Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits

Binance’s Q1 2019 profits beats the previous quarter by 66%, with large-scale investors increasingly active. A huge surge in over-the-counter (OTC) trading popularity drove major cryptocurrency exchange Binance’s $78 million Q1 profits, crypto news outlet Decrypt Media reported on April 17.Speaking in an interview, CFO Wei Zhou said OTC, which is a method of wholesale cryptocurrency trading for large-scale investors, accompanied a volume uptick as bitcoin (BTC) rose almost $1,300 at the start of this month.“Last month we saw a lot more volume than, say, three months ago,” he told the publication, continuing:“This was mainly due to the increase in price of Bitcoin and altcoins over the past few months.…

Reuters: Japanese Regulators to Introduce New Rules Regarding Exchanges’ Cold Wallets

Japan’s Financial Services Agency will reportedly introduce new rules regarding cold wallets for storing cryptocurrencies. Japan’s Financial Services Agency (FSA) will reportedly introduce new rules regarding cold wallets for storing cryptocurrencies at crypto exchanges, Reuters reported on April 17.Citing a source familiar with the matter, Reuters reports that the country’s financial regulator will reportedly require cryptocurrency exchanges to strengthen internal supervision of cold wallets — devices for storing digital currency which are not connected to the Internet.By implementing the new regulation, the FSA purportedly addresses the difficulties of ensuring the security of digital currencies and other risks for the country since it intends to boost the fintech industry to stimulate economic growth.Although cold wallets are not connected to the Internet and, therefore, provide better security to digital assets, the FSA suggests there could be risks of internal theft.…

Pakistani Prime Minister Addresses Digitization of Gov’t Administration

The Pakistani prime minister has conducted a meeting dedicated to digitization of government operations. The prime minister of Pakistan has conducted a meeting dedicated to the digitization of government administration, local Egnlish language news outlet The News reported on April 17.At the meeting, Pakistani Prime Minister Imran Khan reportedly addressed such issues as digitization of government processes and blockchain technology’s impact on ensuring efficiency and transparency in its operations.…