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HashKey Group, operator of one of only two licensed cryptocurrency exchanges in Hong Kong, is teaming up with the operator of the blockchain created by Telegram Messenger to give users an on- and off-ramp by exchanging their so-called Toncoins for cash.

The agreement applies to users in the Asia-Pacific region and will see the two organizations work on new ecosystem projects by providing mentorship, networking opportunities, and other incubation activities, TON Foundation said in an announcement on Friday.

The foundation governing TON an acronym that once stood for Telegram Open Network and now means simply The Open Network was set up after Telegram was forced to abandon the blockchain because of a settlement with the US Securities and Futures Commission in 2020. The separate organisation has continued to develop the blockchain and later integrated it into Telegram through a mini app and business arrangements.

This is potentially quite massive, TON Foundation president Steve Yun said. He referenced HashKeys regulatory compliance as a way to help with know-your-customer (KYC) rules. We do take strategic steps to make sure we follow the compliance requirements.

Hong Kongs HashKey crypto exchange takes aim at Coinbase with global platform

Even as TON has sought to keep itself separate from Telegram, the main utility of its blockchain remains tied to the popular messaging app, which has more than 900 million users globally, according to Yun. While anyone can build mini apps integrating other public blockchains into Telegram, the TON Foundation pays for premium real estate in the app, making it the default wallet option in the sidebar.

However, TON is still grappling with regulatory issues. To avoid complications, it bars people in certain jurisdictions such as the US, China and Hong Kong from using the cryptocurrency function within Telegram.

TON is betting on the mini app ecosystem on Telegram as a means of driving adoption of its blockchain, which Yun said can scale better than most blockchains because of its use of sharding a means of breaking up a blockchain into different segments.

Greater adoption means more users will be looking for ways to convert their tokens to cash and vice versa. TON also sees Asia as a natural fit because they are already used to the super app concept, according to Yun, hence the team-up with HashKey in the region.

Where in the world do [people] know how to build mini apps as part of a super app? Not many places, Yun said. Eastern Europe because VK is popular. [Asia-Pacific] because of Line, Kakao and WeChat.

The agreement also adds to HashKeys recent expansion efforts. The Hong Kong-based company became the second licensed crypto exchange operator in the city in 2022, nearly two years after BC Technology Group, which operates the OSL exchange.

The local crypto firm known today mostly just in Hong Kong has been looking to transform itself into a major international player. Livio Weng, the chief operating officer, said this week that HashKey intends to surpass Coinbase in trading volume by 2030. Coinbase, the largest crypto exchange in the US, currently has around 30 times the 24-hour trading volume of HashKey.

Teaming with TON foundation offers it a different avenue to scale than Coinbase, which has seen its fortunes rise with the popularity of bitcoin since its founding 12 years ago. HashKey is just half that age.

If Toncoin becomes popular through its integration with Telegram and its myriad mini apps, as the TON Foundation is betting on, then HashKey could suddenly find itself with millions of potential new users across Asia as it facilitates the default medium of exchange on one of the worlds most popular messenger apps.

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TON blockchain on Telegram teams with HashKey to help Asian users trade crypto - South China Morning Post

New Policygenius survey shows younger Americans are also more likely to try viral "hacks" and turn to social media for financial advice

NEW YORK, April 9, 2024 /PRNewswire/ -- When it comes to wealth, younger Americans specifically millennials and Gen Z have some catching up to do, especially considering adult members of these generations own just 74 cents for every $1 of wealth that baby boomers owned at the same age.

New data released todayshows that together Gen Z (ages 18-26) and millennials (ages 27-42) are almost equally likely to own cryptocurrency (21%) as they are to own real estate (20%). They are also more likely to try financial "hacks," often popularized on social media. In fact, 62% of the members of these younger generations have tried at least one of the six financial hacks we asked about in the survey, with the "no spend challenge" the most popular with Gen Z (21%) and almost two in 10 millennials (19%) having tried extreme couponing. Only 36% of Gen X (ages 43-58) and baby boomers (ages 59-77) have tried any of the financial hacks maximizing credit card rewards was the most popular hack for these generations (21% and 19% respectively).

New survey shows younger Americans specifically millennials and Gen Z have some financial catching up to do.

The 2024 Policygenius Financial Planning Survey found that the feelings different generations have about their finances vary greatly as well, with around three-quarters of baby boomers (78%) saying they feel at least somewhat proud of their finances, compared to 70% of millennials and 64% of Gen Z.

The survey also found that:

"Younger generations store their wealth differently than their Gen X and boomer counterparts, including novel investments like cryptocurrency. This could show a bigger willingness to take risks with their money, but it could also reflect obstacles they can't control, like the growing housing shortage," Myles Ma, Certified Personal Finance Counselor at Policygenius, said. "Buying a house may be out of reach at the moment for many, but taking big financial risks isn't necessarily going to help. More time-tested options stocks, bonds, life insurance will serve you better in the long run, especially if something happens to you and your loved ones need the financial coverage for their living expenses, like paying a mortgage or college tuition."

Policygenius commissioned YouGov to poll 4,063 Americans age 18 or older. The survey was carried out online from Oct. 16 through Oct. 19, 2023. The results have been weighted to be representative of all U.S. adults. The average margin of error was +/- 2%.

About PolicygeniusPolicygenius, a Zinnia company, is a one-stop insurance platform that makes it easy to compare and buy policies, get unbiased expert advice, and manage an insurance portfolio in one seamless digital experience. Alongside the intuitive enterprise technology solutions and insights offered by parent company Zinnia, an Eldridge business, Policygenius is helping create better end-to-end insurance experiences for shoppers, advisors, and insurers alike and enabling more people to protect their financial futures along the way.

For more information:Brooke Niemeyer Director of Media Relations [emailprotected]

SOURCE Policygenius

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Millennials and Gen Z are as likely to own cryptocurrency as they are real estate - PR Newswire

Cryptocurrency markets have surged in popularity, attracting investors globally. In the United States, especially in New York, financial regulation is very important.

Understanding the regulations is crucial. Also, for people who value privacy, finding trustworthy exchanges is crucial. They must be no-KYC (know your customer). This article covers the regulatory environment in the USA and New York. It focuses on no-KYC exchanges and factors to consider when choosing them. The article provides an overview of regulatory frameworks in the USA and New York

The USA features a multifaceted regulatory framework for cryptocurrencies. Federal agencies, like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), oversee different areas. The NYDFS enforces the BitLicense in New York. It is a regulatory framework in a financial epicenter.

BitLicense imposes strict requirements on companies in virtual currency. It focuses on consumer protection, cybersecurity, and AML (anti-money laundering) compliance.

Safety Measures and KYC Compliance

KYC procedures are fundamental to regulatory compliance for cryptocurrency exchanges. They mandate users to verify their identities before engaging in trading activities. They collect personal information like government-issued IDs and proof of address. They do this to prevent crimes like money laundering and terrorist financing. However, individuals seeking privacy may view KYC requirements as intrusive.

Understanding No-KYC Exchanges

No-KYC exchanges cater to individuals seeking to trade cryptocurrencies without undergoing identity verification. These platforms let users buy and sell cryptocurrencies. They can do so, preserving their privacy and autonomy. For users in the USA looking for a non-kyc us crypto exchange, these platforms let you join the market. You can join without sharing personal info. No-KYC exchanges provide anonymity advantages. But, they also carry risks. These include exposure to fraud and regulatory scrutiny. They should do this before using these platforms.

Factors to Consider When Choosing a No-KYC Exchange

The Best No-KYC Exchanges

No KYC exchanges exist. But, its essential to research them before picking one. Some popular options include:

Conclusion

Investors and traders must follow the rules and safety measures for cryptocurrency. These apply in the US and New York. KYC procedures are vital for following regulations. But, no-KYC exchanges offer privacy-focused alternatives.

By understanding the rules. And by considering factors like reputation, security, and transparency. Investors can make informed decisions. They can use this information when choosing no-KYC exchanges. However, its essential to recognize the risks. Exercise caution when trading cryptocurrency.

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Cryptocurrency Regulations and Safety Measures in the USA and New York: Exploring No-KYC Exchanges - FinSMEs

"PricePrediction.AI's state-of-the-art AI algorithms process vast amounts of data from over 100 news sources, delivering real-time, actionable insights for hundreds of cryptocurrencies." - Ioannis Tsiokos, Managing Director

"Our mission is to empower cryptocurrency investors and enthusiasts worldwide with the knowledge and tools they need to succeed in this exciting and rapidly growing market," said Ioannis Tsiokos, founder of PricePrediction.AI. "We're thrilled to introduce PricePrediction.AI to the cryptocurrency community and provide users with the tools and insights they need to navigate the dynamic crypto market with confidence."

PricePrediction's advanced AI algorithms perform both qualitative and quantitative analysis to deliver the most accurate and timely insights possible. The platform offers a wide range of features, including real-time cryptocurrency price predictions, in-depth market analysis, investment recommendations, beginner-friendly educational resources, and transparent, publicly accessible research reports.

PricePrediction.AI is committed to transparency and accuracy. All research reports and predictions generated by the platform will remain accessible online indefinitely, allowing users to audit the platform's track record and verify its performance over time.

The launch of PricePrediction.AI comes at a crucial time for the cryptocurrency market, as more investors seek reliable, data-driven insights to navigate the volatile landscape. With its advanced AI technology and commitment to transparency, PricePrediction.AI is poised to become an essential resource for cryptocurrency investors and enthusiasts worldwide.

To learn more about PricePrediction.AI and start accessing free, AI-powered cryptocurrency research, please visit https://www.priceprediction.ai.

Media Contact

Ioannis Tsiokos, Skinny Bottle Ltd, 30 6936576875, [emailprotected], https://www.priceprediction.ai

SOURCE PricePrediction.AI

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PricePrediction.AI Revolutionizes Cryptocurrency Research with Free AI-Powered Platform - PR Web

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What's the story

Shakeeb Ahmed, a seasoned cybersecurity expert, has been sentenced to three years in prison for stealing an estimated $12 million in digital currency. The US Attorney for the Southern District of New York announced the sentencing on Friday via a press release. As per prosecutors, Ahmed reportedly breached the security of two cryptocurrency exchanges and was taken into custody last year.

Upon his arrest, the authorities described Ahmed as "a senior security engineer for an international technology company." His LinkedIn profile indicates a previous stint at Amazon, although a representative from Amazon confirmed to TechCrunch that he was not employed there at the time of his arrest. The victims of Ahmed's hacking exploits were Crema Finance and Nirvana Finance, two cryptocurrency exchanges from which he stole $9 million and $3.6 million respectively.

Ahmed confessed to both cyberattacks. He hacked into Solana-based crypto exchange firm, Crema Finance, in early July 2022. Weeks later, he hacked into Nirvana Finance, which resulted in the loss of nearly all its assets, forcing the firm to shut down. Post his infiltration of Crema Finance, he attempted to return the stolen funds minus a $1.5 million fee on condition that Crema would not report the incident. However, Crema rejected the proposal and Ahmed was subsequently arrested.

Ahmed's case highlights a practice known as "white hatting" in the cryptocurrency industry. This involves unauthorized hacking and theft of funds from a victim without their consent, which is often considered an operational cost in this sector. However, law enforcement does not share this perspective. The practice has come under scrutiny following Ahmed's sentencing for his illicit activities.

In addition to his prison term, Ahmed has also received three years of supervised release. He has been ordered to forfeit $12.4 million along with a substantial amount of cryptocurrency. Furthermore, he is obligated to pay restitution exceeding $5 million to Crypto Exchange and Nirvana Finance. These penalties were imposed following his confession and subsequent sentencing for the cryptocurrency thefts.

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Cybersecurity professional sentenced to prison for $12 million cryptocurrency theft - NewsBytes