Further Scrutiny for Facebook’s Libra As Money Laundering Regulators Zone In

Will Heasman

The Financial Action Task Force (FATF) aka the world's money laundering watchdog has announced its intention to keep a sharp eye on Facebook's emerging cryptocurrency Libra. 

According to Reuters, FATF president Xiangmin Liu laid down the law, indicating that the agency wouldn't be going easy on Libra, noting that if there are significant risks, they will "need to be addressed."

Lui also noted that the obscurity afforded to cryptocurrencies is allowing scope for further subversion of the monetary system, adding:

These activities are likely to be growing quickly, as law enforcement agencies are only seeing the tip of the iceberg.

Creating appropriate anti-money laundering solutions is pivotal to the regulation of cryptocurrencies. In June the FATF laid down new guidelines pertaining to the tackling of money laundering and terrorist financing. 

Nevertheless, Lui shared concerns that the ever-growing nature and speed of cryptocurrency transactions, pose an issue when distinguishing illicit activities:

We have talked about finding suspicious activity as being like finding a needle in a haystack. Well, that haystack is getting bigger and bigger and is moving all the time.

Meanwhile, Libra is still on hold as regulatory scrutiny reaches fever pitch. Most notably the firm has been accused by several antitrust regulators - in both the US and the EU - of anti-competitive behavior. In a prepared statement Libra co-founder, David Markus noted that the proposed digital asset wouldn't launch in any jurisdiction in which it wasn't adequately regulated:

We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.

Featured image credit: photo via Pixabay.com.

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

Featured Image Credit: Photo via Pixabay.com