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BYDFi Exchange Partners With Jumio To Help Build User Trust

21 Mar 2023

The financial regulatory body of Belgium has been tasked by the government to regulate advertisements for cryptocurrencies. New rules, set to enter into force in May, oblige advertisers to clearly warn investors of the risks associated with the digital assets.

Belgium’s Financial Services and Markets Authority (FSMA) has been granted powers to strictly regulate crypto-themed advertising. The new rules, which will be applied in less than two months, are meant to ensure that the risks linked to virtual currencies are “sufficiently prominent” in such advertisements, the regulator said in an announcement on Monday.

A respective regulation issued by the FSMA, which will supervise compliance, has been published in the Belgian Official Gazette on March 17 and will enter into force on May 17, 2023. It prescribes that crypto-related ads must be accurate and not misleading while pointing out the risks.

It also requires that the FSMA is notified in advance about mass media campaigns, those disseminating advertisements to at least 25,000 consumers. The prior notification would allow the regulatory body to intervene before the start of such campaigns if it deems it necessary to do so.

“Advertisements may not emphasize the potential advantages without also providing an accurate indication of the risks, limitations or conditions. Nor may advertisements contain any statements about the future value or return, and must be written in comprehensible language,” the authority elaborated.

One of the rules supplementing these conditions is that cryptocurrency ads must contain a “short and punchy warning,” stating: “Virtual currencies, real risks. The only guarantee in crypto is risk.” Furthermore, they will have to feature, reference, or link to a broader warning presenting the various risks in detail.

The FSMA also intends to do more in regards to financial education about digital assets. It’s currently producing a series of videos devoted to virtual currencies targeting young people. These are part of an educational package that also includes an information sheet for teachers and a quiz for pupils.

The financial authority’s regulatory move comes after last week Belgium’s former Finance Minister Johan Van Overtveldt called on governments to ban cryptocurrencies amid a banking crisis involving two crypto-friendly banks. It also follows the publication of an article in which the head of the Dutch financial regulator vowed strict treatment of crypto businesses under EU’s Markets in Crypto Assets (MiCA) law.

What are your thoughts on the upcoming crypto advertising rules in Belgium? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Werner Lerooy / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

The financial regulatory body of Belgium has been tasked by the government to regulate advertisements for cryptocurrencies. New rules, set to enter into force in May, oblige advertisers to clearly warn investors of the risks associated with the digital assets.

Belgium’s Financial Services and Markets Authority (FSMA) has been granted powers to strictly regulate crypto-themed advertising. The new rules, which will be applied in less than two months, are meant to ensure that the risks linked to virtual currencies are “sufficiently prominent” in such advertisements, the regulator said in an announcement on Monday.

A respective regulation issued by the FSMA, which will supervise compliance, has been published in the Belgian Official Gazette on March 17 and will enter into force on May 17, 2023. It prescribes that crypto-related ads must be accurate and not misleading while pointing out the risks.

It also requires that the FSMA is notified in advance about mass media campaigns, those disseminating advertisements to at least 25,000 consumers. The prior notification would allow the regulatory body to intervene before the start of such campaigns if it deems it necessary to do so.

“Advertisements may not emphasize the potential advantages without also providing an accurate indication of the risks, limitations or conditions. Nor may advertisements contain any statements about the future value or return, and must be written in comprehensible language,” the authority elaborated.

One of the rules supplementing these conditions is that cryptocurrency ads must contain a “short and punchy warning,” stating: “Virtual currencies, real risks. The only guarantee in crypto is risk.” Furthermore, they will have to feature, reference, or link to a broader warning presenting the various risks in detail.

The FSMA also intends to do more in regards to financial education about digital assets. It’s currently producing a series of videos devoted to virtual currencies targeting young people. These are part of an educational package that also includes an information sheet for teachers and a quiz for pupils.

The financial authority’s regulatory move comes after last week Belgium’s former Finance Minister Johan Van Overtveldt called on governments to ban cryptocurrencies amid a banking crisis involving two crypto-friendly banks. It also follows the publication of an article in which the head of the Dutch financial regulator vowed strict treatment of crypto businesses under EU’s Markets in Crypto Assets (MiCA) law.

What are your thoughts on the upcoming crypto advertising rules in Belgium? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Werner Lerooy / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Serving as a committee member of Alchemy Pay’s management and advisory board, and as Global Strategic Adviser to support Alchemy Pay’s expansion and growth in global markets, contributing actively to strategy, compliance and government relations.

Alchemy Pay, Singapore based pioneer of the world’s first payment gateway solution to bridge the gap between fiat and crypto economies, has announced the appointment of legendary campaign manager and former White House Senior Advisor, David Plouffe, as Global Strategic Advisor.

Plouffe is credited with the strategy and grass-roots public engagement savvy that won Obama’s 2008 presidential campaign, subsequently becoming Senior Advisor to the President in the Obama Administration. Plouffe has noted Alchemy Pay’s backbone mission in the cryptocurrency industry, and its steady course and leadership in the industry’s evolution.

“Cryptocurrency and decentralized ledgers are the newest permanent features of the global economy,” said Plouffe. “Alchemy Pay has chosen to focus on bridging public sector and private sector agendas as a strategy in its mission to provide fiat-crypto transaction services. Alchemy Pay understands that the key to crypto sustainability and growth is broadening utility cases by focusing on payment channels, proper compliance and user experience.”

After his work for Obama, Plouffe became the Senior Vice President of Policy and Strategy for Uber in 2019, and in 2022 Plouffe joined the Binance Global Advisory Board.

About Alchemy Pay

Founded in Singapore in 2018, Alchemy Pay is a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users. The Alchemy Pay Ramp Solution is integrated, via plugin or API, with platforms and dApps, providing an easy onramp from fiat currency to crypto. Alchemy Pay supports payments from 173 countries, through Visa, Mastercard, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its offramping capability remits to users in 50+ local fiat currencies. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.

 

 

 

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Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

Serving as a committee member of Alchemy Pay’s management and advisory board, and as Global Strategic Adviser to support Alchemy Pay’s expansion and growth in global markets, contributing actively to strategy, compliance and government relations.

Alchemy Pay, Singapore based pioneer of the world’s first payment gateway solution to bridge the gap between fiat and crypto economies, has announced the appointment of legendary campaign manager and former White House Senior Advisor, David Plouffe, as Global Strategic Advisor.

Plouffe is credited with the strategy and grass-roots public engagement savvy that won Obama’s 2008 presidential campaign, subsequently becoming Senior Advisor to the President in the Obama Administration. Plouffe has noted Alchemy Pay’s backbone mission in the cryptocurrency industry, and its steady course and leadership in the industry’s evolution.

“Cryptocurrency and decentralized ledgers are the newest permanent features of the global economy,” said Plouffe. “Alchemy Pay has chosen to focus on bridging public sector and private sector agendas as a strategy in its mission to provide fiat-crypto transaction services. Alchemy Pay understands that the key to crypto sustainability and growth is broadening utility cases by focusing on payment channels, proper compliance and user experience.”

After his work for Obama, Plouffe became the Senior Vice President of Policy and Strategy for Uber in 2019, and in 2022 Plouffe joined the Binance Global Advisory Board.

About Alchemy Pay

Founded in Singapore in 2018, Alchemy Pay is a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users. The Alchemy Pay Ramp Solution is integrated, via plugin or API, with platforms and dApps, providing an easy onramp from fiat currency to crypto. Alchemy Pay supports payments from 173 countries, through Visa, Mastercard, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its offramping capability remits to users in 50+ local fiat currencies. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.

 

 

 

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

PRESS RELEASE. Victoria, Seychelles, 20th March, 2023 – Bitget, the largest crypto copy trading platform, has announced the upcoming listing of IPOR in its Innovation Zone of the spot market. The deposit services for digital assets will be available from 7 AM on March 22nd, 2023 (UTC), with trading set to commence at 12 PM (UTC) on the same day.

IPOR Protocol is a decentralized interest rate derivative exchange that utilizes the Inter Protocol Over-block Rate (IPOR) index. It offers non-custodian on-chain interest rate swaps through the IPOR Index, IPOR AMM, liquidity pools, and Asset Management smart contracts. The protocol aims to bridge the gap between DeFi and TradFi by providing risk management tools, including interest rate derivatives and indices, for the emerging DeFi credit markets. This enhances stability and makes fixed-income investments more appealing to traditional finance players.

IPOR team’s vast experience, with members who have been in the crypto industry since 2011, gives it important advantages. It includes three PhDs, quants with over 20 years of experience in fixed income, enterprise software developers with over 15 years of experience, and advisors for Cardano and founder of 1inch. The interest rate derivative market in TradFi is enormous, between 450 and 600 trillion notional, yet untapped in DeFi. The IPOR protocol ranks as the Top 5 derivative platform by TVL, with over $40 million, and the Top 2 on Ethereum.

Gracy Chen, Managing Director of Bitget, says: “As a leading crypto exchange in futures trading and copy trading, expanding the product offerings is our major strategy this year. Even in the bear market, we are happy to support more promising projects in our fast-growing spot trading market, and we believe that IPOR’s unique features will attract both DeFi and TradFi players, bringing DeFi to a wider audience.”

 

According to Coingecko, Bitget’s 24h trading volume is around $845 million, ranking 10th among all spot exchanges. The platform now supports over 460 coins with 529 trading pairs.

About Bitget

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord

For media inquiries, contact: media@bitget.com

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Victoria, Seychelles, 20th March, 2023 – Bitget, the largest crypto copy trading platform, has announced the upcoming listing of IPOR in its Innovation Zone of the spot market. The deposit services for digital assets will be available from 7 AM on March 22nd, 2023 (UTC), with trading set to commence at 12 PM (UTC) on the same day.

IPOR Protocol is a decentralized interest rate derivative exchange that utilizes the Inter Protocol Over-block Rate (IPOR) index. It offers non-custodian on-chain interest rate swaps through the IPOR Index, IPOR AMM, liquidity pools, and Asset Management smart contracts. The protocol aims to bridge the gap between DeFi and TradFi by providing risk management tools, including interest rate derivatives and indices, for the emerging DeFi credit markets. This enhances stability and makes fixed-income investments more appealing to traditional finance players.

IPOR team’s vast experience, with members who have been in the crypto industry since 2011, gives it important advantages. It includes three PhDs, quants with over 20 years of experience in fixed income, enterprise software developers with over 15 years of experience, and advisors for Cardano and founder of 1inch. The interest rate derivative market in TradFi is enormous, between 450 and 600 trillion notional, yet untapped in DeFi. The IPOR protocol ranks as the Top 5 derivative platform by TVL, with over $40 million, and the Top 2 on Ethereum.

Gracy Chen, Managing Director of Bitget, says: “As a leading crypto exchange in futures trading and copy trading, expanding the product offerings is our major strategy this year. Even in the bear market, we are happy to support more promising projects in our fast-growing spot trading market, and we believe that IPOR’s unique features will attract both DeFi and TradFi players, bringing DeFi to a wider audience.”

 

According to Coingecko, Bitget’s 24h trading volume is around $845 million, ranking 10th among all spot exchanges. The platform now supports over 460 coins with 529 trading pairs.

About Bitget

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord

For media inquiries, contact: media@bitget.com

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Singapore: With the increasing use of cryptocurrencies, more people with malicious intentions are emerging, and fraudulent use of identities and financial crimes are becoming more common. BYDFi is honored to collaborate with Jumio, the leading provider of automated, end-to-end identity proofing, risk assessment and eKYC solutions. Using Jumio’s AI-powered solutions will enhance BYDFi’s ability to safely and securely onboard more users, further demonstrating the platform’s dedication to delivering a dependable and trustworthy crypto exchange.

“KYC is crucial for cryptocurrency exchanges. Utilizing selfie biometric technology to verify whether the provided ID document matches the individual not only ensures the user’s personal information is not stolen but also reduces financial crimes on the exchange. This is a significant matter for both the user and the exchange,” said Michael Hung, Co-Founder, and CMO of BYDFi.

Through this partnership, BYDFi Exchange will provide users with a faster, simpler, and more secure trading experience, while establishing digital trust and fighting fraud.

Deepfakes, bots and advanced spoofing attacks have made advanced liveness detection a must-have feature in any biometric-based verification solution. Jumio integrates NIST-compliant liveness detection to identify instances when photos, videos, or even realistic 3D masks are used instead of actual selfies to create online accounts. This helps safeguard against fraudulent activities and maintain the integrity of the verification process.

In addition, users often encounter obstacles during the KYC process on exchanges, and are likely to give up registration, resulting in a loss of users. By using Jumio’s platform, users can begin trading after completing a quick authentication process.

“We are very honored to cooperate with Jumio. The partnership with Jumio will help BYDFi build trust,” Hung said.

About BYDFi

BYDFi is a cryptocurrency trading platform for global investors. It has continued to bring professional, convenient and new trading services to global users since 2020. BYDFi provides users with a trading solution through Spot, Lite contracts, Inverse perpetual contracts, USDT perpetual contracts, Grid trading, and Copy-trading services.

BYDFi: https://www.bydfi.com

Media Contact: Jeanne Hsieh

Contact: media@bydfi.com

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

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