billion, along with payment processor First Data Corp., according to the WSJ sources. But Facebook’s efforts to create a stablecoin could disrupt payments from players like Visa, Mastercard and Western Union in the long term, Martin said to Cointelegraph:
Shani, on the other hand, believes that Facebook Coin will not necessarily undermine the veteran payment networks. “We know that Visa has already raised some concerns regarding their ability to support micro-transactions and transactions generated by large networks of Internet-of-Things,” he said. “They are looking for innovative ways to offload the burden off their systems and this could be one of those ways.”
Either way, given that Facebook boasts more than 1.5 billion daily users, if Project Libra succeeds, it threatens the card networks’ dominance over global payments — especially within developing countries, where social-media platforms form the basis of internet commerce.
“I see Facebook Coin as an attempt by Facebook to go up against WeChat by moving the US Dollar into a private online payment system,” Hartej Sawhney, co-founder of smart contracts auditing firm Hosho, told Cointelegraph.
“Facebook has had their eyes feasted on the remittances and payments market of India for years, which is interesting because India’s government has been announcing a country wide ban on cryptocurrencies.”
Martin also believes that Facebook might attempt to seize the mobile payments industry with its digital token. However, he adds, the corporation’s domestic market might prove to be an even better gateway:
“The US has significantly lagged mobile pay adoption metrics compared to Asia, with 74% of the Chinese population utilizing their mobile phones for payments versus only 44% in the US. Alipay and WeChat account for 93 percent of China’s mobile payment segment, whereas the United States, in particular, is much more fractured. This represents a significant opportunity for Facebook to establish itself as a nationwide and global leader of payments with their user base. Blockchain, and its inherent use case for peer-to-peer cash transfer, scalability, and relative ease of integration make it an excellent base for Facebook to finally crack into the mobile payment world, especially as over the next few years the US should close the gap of mobile payment adoption as a percent of the population.”
Libra could also prove to be one of the largest cases of mainstream adoption for crypto, and therefore push the entire industry further, Martin suggested in an email conversation with Cointelegraph:
“Cryptos need a tangible use case and customers to adopt and utilize the platform. The fact that Facebook has 2.4 billion users representing about 1/3 of the world’s population gives it a substantial leg up in garnering adoption. As a comparison, it’s estimated by Statista at the end of 2018 there were 32 million bitcoin wallets, but many people have more than one wallet. Even if each wallet was held by a different individual, the number of individuals owning bitcoin would represent about 1.3% of Facebook’s user base. This represents a substantial opportunity for a digital asset to garner mass adoption.”
Indeed, as recently argued by Blockchain Capital partner Spencer Bogart in an interview with Bloomberg, the potential release of Facebook Coin could result in the cryptocurrency user base doubling or tripling.
According to Bogard, the social media’s digital token is likely to introduce the masses to the idea of cryptocurrencies:
“It’s like being on the internet; so people can spin out and they can start owning bitcoin, they can start owning ether. Some percentage of the user base is likely to do so, and again I think that’s gonna be a dramatic catalyst.”
Moreover, Bogart claimed, Facebook’s plan “lit a fire in the pants of every major fintech and financial institution in the U.S.,” suggesting that more corporations might follow suit in the future.
No processing fees: Facebook Coin’s plan to attract more merchants
Finally, as per one of the WSJ sources, Facebook plans to abolish card processing fees that merchants pay for transactions on its system. Normally, such fees constitute around 2% to 3% of the transaction and are collected by banks, payments processors and networks such as Visa. That could pressure online merchants to switch sides, especially since Visa and MasterCard have recently announced they were increasing fees for processing transactions.
However, the absence of a clear source of revenue seems to be the most baffling part of the social media giant’s alleged scheme. “If Facebook is indeed aiming to eliminate credit card fees with its new crypto payment network, it raises the question of how it hopes to make money from the thing, especially if it comes alongside the company granting its users privacy and giving up surveillance revenue,” Nathaniel Popper, technology reporter at The New York Times, who first reported on the social media giant’s plan to raise a $1 billion sum for its cryptocurrency project earlier in April, tweeted.
According to Shani, Facebook might be focusing on building a wider audience before monetizing its crypto scheme:
“The profit part is clear in this case. Facebook, unlike many other crypto projects, has all the know-how and ability to monetize its user base in the forms of aggregated data and advertising.”
A group of 35 largest cryptocurrency traders is reportedly mulling the idea of creating a blacklist of counterparties engaged in nefarious activities.
A group major cryptocurrency traders is considering the idea of creating a blacklist of counterparties engaged in nefarious activities in the crypto space, Bloomberg reported on May 8.
At a meeting in Chicago on Tuesday, a group of traders from 35 digital assets firms including such industry players as trading firm DRW Holdings Inc.’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings, and tech startup Ripple proposed to create a blacklist for parties who reneged on trades and engaged in dubious activities.
Some reportedly suggested to create an accreditation for companies as approved by the association of crypto-related businesses known as the Crypto OTC Roundtable Asia (CORA). Darius Sit, a Singapore-based managing partner at crypto trading firm QCP Capital, reportedly argued that:
“A community-wide effort to improve compliance standards would prevent liabilities that might stem from trading with bad actors or dealers that trade with bad actors. A self-governance initiative like this is also something that regulators are keen to see.’’
The meeting was held the same day that leading cryptocurrency exchange Binanceexperienced a major security breach, wherein hackers were able to withdraw 7,000 bitcoins (BTC) worth $40,705,000 at the time. In a letter on Binance’s website, CEO Changpeng Zhao stated that the bitcoins were withdrawn from its hot wallets, which contain only 2% of the exchange’s total bitcoin holdings.
In late April, Jonathan Levin, the co-founder and COO of analytical blockchain startup Chainalysis, claimed that at least 95% of cryptocurrency crimes investigated by law enforcement involve bitcoin. Levin, however, noted that the transparency of cryptocurrencies is helping law enforcement to build cases against suspects quicker than in traditional finance, namely because investigators no longer need to rely on obtaining records from foreign banks.