Fisco Files Complaint Against Binance for Facilitating Money Laundering

Japanese Crypto Exchange Fisco: Alleges Binance Enabled Thieves to Launder Money

The Japanese crypto exchange has filed a lawsuit against Binance and US Court. The suit alleges that Binance helped to facilitate the laundering of stolen funds. According to court documents $9 million in damages is being sought.

Cryptocurrency exchange giant Binance is being sued in US court by a Japanese crypto exchange called Fisco. The lawsuit is based on the claim that Binance allegedly facilitated the laundering of more than $9 million in digital assets stolen from Fisco.

According to a suit filed on Sept 14 in Northern California District Court, Fisco claims that in 2018, after it was hacked for nearly 6,000 bitcoins, the thieves routed 1,451 BTC to a Binance address—an amount worth around $9.4 million in today’s prices.

Alleged Negligence by Binance

Fisco, which was called Zaif at the time of the incident, says that thieves took advantage of a Binance policy that let new users open accounts and transact on the exchange in amounts below a two-bitcoin threshold without needing to identify themselves.

The funds were allegedly broken down into increments of less than two BTC and, in this way, the cybercriminals were able to liquidate the stolen crypto into other digital assets and cash.

Binance

The suit went on to claim that Binance’s “lax” know-your-customer policies were responsible for this and made the exchange a prime target for cybercriminals.

Another crucial aspect of Fisco’s complaint is the assertion that Zaif contacted Binance after the hack, asking for any activity involving the stolen bitcoins to be frozen, but that “Binance either intentionally or negligently failed to interrupt the money laundering process when it could have done so.”

Damages Sought

The lawsuit alleges seven different counts including aiding and abetting fraud, negligence, and violating California’s Unfair Competition Laws.

Fisco is seeking a jury trial and more than $9 million in damages from Binance, plus interest from the time of the hack, as well as “fair compensation for the time and money spent in pursuit of the property.”

The case has been filed in California because, despite Binance repeatedly claiming it has no physical headquarters, it serves many customers and handles key business in the state. No stranger to lawsuits, the exchange has, so far, made no public comment on the case.

This article was published on BeInCrypto.com. You can view the original here

Libertex becomes Trading Partner of Tottenham Hotspur Football Club

Amazing response to the announcement of our new sponsorship of Tottenham Hotspur Football Club. Our promo videos and social media posts are trending and getting thousands of views and interactions with fans since launch on Thursday, September 10th 2020. Great start to this exciting new partnership.

I am very proud of my team at Libertex for all the hard work they put into this.

Come on you Spurs!

Visit the Libertex official channel on YouTube

Libertex is proud to announce a multi-year deal with @SpursOfficial as the club's "Official Trading Partner"! Like, retweet this post and follow us to get a chance to win a signed Tottenham Hotspur jersey! #TradeForMore pic.twitter.com/qhRoYyWbaX

— Libertex (@libertex_europe) September 10, 2020

Digital marketing trends in the post COVID-19 world (for E commerce)

The ongoing pandemic has drastically changed the way businesses operate. Due to social distancing, lock-down and restricted movement, there has been a sudden shift to digital platforms.

COVID-19 has pushed digital adoption by 5x in the last three months, even in industries which were previously rigid and shy. Companies have realized the need to adapt quickly to this new normal for all their functions.

One of the key areas which digitization is bringing a revolution is marketing and communication. Almost 90 percent of businesses are reassessing and reviewing their marketing budgets. It is now more important for them to capitalize on new methods and tools. A good digital marketing strategy with high ROI is the need of the hour.

Here are some of the trends that have emerged in the eCommerce industry:

Referral marketing for customer acquisition

Today’s consumer is not the one who is driven by flashy ads or discount SMS. They are more inclined to make a decision driven by experiences, theirs or the ones around them. Players, especially in segments like e-grocery, ed-tech, FMCG, and fashion/retail, are using referral marketing to get customer interest.

Micro-influencer-led campaigns

Companies have realized that celebrities don’t do the trick anymore. Customers refer to the experiences of their peers. Moreover, majority players in the eCommerce segment don’t have the budget to engage with celebrity influencers. Hence, there is a shift to do subtle marketing on social media through micro-influencers or focused group influencers.

For example, if an e-grocery player wants to capture an audience in a specific area in a city, identifying and engaging with housewives/mothers or housing society president of one of the largest housing society will enable them to establish a better connect with potential customers from the area.

Using the “hottest” social media platform

Email marketing doesn’t work the same wonder, though there are many social networking platforms. The flavor of the season keeps changing and companies need to constantly evaluate on which is the ideal platform. They need to be wary of which channel to use for which audience and at what time. They also have to experiment with tools and tactics on each of these platforms.

Recent brand campaigns captured by ‘Mad Over Marketing’ clearly indicate that unless brands are creative with the use of social media, the essence of their message is quite lost.

In current times, staying topical with your campaigns is also striking as it immediately captures the attention of the audience and also creates a more natural consumer engagement opportunity for the brand.

Using advanced big data to customize consumer outreach

Data analytics has been used by companies for quite some time now. But now, the shift has been towards advanced big data analytics converged with artificial intelligence. Companies in the eCommerce segment have been using these tools to gather insights about consumer behavior, and then further use technology to customize content and marketing for each customer.

In simple words, when a customer visits the application or website, he sees what is relevant to him, basis his previous engagement with the company. Not just this, now companies also play with color, interface and layout to further personalize the content.

Investing in creating interesting content

Content is the king. In fact, more and more marketers are fast realizing that content plays a key role in getting the imagination of customers. Not only are marketers investing in hiring people with a creative bend of mind to help them. They are even investing in making content as local as possible. They are also using different mediums like plain text to art to animation to video etc, and trying to make the content as interesting as possible

Laslty a recent study shows conversion rates of SEOs have increased by about 14 times to that of traditional methods. PPC, on the other hand, has been the favorite channel of marketers for a while now as it has a higher conversion rate. In the simplest bit, having an easy to use interface has also worked wonders for brands and will continue to do so in the future.

My studio interview with WorldFinance Magazine

My interview with WorldFinance Magazine which was filmed at the London Stock Exchange Studios and released on March 12th, 2020.

I discuss our company's award winning trading platform, recent regulatory changes, our product road-map and corporate vision for the next few years.

Libertex is a multinational CFD, Forex and cryptocurrency broker. It's comprehensive investment platform offers 213 tradable assets to 2.2 million clients across 40 countries, and has won over 30 international awards. Marios Chailis, Chief Marketing Officer for Libertex Group, introduces the company and platform, and explains how Libertex is working with regulators to ensure it’s offering profitable and trustworthy services to its clients. 

You can also watch the other half of this interview, where I dive into Libertex’s cryptocurrency offering.

You can read a full transcript of the interview on the WorldFinance website by clicking here

Libertex wins Best Trading Platform 2020 in the European CEO Awards

It was a great pleasure accepting this award from European CEO Magazine on behalf of the Libertex Group.

Very proud of our brand being awarded as Best Trading Platform 2020.