Fintech PR
HX5 Encrypted explain how a simple check can stop a $240 Billion money laundering scandal
HALIFAX, England, Nov. 27, 2023 /PRNewswire/ — Hx5 Encrypted build software to help businesses remain ethical and to protect their reputation. Andy Parr, the company’s, founder explains what checks HX5 do to stop money laundering.
“Money Launderers use a range of tactics to conceal the real source of their funds. It usually involves offshore companies and financial vehicles to feed the money through,” Andy said.
The Tax Havens of the Caribbean are a popular place to hide wealth and the real beneficial owner of it. This is because while those places must adhere to international standards in place to stop money laundering, they rarely use them to do so. The Cayman Islands have never convicted a money launderer internationally and this is despite it being the sixth largest financial centre globally is an example of this at play.
The latest Crypto scandal, this time against Binance, is another classic example. Binance is registered in the Cayman Islands as a business. But it is not registered anywhere globally as an Asset Exchange. In the US the regulators have been chasing it out of the country to protect US citizens from losing their lifesavings. The US regulators have eventually caught up with Binance and fined them over $4 billion for facilitating money laundering on an industrial scale globally. They have also barred the CEO, Changpeng Zhao, from running the company and fined him personally $50 Million.
The lax way Binance have implemented (or not dependent on your viewpoint) money laundering controls has been an issue for some time. This lack of due diligence has resulted in terrorist organisations like Al Qaeda, ISIS and Hamas using the platform to move money globally as well as any number of criminals using it to ‘clean’ their money.
The question here is, why the US? Binance are registered in the Cayman Islands so why haven’t the Cayman Islands regulated it and punished the company themselves? And why have they allowed the company to register just as a business and not enforced them to also register as an asset exchange thereby forcing additional levels of scrutiny and standards on Binance? And finally, what action will they now take to sanction Binance bearing in mind it is in their backyard?
Andy says he isn’t holding his breath. “The Cayman Islands have a failed regulatory system. They don’t have the staff, the skills or the will to manage global finance and the Binance saga shines a light on this globally. They shouldn’t be allowed to operate within the highly regulated financial sector until they get their house in order to stop money laundering and tax evasion.”
HX5 Encrypted is building a software platform that will facilitate intelligence sharing between financial institutes to trace money transfers on both sides of the transaction. Andy says this will be a game changer for money launderers. “Our system is called Acrintel. Currently for a wire transfer the receiving bank only does three checks. Acrintel will complete nine and behind those checks is a huge level of data that ensures business and people are real – identified biometrically – and businesses are trading and operating properly something that wasn’t the case in another scandal involving Danske bank.”
A single branch of Danske Bank moved $240 billion out of Russia and into the global financial sector by filtering it through 16 UK businesses that had other business beneficial owners in tax havens globally. The problem was the UK businesses were registered as dormant despite $20 million being moved daily through their accounts. Acrintel will spot that kind of activity and stop it. Acrintel will check the registration of the business and ask, why is it registered in the UK but trading with Russia, why is the bank branch in Estonia, why is the UK business shown as dormant and finally, why are they owned by offshore opaque entities?
“All of these things are a red flag for money laundering. A single red flag may mean little but a series like that is a huge signal that something isn’t right. Our software will alert the receiving bank and the transactions would be stopped,” Andy said.
“Acrintel will also spot Crypto exchanges facilitating bad actors to launder their assets because the real money moves in and out of traditional banks and when it does Acrintel will spot it.”
HX5 are currently searching for investment to help them build Acrintel as the second software solution to come out of the firm. The first is already trading internationally and is a whistleblowing software.
About HX5 Encrypted Ltd
HX5 Encrypted is incorporated in the UK and builds software for businesses. They are currently working on a risk intelligence platform to enable banks and other large financial institutes to share intelligence to prevent money laundering and tax evasion. They are seeking financial investment to bring that solution to the market. For more information about the company or their software contact Andy via the details below.
Contact:
[email protected] for more information
www.HX5Encrypted.co.uk
Video – https://mma.prnewswire.com/media/2285069/HX5_Encrypted_Ltd.mp4
View original content:https://www.prnewswire.co.uk/news-releases/hx5-encrypted-explain-how-a-simple-check-can-stop-a-240-billion-money-laundering-scandal-301998252.html
DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/board-the-token2049-treasure-express-with-bybit-and-dive-into-an-80-000-prize-pool-302240594.html
DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html
Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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