Scandinavian Bitcoin Dealer Struggles to Find Banking Partners 242

One of Northern Europe’s largest Bitcoin dealers is finding the lack of regulation surrounding cryptocurrency a hindrance to their business model. Prasos Oy has systematically burned through all but one of their Finnish bank accounts.

Last Chance Saloon

The banks that have closed their doors to Prasos Oy because of fears that the company might be breaching money laundering rules. So far, the cooperative S-Bank, the Op Group, Saastopankki, and Nordea Bank AB have shut down the company’s accounts.

For now, Prasos Oy still has an active account with POP Bank. However, their CEO, Henry Brade, spoke to Bloomberg about the precarious situation they are currently in:

“The risk is that we’ll see our last bank account closed before we can get the next one opened. That would freeze our business.”

Whilst there is no specific law telling Scandinavian banks how to view cryptocurrency, there is anti-money laundering legislation already in place. These laws demand that those offering financial services must follow KYC (“know your customer”) practices.

However, the fact that the anonymous appeal of cryptocurrencies sits at odds with the money laundering legislation is a huge warning sign for the banks. What’s more, the dramatic growth of companies like Prasos Oy over the last twelve months is another factor causing suspicion for financial institutions. Brade continued, touching on how the growth of the industry, as well the lack of guidance the banks themselves are willing to provide, is affecting his company’s relationship with the banks:

“We’ve realised that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem.”

At the end of last year, the European Union agreed to extend their money laundering legislation. Although yet to be enforced, the rules will now cover cryptocurrency under their remit.

In the meantime, neither the European Bank Authority or Finland’s Financial Supervisory Authority are offering any form of advice to companies like Prasos Oy. Hanna Heiskanen of the FSA dismissed the issue as one between the company and the banks:

“Cryptocurrency trading places are not currently under the regulatory mandate of the Finnish FSA.”

Meanwhile, the EBA stated today that they would not recommend banks provide their services for companies involved in cryptocurrency transactions.

Despite the hostility they are facing from the banks, Prasos Oy is still trying to continue with their business. Brade told Bloomberg how his company were trying to improve their KYC practices and work with banks to help them understand where funds came from:

“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business in not under regulatory obligations.”

Evidently, not all of the planet’s banks are as phased by money laundering regulation as those in Scandinavia appear to be. Just last month we reported on US Bancorp’s blatant violations of the Bank Secrecy Act. We’d never condone tax avoidance but even if some of Prasos Oy’s customers were wanting to “clean” dirty cash with cryptocurrency, we’re sure it wouldn’t be nearly to the tune of the $613 million that US Bancorp was fined.

 

Previous ArticleNext Article

Leave a Reply

Altrea Labs Officially Launches Zenboz Modern Monks NFT Collection on Rarible 545

The wait is over: the team at Altrea Labs has officially launched its innovative NFT collection, Zenboz Modern Monks on the Base blockchain, available for minting now on Rarible. This new project merges art and AI tech unlike anything seen before in the NFT space.

Zenboz stands out as the first NFT project to offer a built-in product/utility that is available from day one of the complete collection sellout. This marks a departure from speculative practices, as Altrea Labs prioritizes delivering real-world utility to its users over mere hype.

Zenboz Modern Monks NFT Collection

Zenboz Modern Monks NFT offers an innovative and unparalleled collection that celebrates the art of being true to oneself. Created by Altrea Labs, Zenboz is a collection of 10,987 unique NFTs that blends retro pixel art with high-resolution canvas, creating a striking aesthetic. This design sets it apart from traditional pixel art PFPs. Each NFT features 19 distinct attributes and over 230 variants. You can explore more about the project on their website blog.

But Zenboz is more than just a pretty NFT collection: it’s about empowering individuals to find inner peace amidst the chaos of life. In a world filled with daily stressors and challenges, finding reliable and uplifting support is crucial. Everyone needs a compassionate and wise companion to guide them with ‘monk-like’ wisdom. This is where ZensAÍ comes in – a custom OpenAI-powered chatbot offering light-hearted wisdom and support for daily struggles. As a friendly companion, ZensAÍ access provides daily motivation with anecdotes, helping users navigate life’s complexities.

The focus on real-world utility sets Zenboz apart from other NFT collections. With Gen-AI incorporation, users can access a unique interactive AI companion that adds more value to their digital collectible.

ZensAÍ: A Personal Companion to Mindfulness and Positivity

ZensAÍ is a unique AI product designed to promote positivity. Unlike other generic AI services, ZensAÍ offers an experience tailored to mindfulness to support the individual’s needs. Users connect to ‘The Highs’ portal using their crypto wallet containing the Zenboz NFT they own and interact for 3 questions daily for every Zenboz NFT owned. This custom OpenAI-powered chatbot serves as a digital zen companion, providing instant wisdom and support for various life situations.

Unique Features of ZensAÍ:

  • Humor and Wit: ZensAÍ combines mindfulness and life advice with humor, making each interaction enjoyable. It draws from a range of references, providing rich, relatable storytelling.
  • Personal Guidance: Tailored to meet your emotional needs, ZensAÍ offers thoughtful, supportive advice that resonates personally.
  • Privacy Focused: ZensAÍ ensures privacy by not storing questions or responses on servers.
  • Instant Support: ZensAÍ acts as a personal companion, offering relentlessly supportive advice and motivation when needed.
  • Daily Positivity: Regular interactions with ZensAÍ promote positive thinking and proactive approaches to life’s challenges.
  • Cost-Effective: Users enjoy ZensAÍ’s benefits without worrying about gas fees, thanks to a business model that covers operational costs through initial sales and resale commissions.

What’s after this for Zenboz Holders? The upcoming launch of Zenboz Modern Monks NFT marks the beginning of AI-driven interactive NFT products. The team is already working on their next project, code-named “Mythical Creatures,” which will build on the AI infrastructure and deliver more engaging, interactive product experiences. Zenboz holders will be crucial in Altrea Labs’ growing universe of art, technology, and immersive experiences.

For now, head over to Rarible and mint yourself a Zenboz Modern Monk NFT to join the exciting journey at the forefront of innovation!

About Altrea Labs

Altrea Labs combines technology and creativity to tackle real-world user problems through innovative NFTs. Its latest Zenboz Modern Monks project focuses on creating product-backed NFTs with immediate utility for holders upon launch and sellout. It’s also about building a strong community and paving the way for the future of Web3 experiences. The company aims to steadily develop NFT-centric technologies and AI experiences that seamlessly integrate art and technology, focusing on both innovative products and a robust infrastructure to fully embrace the Web3 future.

Anyone curious about the potential of NFTs and their impact beyond just digital assets should pay attention to Altrea Labs.

Tokenize! Global Summit Debuts With Thought Leaders on Politics, Payments, AI and Real-World Assets 354

Tokenize! will hold its first Global Summit in Las Vegas on October 29-31, at an extravagant 18,000 square foot celebrity mansion on a two-acre, gated estate in Las Vegas’ most exclusive neighborhood, just minutes from the Las Vegas Strip. The VIP summit will feature a section called Tokenize Politics, featuring a fireside chat with former Trump campaign chairman Paul Manafort. Held less than one week before the hotly contested US presidential election in the swing state of Nevada, the summit will also feature advisors and advocates for both former President Trump and Vice President Kamala Harris.

Paul Manafort, former campaign chairman for Donald Trump’s successful 2016 presidential campaign, has embraced blockchain and cryptocurrency and has been one of the key advisors shaping Trump’s current pro-bitcoin policies. He will address how the current political crossfire has affected the crypto investment and innovation markets in a fireside chat with former NASDAQ managing director of strategy Enzo Villani.

The conference kicks off on Tuesday, October 29, with a cocktail party in front of the estate’s 80,000-gallon swimming pool, complete with voluminous water features and a jacuzzi grotto. A private dinner, sponsored by ALTX, the first agentic digital asset terminal, will take place inside the mansion immediately following the opening party.

The main conference day, Wednesday, October 30, will feature the following sections:

Tokenize AI

  • Featuring keynote by Wire Networks CEO Ken Dicross, and featured presentations by TAO CETI and MatterFi. There will be a panel on The Age of Agents, with speakers from Wire Networks, Morpheus and Manifest.AI.

Tokenizing Finance and Payments

  • Keynote by Alpha Transform Holdings CEO Enzo Villani on “The Future of Markets,” followed by panels on security tokens and a featured presentation by ALTX.
  • Coinciding with leading payment conference, Money 20/20, being held across town, Tokenize will hold a payments panel with leading crypto payment companies, as well as innovative traditional payment companies with blockchain products.

Tokenizing Real-World Assets

  • Panels on tokenizing real estate, as well as commodities including wine, luxury goods, and carbon. 
  • Featured presentation by OpenCarbon.

The conference concludes on Thursday, October 31, with a panel of leading Web3 venture capitalists and angel investors, followed by the annual Best of Show pitch contest by BitAngels, the oldest angel group in crypto, with chapters in 25 cities around the world.

Wrapping up the show will be sessions for Tokenizing Entertainment and Gaming, as well as “Meme-o-Ween,” exploring and celebrating the current bull market in meme coins.

Tokenize! founder Michael Terpin will also present a keynote on Understanding the Bitcoin Cycles, and all attendees will receive a signed hardcover copy of his book, Bitcoin Supercycle, three weeks before it hits bookshelves.

Tokenize is an all-inclusive experience, with meals and parties each day. Standard and VIP tickets are on sale at www.tokenizeconference.com.

Paxful sees breakthrough advancements in AI-powered safety, security & support for P2P crypto 335

Paxful, the pioneering global payments marketplace that ignited the people-powered money movement in 2015, is once again advancing peer-to-peer trading. By integrating industry-first AI solutions trained on nine years of proprietary data, Paxful is reshaping safety, security, and support.

These AI-powered developments upgrade the platform to improve trade speeds, accelerate dispute resolution and strengthen compliance measures – ensuring a safer, more efficient, and personalized marketplace.

Bringing P2P into the future

By leveraging expert-guided reinforcement learning and the rich dataset from past trades and support interactions, Paxful has developed internal LLMs that are disrupting how modern peer-to-peer trading is done.

Paired human and AI trade moderation has eliminated certain fraud issues almost categorically, with up to 90% better reduction in known scam patterns.
Live chat support, again pairing human experts with AI agents, has cut down dispute times by 4 hours across all incoming issues, to 2.3x faster than industry average.
Rapid week-on-week accuracy improvements in automation across compliance, marketplace safety, and dispute resolution approaching +90%.

Roshan Dharia, CEO of Paxful, said, “Paxful has been a cryptocurrency pioneer since 2015. Now, our LLM models trained on nearly a decade of trade data, learning alongside expert global staff, are bringing Paxful into the future. AI is already helping us keep Paxful users safe and happy while also making our business more efficient – and there’s so much yet to come.”

New Technology, New Talent, New Standards

Paxful’s growing senior executive team are all leading the adoption of this technology, including in Compliance, which sees it driving improvements in areas like identity management, transaction monitoring, and general fraud prevention.

Manfred Bekeris, Paxful’s Chief Compliance Officer with 14 years of compliance experience across Web3 and traditional finance, adds, “By integrating cutting-edge AI and expert-driven insights, we’re strengthening trust and safety for P2P traders worldwide. These advancements not only safeguard users but also enhance the overall platform integrity, allowing compliance to benefit from a more secure and efficient marketplace.”

Yoroi Wallet Users Will Unlock ADA Rewards When Shopping Via Upcoming Bring Integration 334

Yoroi Wallet, a premier Cardano ecosystem light wallet, and Bring, the first white-label crypto cashback platform, are announcing a collaboration to introduce a new way to passively accumulate ADA via shopping-based rewards. This collaboration will unite the world of blockchain and real-world retailers, allowing users to earn “cashback” in ADA, Cardano’s native cryptocurrency, for shopping with over 775 global retailers.

This upcoming integration will offer Yoroi users rewarding opportunities from various top-tier brands, including Vaio, JBL, StockX, Samsonite, and Nubul. Users can shop using their credit card or any other payment method and earn up to 10% cashback in ADA. This integration offers a truly seamless, rewarding experience, demonstrating how blockchain can be a part of everyday shopping for the next billion crypto investors. With a simple click of a button on the wallet popup, the user will receive ADA cashback for his credit card purchase.

Vineeth Bhuvanagiri, a Managing Director at EMURGO, said, “Our collaboration with Bring is an exciting development in the world of crypto rewards, creating a new avenue for Yoroi Wallet’s ADA holders to benefit from their assets through qualified shopping purchases at some of the most recognized brand names.”

“Collaborating with Yoroi is a key step toward expanding the reach of our platform and offering users more value,” said Meir (Iri) Zohar, CEO of Bring. “Together, we are unlocking the potential of blockchain technology for mainstream users, making it easier to earn and spend ADA in real-world transactions. We believe this collaboration will accelerate the adoption of Cardano within the retail sector.”

This breakthrough has been made possible, in part, by the support of the Cardano Catalyst program, which provided a grant to fund Bring’s expansion into the Cardano ecosystem, enabling the platform’s continued growth and innovation. The Catalyst program empowers projects that bring blockchain technology closer to mainstream adoption; this new business alliance is a testament to that vision.

The Bring integration in Yoroi marks an essential milestone in the evolution of the Cardano ecosystem. It connects it with the real world in a way that benefits both users and retailers. As blockchain adoption grows, this collaboration will serve as a model for how decentralized technology can be seamlessly integrated into traditional commerce.

The future of ADA just became even more rewarding. The integration is expected to go live later this year.

About EMURGO

EMURGO is a blockchain technology company and a founding entity of the Cardano blockchain that provides products and services to drive the adoption of Cardano’s Web3 ecosystem. Originally established in Japan, EMURGO exists to facilitate commercial growth of the Cardano ecosystem and unlock the full potential of the ecosystem through partnerships, investments, education, and infrastructure development.

To connect and learn more, visit https://emurgo.io.

About Bring

Bring is the creator of the world’s first white-label crypto cashback service for web3 wallets and exchanges. By partnering with Bring, wallets and exchanges offer their users to earn a variety of cryptocurrencies, in the form of cashback, from 775+ retailers in fashion, electronics, jewelry, travel, software, home decor, beauty, and more.

Ape On Launches Innovative Token Locking for Secure Project Launches on Solana 347

Ape On, the most secure and efficient token launch platform, is reshaping decentralized finance (DeFi) on the Solana blockchain. With its unique token locking feature powered by Jupiter Lock, Ape On is designed to provide unmatched security and transparency, making it the best and safest way to launch and buy tokens in the crypto space.

Token Locking for Enhanced Transparency

Ape On offers a revolutionary token locking mechanism that allows project creators to lock their tokens for a designated period, ensuring that investors are protected from early token dumps. This powerful feature builds long-term trust between creators and the community, making Ape On the safest platform for investors to participate in early-stage projects. With token locking, investors can confidently engage in projects knowing their investments are secure.

“As the most trusted platform for launching and buying tokens, Ape On sets a new standard in the Solana ecosystem,” said Joe George, CMO of Ape On. “Our token locking feature guarantees that creators are committed, while investors have the peace of mind that their assets are protected from potential market manipulation.”

Addressing Solana’s DeFi Needs

As DeFi continues to evolve, Solana’s low transaction fees and high-speed processing make it an ideal environment for innovative platforms like Ape On. However, despite its technical strengths, Solana’s ecosystem needs secure, transparent investment methods to encourage long-term participation and project stability. Ape On’s token lock and transparent launch process fill this gap by promoting fairness and trust in the growing Solana ecosystem.

“Ape On is more than just a token launchpad—it’s a secure, community-driven platform that ensures both creators and investors are protected,,” George added. “We’re proud to be the safest and best place to launch and buy tokens in the entire crypto market.”

Additional Platform Features

Badge System for Transparency: Ape On introduces a badge system that provides clear project status updates, offering investors easy-to-understand indicators for assessing a project’s reliability.
Influencer and Creator Rewards: Ape On also incentivizes influencers and creators, sharing 20% of liquidity provider rewards with influencers who help onboard users to the platform, and 10% with token creators.
Cost-Effective and Fast Launches: With Solana’s low transaction costs, Ape On makes launching tokens fast and affordable for creators, ensuring a smooth deployment process within seconds.

Mainnet Launch on 20th October

Ape On is set to go live on mainnet on October 20th, with RPC infrastructure powered by Heliuslabs, locked and ready for the big day. The platform’s debut on mainnet marks the beginning of a new chapter in secure token launches on Solana.

About Ape On

Ape On is a next-generation platform on the Solana blockchain, offering the best and safest way to launch and buy tokens. With its Jupiter-powered token locking mechanism, Ape On provides security and transparency, setting the gold standard for token launches in DeFi. By focusing on long-term stability and community trust, Ape On fosters growth in the crypto ecosystem.

Building connections in the Web3 world: How Homnifi empowers community 288

In the digital age, building strong communities has taken on new meaning. The rise of Web3 and blockchain technologies is changing how people connect, share, and collaborate across borders. Homnifi, a platform aimed at amplifying the impact of these technologies, has taken community-building a step further by rewarding users who bring others into the fold.

But beyond the rewards lies a deeper connection—a shared sense of purpose and the power of a growing network.

The power of community

Human beings are naturally inclined to form connections. Whether it’s through shared interests, goals, or experiences, communities are built and thrive when people come together. In the context of Web3, this sense of community is even more vital. The decentralized nature of blockchain means that each participant has a role in increasing the value of the network on its way to success.

Homnifi taps into this dynamic by encouraging users to invite others to join the platform through a balanced reward system.

But why is this important? At its core, a strong community enhances the value of any network. The more people who participate, the more robust the network becomes. In the context of Homnifi, every new user who joins strengthens the platform, making it more valuable and resilient.

The psychology behind rewards

Homnifi’s referral program is a reflection of the platform’s commitment to building a thriving global community – a community that’s not bound by borders but connected through the power of blockchain.

When users manage to invite others into the community, they are rewarded—not just with incentives but with the satisfaction of contributing to a larger cause. This taps into a fundamental aspect of human psychology: the desire to belong and to see the impact of one’s actions.

By rewarding referrals, Homnifi encourages users to share their positive experiences with others. It’s a gateway to sharing a unique opportunity to be part of something bigger. When users feel appreciated and see tangible benefits from their contributions, they are more likely to remain engaged and continue to support the community.

Connecting the world without boundaries

One of the most powerful things about blockchain technology is its ability to connect people across the globe without the need for intermediaries. Homnifi leverages this capability to create a platform where users can interact, share ideas, and collaborate without the usual barriers of geography or language.

Through the distributed nature of blockchain, Homnifi fosters an inclusive and accessible community. Users can connect with others who share their interests, no matter where they are in the world. This global reach is what makes Homnifi’s blockchain-based platform so powerful. Not only does it enable the creation of more opportunities in the digital space, but it also makes those opportunities available to all, regardless of their location, educational attainment, or economic background.

Final thoughts

Homnifi’s approach to community-building through rewarding referrals is a testament to the power of connection in the Web3 era. By tapping into the psychology of rewards and taking advantage of the positive effects of network building, Homnifi is creating a platform where users feel valued and empowered to contribute to something larger than themselves. In a world where digital interactions often feel fabricated and impersonal, Homnifi is building bridges that connect people across boundaries, creating a vibrant and inclusive community in the process.

About Homnifi

Homnifi is a dynamic and secure digital platform that enables a 360-degree experience of the world of web3. It provides easy access to the evolving digital space through its wide spectrum of solutions, simplifying the user journey and making web3 available to everyone.

Discover Homnifi’s full suite of hardware and software solutions by visiting their website at https://homnifi.com/.