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Cryptocurrency ecosystem continues to evolve and mature!  Another week has gone by and the cryptocurrency ecosystem continues to move along.  Here’s your weekly cryptocurrency update.

BitMEX made a huge blunder when it accidentally revealed 22,000 user email addresses into the wild.  Somehow, a computer glitch, as described by them, was responsible for copying 22,000 email addresses onto an outgoing email.   BitMEX will undoubtedly have to pay for this amateur mistake and users will have to contend with the fact that they irresponsible handled privacy.    

BTC is not money according to UK tax regulators.   They clarified earlier this week that certain tokens, like BTC, are commodities – not currency.    Other tokens that are viewed as securities or offerings, and have yet to be reviewed by Her Majesty’s Revenue and Customs, also do not fall under the definition of Currency.   

Ripple and XRP continue to bee under fire.   A new lawsuit has been filed from Investors who argue that the company had no right to try to dismiss a case regarding whether or not the company had broken securities laws.   Ripple had tried to claim that the statute of limitations had expired, but investors are saying that the ongoing sale of XRP is a valid treason for the lawsuit to continue.     

Libra continues to be hounded by regulators and bad news.  First the US, now it’s Australia.   They tried to meet with representatives from the Libra Association with questions and an intent to understand the project better – they reportedly walked away with more questions than answers, however.    Libra’s influential founding company, Facebook, is now trying to show that Libra isn’t a risk to countries.    

North Korea and their use of cryptocurrency is back in the news after a report surfaced that it laundered funds through a blockchain company in Hong Kong.   Marine China, a shipping and logistics firm, is allegedly nothing more than a front established by North Korea to help launder money.    

Finnish authorities have given the go-ahead for Finnish regulators to crack down on money laundering through crypto.   In an effort to increase legitimate business activity with crypto, they’ve also approved 5 companies and their requests for licenses.   This should see the country’s Bitcoin ecosystem to become a bit more solid.   

Square will be making their crypto transaction fees more transparent – while they’ve been charging a fee that’s integrated into the spread, they will be charging a flat fee moving forward.   This announcement comes after Square announced a mind boggling $1.27 billion dollars in revenue for the third quarter of 2019.

What do you think of these developments the last week?   It may seem like mostly glum news, but it’s important to realize that these laws need to be in place for a healthy non-manipulated market to emerge.   Let us know what you think on our Facebook Page!

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