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Cryptocurrency Companies Are Banned From Registering Dot Bank Domains

June G. Bauer

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Domain Registry Services ( fTLD ) will be banning Cryptocurrency and/or virtual currency related companies and services from registering a .Bank and .Insurance domain names. This was mentioned on fTLD’s updated policy.

This new ban also covers Peer-to-peer payment providers (P2P), other money transfer application companies and non-banking financial institutions from using fTLD services.

.Bank domain name costs around $1,000 per year. To qualify to register a new .Bank domain name, the registrant must be a government-regulated retail bank, savings association, national bank, or bank holding or parent company.

The .BANK and .INSURANCE top level domains are operated by fTLD Registry Services, LLC—a coalition of banks, insurance companies and financial services trade associations from around the world—which ensures it is governed in the best interests of banks and insurance companies and their customers. fTLD has a deep understanding of the banking and insurance communities, their customers’ and their institutions’ needs. fTLD’s mission is to operate a trusted, verified, more secure and easily-identifiable online location for these financial companies and their customers.

Any entity can create and operate its own top level domain name TLD. That will cost $185,000, plus an annual $25,000 fee to ICANN ( the organization that oversees and manages IP addresses and the domain name system).

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

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Bitcoin

Bitcoin Demand Surges in Lebanon

M. Ali

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Bitcoin lebanon

Demand for bitcoin is jumping in Lebanon after the country is facing one the worst financial crisis since the 1975-90 civil war. According to Saida Online (a popular Lebanese news portal), many Lebanese have investors also considered BTC as a store of value and a hedge against the aggressive expansionary monetary policies adopted by the central bank of Lebanon.

Protests that have swept Lebanon since Oct. 17 have added to pressures in the financial system, deepening a hard currency crunch that has left many importers unable to bring in goods, forced up prices and increased fears of financial collapse. The protests, fueled by rage against a ruling class seen as looting Lebanon, have slowed an already weak economy. Many businesses have shed jobs or slashed salaries and moved workers onto part time.

The crisis has shaken confidence in a banking system that has been a cornerstone of Lebanon’s post-war stability. Several Lebanese banks have imposed new caps on interest rates on deposits and pay savers half the interest due on foreign currency holdings in Lebanese pounds.

Bitcoin and other cryptocurrencies are not fully legalized in Lebanon, yet many investors in Lebanon are currently trading bitcoin through Whatsapp and Telegram groups.

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BitClub Network Founders Are Charged in $722 Million Cryptocurrency Ponzi Scheme

June G. Bauer

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BitClub-Scam

The creators of BitClub Network website were charged with helping to run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme,” U.S. Attorney Craig Carpenito in New Jersey said in a statement.

The BitClub Network claimed that users can earn daily profits from a so called shared mining pools. The website owners have created a referral program so they can trick more users to join their Ponzi scheme.

What they allegedly did amounts to little more than a modern, high-tech Ponzi scheme that defrauded victims of hundreds of millions of dollars. Working with our law enforcement partners here and across the country, we will ensure that these scammers are held to account for their crimes.

U.S. Attorney Carpenito said
A screenshot from Bitclub’s website

From its inception in 2014, BitClub Network was never about sharing crypto mining profits. The alleged scammers created false figures meant to demonstrate BitClub’s earnings from its bitcoin mining pool to its investors between April 2014 and December 2019.

The wire fraud conspiracy charge carries a maximum potential penalty of 20 years in prison, and a fine of up to $250,000. The conspiracy to sell unregistered securities charge carries a maximum penalty of five years in prison and a fine up to $250,000.    

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Video: Roger Ver: Bitcoin Cash Can Go Up a Thousand Times

Sying Tien

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Roger Ver, founder of bitcoin.com, who’s known as “Bitcoin Jesus,” joins CNBC’s “Power Lunch” team to talk about the cryptocurrency markets, the price of Bitcoin and more.

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