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Sibos 2019: Final wrap-up of talks, interviews and daily news
This year _FinTech Futures_brought you the Daily News at Sibos, in print and online, as well as exclusive interviews with industry leaders and summaries of keynote talks. Now it’s all over, we thought we’d pull all this content together into one final wrap-up of the London-hosted four day event. Day One: Monday 23rd September Daily News at Sibos Kicking off our first day of news and features, we explored AI, emerging technologies and legacy system updates with appearances from Credit Enable CEO Nadia Sood, Cogress business development direct Zac Gazit and Nasdaq’s Carl Slesser and Hanaa Bengtsson. _Regulation isn’t enough to trust the cloud_Regulation is not enough to bring transparency and trust to the cloud, “we need more practical solutions,” says Credit Bank of Moscow’s deputy board chairman, Sergey Putyatinsky at Sibos. PSD2 bringing APIs to industry forefront The second Payment Services Directive (PSD2) has changed the way that banks think about technology, and brought the discussion about application programming interfaces (APIs) from its original place in the IT department to the forefront of the industry’s mind, according to a panel at Sibos. Swift reveals 41 second European payments pilot Swift has revealed its latest European payments pilot at Sibos which took 41 seconds to travel from Singapore to Germany, following _FinTech Future_‘s exclusive preview on the announcement. When do digital ecosystems stop performing? There are both opportunities and setbacks when it comes to creating a truly digital ecosystem, but vendors should be “aware of the challenges on the supply chain” argues Colin Parry, CEO of Issa, at Sibos. Interconnection will mean more flash crashes in FX “You ain’t seen nothing yet,” says UBS’s strategic development lab head Christopher Purves, who talks about the rise of interconnection between systems in foreign exchange (FX) and how this will cause flash crashes like we’ve never seen before. Banks face existential threat from fintechs “willing to lose money” Banks are misjudging competitive risk in the payments market, and are facing an existential threat if they don’t match up to fintechs willing to lose money to snatch up customer relationships and deal with payments friction, says Alan Trefler, CEO of Pega Systems, speaking at Sibos. Day Two: Tuesday 24th September Daily News at Sibos This issue explores how financial organisations are keeping ahead of cybersecurity threats as new technology ushers in new risks which need to be tackled. Panaseer’s VP Becky Keightley talks about the evolution of financial crime for banks, while senior associate at Cooke, Young & Keidan Michael Cumming-Bruce talks about the opportunities for fraud with Libra. _London could be “centre of the world” for RMB_London has the potential to be the centre of the world for Chinese RMB, according to Charles Li, CEO of Hong Kong Stock Exchange and Clearing (HKEX), should his firm’s proposed £32 billion merger with the London Stock Exchange Group (LSE) go ahead. Visa’s digitisation tries to avoid “immediate displacement” of cash Visa is trying to avoid “immediate displacement” of cash in its digitisation process so as not to disrupt the US population which is still heavily cash-based, says SVP global head of Visa Business, Kevin Phalen, at a Sibos round table. “Digital transformation will happen quicker in LatAm than Europe” There will be a “leap frog” in Latin America’s digital transformation progress soon, beating Europe’s time to digital, says McKinsey’s senior partner Carlos Trascasa at Sibos. Embracing payments change will keep banks in fintech race The implementation of instant payment schemes like EBA Clearing’s RT1 and new Request to Pay (R2P) initiatives will help banks compete with global technology firms and fintechs, according to a Sibos panel. MUFG “ready to work with fintechs” Japan-based Mitsubishi UFJ Financial Group (MUFG) is “ready to work with fintechs”, revealing it already has its eyes on some and wants to open up the conversation as much as possible, says its EMEA head of cash and liquidity management Alan Verschoyle-King in an exclusive interview with FinTech Futures. Banks must improve data handling to root out financial crime Banks need to improve the handling of their data before they attempt to apply artificial intelligence (AI) or machine learning systems to root out money laundering and financial crime, according to a panel at Sibos. Day Three: Wednesday 25th September Daily News at Sibos For this penultimate edition, the theme is adapting to shifting geopolitical and regulatory priorities. Global head of transactional services at AbsaThabo Makoko explores how countries in the south of the African equator can improve their payments infrastructure, while managing director and head of global transaction banking at Lloyds Bank Commercial Banking Ed Thurman analyses how global trading tensions are prompting more corporates to diversify the markets they trade in. _“Blockchain is not a magic wand,” says Euroclear_Belgium-based financial services company Euroclear says “blockchain is not a magic wand” on a panel discussion at Sibos about the vulnerabilities of blockchain. Aligning compliance with real-time payments With faster payments redefining transactions, consumers now expect greater transparency and banks should focus on the “implications of data” to stay innovative, says Marion King, director of payments at NatWest. SEB launches new environment-friendly product for Nordic SMBs Swedish corporate bank Skandinaviska Enskilda Banken (SEB) says the largest risk concern for its SMB clients in supply chain financing (SCF) is the environment, shifting from last year’s focus on renewable energy. Cultural barriers need to fall to make cybersecurity more transparent “It’s critical not to let the bad guys win [the cybersecurity race] by letting them take advantage of our fragmented regulatory landscape,” says Norton Rose Fulbright’s head of technology and innovation Stella Cramer at Sibos. IBM’s initiative for social good Aleksandra Mojsilovic from IBM Research discusses why using AI and machine learning to tackle societal challenges should be on every business’ mind. Day Four: Thursday 26th September Daily News at Sibos Leveraging data to uncover new connections is the theme of this year’s final edition. CTO & COO Moshe Selfin and VP of CTO Office Ilya Dubinsky at Credorax discuss the future of 5G and its easily accessible data, while EMEA head of State Street Global Exchange Riccardo Lamanna explores how financial services has undertaken AI, data ledger technology, robotics and cloud technologies – questioning whether some of this technology is a fad, or whether it will become essential. Watch out for Asian big techs like Alipay, Accenture warns banks Banks aren’t looking closely enough at big technology firms in Asia such as Alipay, says Accenture‘s MD banking lead Cécile André Leruste. “We don’t get rid of anything in this industry”, says Fiserv director “We don’t get rid of anything in this industry,” says Fiserv director of product Trevor LeFleche on the evolution of payments and the current uses of cash, card and digital channels at Sibos London in an exclusive interview with FinTech Futures.
BuyBitcoin.sg introduces bitcoin purchase at 28,000 agents throughout United Kingdom today
www.BuyBitcoin.sg Bitcoin reseller BuyBitcoin.sg announced that it is now accepting cash payments at thousands of locations throughout United Kingdom. “We are excited to present the easiest and fastest way to buy bitcoins in United Kingdom” said Lasse Olesen, CEO of BuyBitcoin.sg. "When signing up at BuyBitcoin.sg you can choose to buy Bitcoins with a cash deposit. We simply send a cash payment confirmation that you deliver to one of our many agents. Within minutes the cash payment is confirmed and the bitcoins will be in your wallet." To provide this service, BuyBitcoin.sg has partnered with ZipZap Inc. to manage the cash payment infrastructure. In other words, BuyBitcoin.sg offers UK residents a consistent way to get bitcoins using cash without dealing with international payments. “This is a key piece of infrastructure that allows Bitcoin to grow further in the UK,” said Olesen. Try it for yourself at www.BuyBitcoin.sg. ABOUT BUYBITCOIN.SG BuyBitcoin.sg is a website of DGT Pte Ltd, an international Bitcoin reseller based in Singapore. DGT consists of a team with years of experience in the digital currency exchange space. Founder and CEO Lasse Olesen is also known as the founder of trusted European Bitcoin reseller Bitcoin Nordic, which has been serving the European market since early 2012. www.buybitcoin.sg www.bitcoinnordic.com ABOUT ZIPZAP INC. ZipZap, Inc. is the largest global cash payment network, enabling consumers to buy bitcoin with cash at over 28,000 payment center locations throughout the UK, with more territories coming soon. Founded in 2010, ZipZap is headquartered in San Francisco, California, with operations around the globe. For more information about ZipZap, visit http://www.zipzapinc.com. CONTACT DGT Pte Ltd (BuyBitcoin.sg), 1 North Bridge Road #03-23, High Street Centre, Singapore, 179094, E-mail: [email protected] ZipZap Inc., San Francisco, California, E-mail: [email protected] Instructions:
Ex-Iced Tea Maker Long Blockchain Is Buying a Bunch of Bitcoin Miners Now
https://www.coindesk.com/long-blockchain-to-enter-bitcoin-mining-after-crypto-pivot-claim/ Long Blockchain Corp. the former beverage company that announced a pivot to blockchain technology last month, is now planning to enter the bitcoin mining business, a new filing shows. According to a filing with the Securities Exchange Commission on Jan. 5, Long Blockchain Corp, the publicly traded company that was rebranded from Long Island Iced Tea, is in the process of purchasing 1,000 units of AntMiner S9 manufactured by the China-based Bitmain. This move came just weeks after the firm announced its business pivot, which caused its stock price at the U.S. exchange NASDAQ to surge nearly 200 percent. Similar trends in market euphoria were also seen for other public stocks that announced business strategy shifts to areas related to blockchain. In a press release, Long Blockchain said the mining facilities would be located in a Nordic country, without specifying which one. But the agreement included in the SEC filing includes a hint: It states that the vendor will notify the purchaser when the products arrive in Iceland. Further, the purchase price will be $4.2 million, which includes $2.9 million cash as well as an issuance of 260,000 shares of Long Blockchain's common stock. It is not clear from the filing whether Long Blockchain is buying the equipment directly from Bitmain or from a third party. According to the document, this purchase is scheduled to close by Jan. 31 only if Long Blockchain Corp. is able to obtain the required financing before that. As such, Long Blockchain announced in the same document it is issuing additional 1.6 million shares of common stock at a public offering price of $5.25 per share, aiming to raise approximately $7.7 million in net proceeds. Philip Thomas, CEO of Long Blockchain Corp. said in the announcement: "We view this transaction as an important and validating initial step in the Company’s progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin."
How Binance is Legitimizing the Crypto Market by Eliminating Money Laundering
How Binance is Legitimizing the Crypto Market by Eliminating Money Laundering
Binance, the world’s largest crypto exchange, has voluntarily engaged in an initiative to eliminate money laundering on its platform. For years, despite the inherent lack of privacy measures on major public blockchain networks like Bitcoinand Ethereum that discourage the settlement of illicit transactions, a widely pushed narrative against crypto has been the suspected usage of digital assets by criminals.
Eliminating Easily Refutable Claims
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and many other major cryptocurrencies are not anonymous by nature. With Know Your Customer (KYC) and Anti-Money Laundering (AML) systems integrated by cryptocurrency exchanges, it is extremely difficult for criminals to utilize digital assets to settle the transfer of illegal proceeds. Authorities and government agencies across the globe are well aware of the non-anonymous characteristic of blockchains, which could have motivated governments like the US, Japan, and South Korea to legitimate and recognize the cryptocurrency market. This week, Binance has started to cooperate with Chainalysis, a leading blockchain analysis company that evaluates suspicious transactions and addresses, to improve its AML system and to further legitimize the cryptocurrency sector. “Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions,” said Jonathan Levin, co-founder and COO of Chainalysis. In 2018, some of the world’s most influential banks were cracked down for money laundering. Danske Bank laundered $243 billion from criminal groups, and as CCN reported on October 20, Nordea Bank, the largest financial group in the Nordic countries, is said to have taken several illicit payments from banks in the Baltic region. With the institutional market of cryptocurrencies growing exponentially, the tightening of AML systems employed by public exchanges is expected to solidify cryptocurrencies as a recognized asset class and the digital asset market as a well-regulated sector. Wei Zhao, the CFO at Binance, said that maintaining the firm’s vision of increasing the freedom of money globally, the exchange will continue to adhere to regulatory mandates in the countries it operates in.
“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.”
Importance of Compliance
The cryptocurrency sector is entering a new phase of development and growth, as Zhou explained. During the 2017 bull market in which the valuation of the cryptocurrency market surged to $800 billion, the asset class obtained significant mainstream awareness in both countries that support crypto and regions that have established impractical regulatory frameworks to prevent local blockchain markets to flourish. In a period in which governments are introducing increasing efforts to embrace crypto and blockchain businesses as a part of the fourth industrial revolution, voluntary initiatives by companies like Binance to legitimize the industry will ease the process of governments in regulating and acknowledging the global market. original article : https://www.ccn.com/how-binance-is-legitimizing-the-crypto-market-by-eliminating-money-laundering/
A quick word about bulk cross trades (and about the Mtgox trustee crashing the market)
Some of you already know me from my previous reddit post. Today I am going to talk to you about an aspect of the crypto market that I discovered a few months ago and which continues to blow my mind on a daily basis. A market that only a few people really are familiar with, because it simply did not exist 6 months ago: Cross trades for amounts over 10k BTC (>$100m). I will explain how a buyer and a seller try to exchange OTC large quantities of crypto aginst fiat, or crypto vs crypto (e,g BTC/ETH) for large amount, in a single transaction. I thought no single individual except Satoshi possibly had more than 100k btc until I saw it with my eyes. It took me time to realize it was true. It's ironical I drafted this post way before the Mtgox Trustee decided to screw us up by unleashing its stack on the market in the most unappropriate way. As I highlighted in my previous post, bitcoin is still a very thin market and trading on exchange and not OTC is a sure way to crash the market. If you are an early bitcoin adopter and held all these years, you certainly care about the price. If you want to let the market unaffected by your exit, cross trades are the way to operate. This post might be boring to some of you, it does not intend to be funny, but to clarify how this market is operated right now, and how it should be organized. How I got involved. Following my reddit post, I was contacted on telegram at year end. Private chat with 2mn self distruct. A simple message: "I have a seller for 40k BTC willing to sell at 5% discount" My philosophy in life is always to give a chance to people. Even though I thought this was 99% likely to be a scam, that I had not sleept for 2 days following the inflow of messages that had buried my reddit inbox, I gave a chance to this guy; and the nightmare begun. The problem with cross trades today. You must be familiar with the concept of "Six degrees of separation" Anyone in the word is 6 phone calls away from any other guy. Might be Donald Trump. But it might also be Satoshi after all. Anyone knows someone who knows a bitcoin whale. In this context, if someone tells you he knows a seller, and you naïvely start looking for a buyer, what will inevitably happen is the following: You will be right in the middle of a chain of 7 introducing agents that connects a distruful seller to a distrustful buyer. 7 people who think they are entitled to a cut on the trade just for the privilege of providing the name and phone number of the next guys in the chain. All of them will picture themselves as the new Jordan Belfort, and explain to you rationaly why he diserves a bigger cut than you. Meanwhile, the deal does not progress, negociations between introducing agents go on and on endlessly, the 5% discount is completely eaten up by their greed and when eventually an informal agreement is found with everyone, the fluctuations of bitcoin has gotten either the seller or the buyer dead cold. And that's when an end party does not turn up to be ghost bid or offer in the first place, potentially wasting the time of everone involved in the transaction. Some people in the chain would also patronize you. They would claim they have settled such deals in the past and know better than you. They would even try to intimidate you to squeeze you or get you out of the chain. One guy threatened to report my company to the FINMA for alledgedly misrepresenting a trade. I have spent over a year setting up my business in the most professional way, hiring full time crypto trader, in-house lawyer, compliance officer, analyst, relationship managers. Paid hundred thousands of Swiss Francs & BTC in salaries, expenses and legal opinions to be able to legally and transparently operate according to the regulations in Switzerland, and just like this, one guy thinks he can shut me down to increase his cut ? come on. That's what a cross trade generally looks like today. The wild wild west. An emerging market full of non-professional introducing agents eager for a get-rich-quick 1% introducing fee on a crypto wealth that was created out of a long and painful hodling by the seller. Distrustful Buyer and Distrustful Seller. One big issue with cross trades is who should show his cards first. Typically the buyer would not want to disclose his identity before the seller shows a proof of life of his wallet. I will spare you the kind of scams whereby a would-be seller replies to the request with a virus-infected video of his wallet. Similarly, legit sellers would not want to disclose their id easily before seeing a proof of funds. This problem quickly becomes a dead end when communication is not direct and information gets lost in translation within the chain of introducing agents. To solve this issue we have elaborated a neutral procedure for both parties, but I have to say I am generally on the side of the seller here. First, it is common for sellers to spread their crypto wealth behind several address for security or confidentiality reason, so showing a proof of BTC ownership for 50k BTC at once is not easy. No seller would consolidate their assets in bulk before negociations have moved to an advanced stage just to please a potential buyer they are not even sure is legit. Message signature to show proof of bitcoin wealth, as well as micro transaction from several addresses become quickly a cumbersome process. Besides, many sellers who are historic holders sometimes went in BTC early on a ideology basis, for the sake of privacy and anonymity. They have a hard time easily compromising the confidentiality they have clung to for years. This is a cutural issue that buyers fail to understand, especially so as buyers for this size generally are financial institutions, late to the game, coming from a world where confidentiality towards governement was given up centuries ago. Buyers are impatient, they are used to quick deals on financial markets, settled bank to bank. Sometimes I can feel they have a old generation mindset. A legit buyer came to me looking to buy 40k BTC, just because his (well known) company, which is involved in commodity trading, could afford to pay for it. He was talking to me in CAPS LOCK on SMS, quickly started to insult everyone in the chain, asking to talk in direct to the seller, bargaining my fee despite me showing a full 5% discount. When you do not know a market and its specificities, you don't see the opportunities. After weeks of work on that trade, being treated of miserable broker by this guy who was so full of himself was hard to swallow on my end. I am active in the finance industry at an institutional level for more than 15years, just because on that trade I offer liquidity in bitcoin does not make me less legit than if I was brokering on other another market. 5% discount really ? Most of the deals I have seen over the last 3 months involved the seller showing a discount from 5% to 8%. It does make sense when you think about it. Liquidity in fiat is scarce for such amount. Cashing out could take weeks. Even through OTC desks like cumberlandmining, selling btc for tranches over $1m widens the spread as you wipe out their order book. The privilege of selling so many bitcoins in just a single transaction, makes it worth it to accept getting rid of them at a 5% discount. Another reason why a discount is a common thing is because of the amazing BTC price increase over the last years. What is 5% when you have increased your asset by 20000% in 5 Years in $ terms. Still 5% discount is an effort from the seller and at least should pay for the privilege to show your cards in second not first. Traditionally the discount comes from the seller, however beginning of February this year, when Bitcoin crashed from its top of $20k a piece to $6-8k an interesting dynamic happened. A buyer came to me and he was fine paying a premium on the price since he was in a rush to close the deal at this attractive price. This is a real market. Premium/discount should vary dynamically depending not only on market prices but also on the eagerness of either party to close the transaction. I might be hated within the industry for saying this but if you are a seller, do not get intimidated. Do not get talked into showing a discount as if it were natural. Anything above 5% discount is abusive to me. Similarly, a buyer bargaining endlessly to trade at a 2% discount is a joke. Volatitlity is the very nature of crypto. Arguably, saving 2% on a $400m trades saves some decent money. But if you fix the price at 4pm, bitcoin can trade 2% away at 4.01 pm anyway. If you are really willing to buy such a large amount of crypto, at least try to understand the market. Also, be commited. If during the negociations, the typical price movements get you cold I might blacklist you as a time waster. Remember that your counterparty, the seller, has probably been holding for years, and during this time he had the market moved against him by more than 80% from the top. In this context, the seller will disregard your bid and won't take you seriously if you start bargaining for 2% discount. The economic rational of cross-trades and the philosophical issue My personal opinion is that direct cross trades should be settled at market though a predetermined fixing date & time agreed contractually, based on a reference website price like blockchain.info or coinmarketcap for greater transparency. The escrow or financial intermediary in between should not take more than 1% flat of the trade to be split 50-50 by both parties. Then it becomes rational to trade in block for everyone, as it is actually cheaper and quicker than trading in tranches of $1m btc equivalent on Genesis. 0.5% for each leg on trades of 50k btc, that's what my company does when I have selling and buying interest I can match. It is a price no one can compete with. Now, because it is a young market and so many introducing agents are typically involved in connecting buyers and sellers, the anarchy prevails. But I can tell you already from experience what will happen soon: Goldman will enter the market, they will open their crypto desk and they will try to crush everyone. Buyers will rush to trade there because hey, it's Goldman Sachs, and sellers who actually hate the banking industry will have no choice but to hand over their BTC to an investment bank if they want to sell in bulk. Sad, but true. Cross trades would make Satoshi cry out from his grave in its current form: Crypto was created to exchange peer to peer, without midlemen of financial intermediation. Bulk cross trades right now involve several layers of intermediraies. Besides, it is currently a mecanisme that transfers the wealth from miners and early adopters to the hands of financial institutions. Most of the buyers I have seen in all these trades were financial institutions or banks. It's not a surprise for this amount. There were some individuals amoung the buyers: late comers rich sheiks or rich families from Emerging Markets. But generally speaking it was the financial world buying bitcoin. Shockingly, I can even reveal a central bank was involved in a very large block trade. When all the banks will have acquired bitcoin, the same thing will happen to this market as what happened to gold. The price will be manipulated. Having gold in collateral, banks like JP Morgan were able to neutralize the price by shorting the futures safely. For each ounce of physical gold now, you have 400 ounces of paper gold in existence. Physical gold is only $8 trillion market cap, so it can be manipulated easily. Unfortunnately, the same might happen to bitcoin when the transfer from individuals to financial institutions is complete. I do not judge what's happening right now, I just feel a little sad about it. I have banks willing to buy in my book. I have hedge funds. I try to execute in the most professional way. And if I close a trade after working so hard, I am happy. The buyer and seller are happy because the trade was cheap and fast, and somehow I have modestly contributed a little more, at my level, to global adoption. I know you guys do not like this theme but some banks entering the crypto scene is a way for us to introduce our trojan horse: Adoption is closer than it ever was before. At the end of the day, Goldman might open a crypto desk, they will certainly get the buyers, but I doubt they will get the sellers so easily. A lot of sellers are still ideologically oriented and biased negatively towards banks, and fortunately they still prefer to deal with crypto intermediaries like my company than with a bank. KYC...KYC is mandatory. So let me get this straight: If you intend to make a 40k BTC deal (>$400m) without showing a passport, think again. It won't work. If you are not willing to show it to a Swiss regulated entity, bound by banking secrecy laws, then you will never show it to anyone, and you will never do the trade. Besides, if you are not ready to give me information about you, and I can't draft your kyc for my records, I cannot include you in my book and show your interest to other counterparties. It means that even if you are legit and can proof ownership over 40k BTC, I will not show your offer to a potential buyer because I cannot certify you are AML compliant. Same thing for buyers: You are an asset manager and you claim you have a buyer for $400m, but you have no power of attorney nor are willing to disclose the kyc and Id of your buyer, then I am not interested. I only deal in direct. I would share revenue with you and would consider you as an introducing agent obviously, but I want to deal in direct with the end party. If I don't know the end client, how will I be able to show any legitimacy to a potential seller ? In any case, kyc is the first mandatory step for a X-trade. I would keep the info confidential, but I badly need it. I am audited, and anyway nowadays it has become impossible to transit fiat in the banking system without establishing and documenting an extensive profile and full paper trail for any client. As a financial intermediary subject to Swiss Anti-Money Laundering Act, we shall be provided with extensive KYC information relating to the buyer and the seller. It protects everyone in the trade, not just us. *kyc for seller. The kyc for the seller is the most difficult to write. I will refer you to my reddit post where I explain in detail what's needed. If we meet physically, and you collaborate on every aspect of your story, the documentation for your kyc can be done in half a day and the drafting would take another couple of days. What takes longer is the account opening. If you sell 40k BTC, you do need an account that will not freeze the money after execution. This is something I can provide, but account opening can take up to 4 weeks in Switzerland, even with a crypto friendly bank like the ones I work with. You have to start the account opening process early before we start negociations with prospective buyers. Besides we will need an extract from your wallet to run services like elliptic.co, chainanalysis.com or scorechain.com *kyc for buyer As I said, buyers for this kind of amounts are generally financial institutions. If you are a bank or a hedge fund I need: Shareholding structure Regulatory status from your financial supervision authority Trade registry extract with authorized signatories list Bylaws Board resolution to show the intention to buy X btc, and formally authorizing the signatories of the contract to represent the bank in this context ID, CV,and proof of Address of the representative appointed by the board resolution. Proof of funds. If you are an individual: Copy of the passport CV, name, surname, date of birth, address, country of residence, professional activity proof of residence, and explain to me how in the world you are able to buy half a billion USD of bitcoin in one shot. If you want to buy for $10m "only" ;) it is the same, I need to understand your background and source of wealth. Also tell me where the funds will be wired from (Bank, country, city of provenance) ., so I can liaise with your bank officer. *kyc for the introducing agent. just because you introduce me to a bitcoin whale or to a large buyer won't save you from a kyc sorry guys. pm me to see what's needed. the procedure and the solution After failing consistently to close block trades for over a month, I realized something was wrong- Buyers and sellers of bulk trades all have their own procedure, which has been generally drafted to their advantage, in detriment to the other party. One seller would insist for instance to install bitcoin core on the buyer's computer; the buyer couldn't care less. There are two ways to solve the problem: 1.the first solution is what actors like Jonathan De Rin and his group, Nordic partneSatoshi trading have adopted. They would force their way up the chain of intermediaries to try to take control over all introducing agents, connect the buyer and seller in direct, and re-structure the deal holistically rather being confined in the russian doll problematics of layers of introducers. It is agressive, requires a lot of nogociation and bargaining, but could work. The problem with this approach is that it only solves part of the solution: when buyer and sellers are eventually connected they can decide to squeeze everyone in the chain. you generally need an escrow account to settle the transaction. setting up an escrow for a crypto transaction is not so easy and takes time. Unlike the buyer, the seller often has no connection to the finance industry so he would have to rely on the buyer for the escrow set up: At that point the seller would be giving his counterparty more power, or he would need to involve a lawer who would take an additional cut. Besides, an escrow account belongs to both the buyer and the seller. Both of them are the beneficial owners. Let's be honnest, because of price fluctuations, the deal can fail at any time before execution. So once you have set up two escrows for nothing the bank will be nervous and will never want to do business with you again. Setting up a escrow costs about 0,25% of the amount of the trade. But as usual some banks and lawyers will try to benefit from the situation and try to ask for way above than 1% for the set up ( Abusive, once again) 2.our solution is different. We do not act as traditional intermediary. We are the direct counterparty to the buyer and the seller. It changes everything: We build a book of interests so we are ready to pull the trigger when another leg arrives to the party. Buyers and sellers don't need to be connected directly. A seller could be selling against 3 different buyers in a real OTC way. When the funds arrive on our corporate account/wallet we become the beneficial owner of the funds. This model is backed by strong legal opinion drafted by Pr. Bahar from Bär karrer, an expert in Switzerland, it was validated by VQF our SRO, and approved by the Finma. Sellers and buyers get comfort from the fact we are regulated. If the deal fails we return the fiat. similarly if a buyers vanishes, we return the crypto to the seller. Funds transit and clear properly through a Swiss Private Bank. We give a dedicated IBAN for each buyer, even though all your funds are belong to us, during the deal. it's all agreed by contract. From a contractual viewpoint, we would simultaneously sign a purchase agreement with the seller and a sale agreement with the buyer, both contracts being subject to the delivery of the cryptocurrencies, respectively the official currencies (ie. If one party fails to deliver in the predetermined deadline, the deal would fail and any paid amount reimbursed) It's a mystery to me why Genesis or other OTC desks focus only on tranches between 50 and 100btc and do not facilitate large trades. My fee is the same, whether you trade 100btc through my company or 10k btc, I do not increase the spread. 1% for each block trade, 0.5% for each party. Quite cheap. Dealing as a direct counterparty to the seller and buyer gives us the power to close the trade swiftly, because when the end party asks "show me your funds, if you want me to believe you", we can go ahead and show proof of life of wallet or proof of funds. our limitation is we cannot park cash for more than 60 days because of Swiss laws on public deposit for non-bank. Fortunately such trade settle in less than 60days. If you fly to Geneva to do your kyc, chances are the other party will be in the next desk, doing the same. And we might probably be able to settle the next day. here is our procedure:
KYC checks and NDA signed with business introducers;
Business introducers disclose the identities of the buyer and the seller;
We perform a full KYC check on both buyer and seller, including a physical meeting with both parties preferably at our office in Geneva (or travel expenses at the charge of the party to be met);
The seller provides us with (i) a wallet extract so the balance in BTC can be checked and address can be scanned through dedicated forensics services, (ii) a proof of ownership of the wallet (message signature or micro transaction), and (iii) any KYC/AML information required in relation to the origin of the BTC;
The buyer provides us with a proof of funds and any KYC/AML information required in relation to the origin of the funds;
Once the buyer and the seller are cleared, we discuss with both side to fix the price for the BTC and any other specific conditions;
Simultaneously, we makes sure that (i) the seller has a bank account where the proceeds of the transaction can be transferred and (ii) the buyer has a wallet where the purchased BTC can be transferred;
Purchase and sale agreement stating the number of BTC and the applicable price as well as fees are entered into between our company and the buyer, respectively the seller;
Business Introducer Agreements are entered into between our company and the parties introducing the buyer and the seller;
Transfer of the BTC to our company's wallet;
Once the BTC are received, transfer of the payment to our companie’s bank account;
Once the payment is received, transfer of the BTC to the buyer and the payment to the seller, less 1% of each leg if the deal involves business introducers, 0.5% if the deal is in direct.
Regarding the involvement of business introducers, we suggest them to sign a “Business Introducer Agreement” in relation to the leg of the deal they introduce to us. Specific conditions such as a premium or a discount negotiated by the business introducer will be reflected in the Purchase and/or the Sale Agreement between our company and the buyer respectively the seller so all the parties have a clear and transparent view of the deal. In this context, the business introducers’ cut will be adapted accordingly, our company will not claim any of the special discount/premium negotiated. we do not want to be greedy. We just want to make some trades and as said earlier, we prefer to deal in direct with end buyeseller. Bulk trade of Altcoins. At the moment BTC/Fiat is the main market for block trades. However, I had a specific request for BTC/ETH for a very large amount and also IOTA/BTC. If you are looking to buy IOTA in bulk, please contact me on pm. As long as atomic swaps have not avanced to the next level, cross trades of Altcoins might be needed, and they should be operated through transit wallets, in a similar way as what I described above. bottom line Again, it's a crazy long post. Sorry if I sounded doctrinal. I have spent countless hours on deals that went nowhere, and had a lot on my chest. Bitcoin is a fascinating market. Now that some deals are closing, and central banks are getting involved in crypto very discretly, I thought a clarification post was needed. If you are a large crypto holder, interested in such transactions, then please contact me on telegram or signal @swisspb. I will try to make it work for you. If you are Mtgox trustee, I know you dont care about where bitcoin is headed. you just want to get rid of it asap. Please consider cross trades, for the sake of all the people you are representing in this trade. They have suffered goxing 1.0 and don't want to be involved in goxing 2.0 just because you do not know how to execute! Cheers, @ swisspb on telegram
For Those in the US that want to buy Bitcoin through brokerage accounts
Reminder that the bitcoin ETN that trades in Europe can be bought through a brokerage account without having to pay the premium on GBTC. Even from the US. That means to include IRA/Roth IRA money. This proposes a value proposition since GBTC trades for a high premium compared to COINXBT which trades at a value of 1:1 to bitcoins value. As an example, if you currently own GBTC, you could sell your shares and invest in the ETN, and get 60% more BTC exposure for the same money. Something to mull over. Step 1 - Open up an account at interactivebrokers.com (takes 1-2 Biz days to verify. Your brokerage might already have access to the Nordic Nasdaq, in which case proceed to step 2) Step 2 - Deposit minimums (I think its $10,000 which can be a combo of securities and cash. IRA accounts at $5,000 min. 3-5 Biz days) Step 3 - Exchange $ to EUR or SEK - Their customer rep explained it as necessary. Step 4 - Buy the Bitcoin XBT via the EUR instrument or the SEK instrument. I think the fee is like $5-$10, not sure. plus whatever the ETN fee is (2.5%?) Happy Arbitraging!
U.S. dollar (USD) - International bank wire transfers in U.S. dollars to Bitcoin Nordic's Danish bank account. Cash or check by mail. Cash or check may be sent by mail (Denmark) or may be deposited in-person (Copenhagen) with appointment. The currencies listed below are accepted in any amount up to daily AML limits. Other currencies may be ... Bitcoin Cash (BCH) prices - Nasdaq offers cryptocurrency prices & market activity data for US and global markets. Bitcoin Nordic’s Lasse Birk Olesen has announced that the company is now offering a way for Bitcoin users to purchase CashU coupons, an online payment mechanism accepted at hundreds of online locations including iTunes, Amazon, Skype and Xbox Live. CashU coupons are offered in denominations of $10, $30, $50, $100 and $300, and are set to the buyer’s email address within 24 hours of purchase. How do I cash out of Bitcoin in Norway? Any exchange with a NOK trading pair will allow you to sell your Bitcoin for fiat currency. Paymium has NOK trading pairs for many popular coins. As mentioned previously, you can also use automated teller machines (ATMs) to buy Bitcoin. Find them using our Bitcoin ATM Map. Local Bitcoins is another option ... LakeBTC China n/a LakeBTC is a China based bitcoin exchange but serves the international bitcoin market. Users can buy, sell, and trade bitcoins using US Dollars (USD) and Chinese Yuan (CNY) currencies. Deposits can be made via wire transfer, Ripple, or EgoPay. There is no deposit fee, but trading and withdrawals incur a 0.1%-0.5% fee. LakeBTC also has a built-in wallet, with two-factor ...
How to Cash Out Your Cryptocurrency on Coinbase (Bitcoin ...
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