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Bitcoin Exchange General

Fighting Fraud in the Bitcoin Industry

With Crypto-Fraud on the rise, Tech View OU and Yotam Namir and Robert Provorovas company directors taken a more proactive approach in designing the process flow of its exchange platform, CoinTandem.

System developers and digital entrepreneurs are continually required to think ahead and imagine their built system’s intended use-cases and its misuse or abuse cases. The duo of Yotam Namir and Robert Provorov of Tech View OU is leading the charge in the fight against crypto-fraud in the Bitcoin industry with the development and integration of fraud mitigation systems on their Bitcoin exchange platform, CoinTandem.

CoinTandem is a digital block chain service that is revolutionizing the digital currency exchange platform process. The platform uses propriety algorithms and combines advanced payment processing with state-of-the-art fraud prevention technology to offer a safe and secure platform for all.

The Problem

Compared to the fiat currency, digital currency offers a highly unique set of security challenges. The sheer volume of the market, the anonymity of transactions, and the fact that it is instantly transferable and that transfers cannot be reversed attract lots of fraudsters to the industry like bees to honey.

Fraud schemes prevalent in the industry include identity theft, wallet hijacking, exchange scams, fake ICOs, Bitcoin Ponzis, etc. Although not all of these fraud schemes fall under the exchange platform’s mitigating purview, exchange platforms are constantly revolving their audit risk procedures to capture as many risks as possible.

Like canaries in a coal mine, exchange platforms are the usual targets for bad actors looking to breach the bitcoin ecosystem. To protect customers, exchange platforms like CoinTandem have developed propriety systems and are continually updating such systems to protect against various risks.

The CoinTandem Response

CoinTandem has developed a fraud-prevention system that loops both human and machine learning efforts to stop fraud. The propriety systems effectively utilize machine learning as one piece of the puzzle to prioritize risky users to watch more closely and a strict user onboarding process that mitigates the risk of identity theft.

But it doesn’t end there.

Some of the other procedures that push the zero-tolerance on fraud agenda of CoinTandem include an enhanced KYC protocol that is activated at the close of an exchange. What happens is, before an exchange is completed, the client is required to re-confirm by electronic signature his submitted crypto wallet and send BTC to the requested address.

In card transactions, OTP technology is activated for every buy transaction to ensure that only the owners of cards or due representatives are making purchases with such cards. Also, prior to a credit card purchase attempt, and in addition to the T&C, a Pop-Up disclaimer with a short and clear message asks the client to confirm that a 3rd party does not instruct him and that he is the sole owner of the wallet he has submitted on our website. The essence is to prevent Ponzi related bitcoin scams.

Some of the security features of the CoinTandem Platform include:

  • 2 – Factor authentication.
  • Robust real-time user verification.
  • Advanced platform with propriety algorithms and technology-driven fraud prevention systems.
  • Full KYC procedure in place to mitigate identity theft.
  • Full encryption of transaction to mitigate hijacking.

CoinTandem, a Tech View OU company is regulated by the Financial Intelligence Unit (“FIU”) in Estonia and licensed to “Providing a virtual currency service”(license number: FVT000205)
https://lp.cointandem.com/

Categories
Binance Exchange

Binance Exchange Review

Binance is one of the most popular cryptocurrency exchanges in the world, despite being a relatively new player. The platform was originally based in China, but moved its operations to Malta earlier this year.

Binance is considered a centralized exchange and cryptocurrency exchange that deals only with cryptocurrencies such as Bitcoin, altcoin and ICO tokens.

Security

The binance exchange office is considered a safe place to trade even though it was hacked in March 2018.

Accounts are secured using 2FA (Two Factor Authentication), which makes it difficult for hackers to gain sensitive information. As an added security measure, users can set up a unique anti-phishing code, which allows them to distinguish between fake and legitimate emails. Withdrawal processing takes place after users confirm via email.

In March 2018, hackers tried to make a bold move that was fortunately noticed by the automatic exchange systems. For months, hackers collected user login data and then attacked, converting all BTC users into Viacoin, pumping up the price of coins and selling their Viacoin stocks. Before they managed to withdraw the BTC, the automatic systems reacted and none of the users lost funds except hackers, which will be donated to charity.

This event strengthened the trust of users in the Binance exchange office, as not only did their system detect the intentions of the hackers in time, but they also offered a reward of $ 250,000 for any information that would lead to the arrest of the attacker.

In May 2019, unfortunately, there was another attack, this time the attack was successfully carried out. The hackers managed to steal 7074 BTC, which was worth 42 million dollars at the time of the theft. Binance has decided to compensate all losses to customers using their “CFCA” fund. The fact that Binance made up for the losses further strengthened the crypto community’s trust in this exchange office.

Luckily, the Bitcoin network is transparent, so you can see the Binance Bitcoin wallets at any time you may wish so.

Right now, their BTC balance is 181,109, which converts to around $2,141,212,745 at this very moment.

Account verification on Binance

Users (Level 1) do not have to submit any documents to view cryptocurrencies.

In order to verify the order and progress to Level 2, users must submit some of the documents issued by the state. In addition to the documents, users should provide personal information such as name, country of residence, age, gender and send their picture showing how they hold the documents.

This is a standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure.

Methods of payment

Users have several options at their disposal, payment by debit and credit cards (Visa and MasterCard) issued by the Simplex company or purchase of cryptocurrencies using USD and EUR through PAX and TUSD stable coins. There is also an option to convert TUSD and PAX back to cash.

Supported cryptocurrencies on Binance

Binance exchange office allows its users to trade a large number of altcoins and cryptocurrency tokens. Currently, more than 1200 different cryptocurrencies are listed on their exchange office.

Pairs are supported through BTC, BNB, ETH, XRP as well as through USDT, PAX, TUSD, USDC and USDS.

You can see the full list of supported cryptocurrencies here.

Trading fees on Binance

The general trading fee is 0.1%. Based on the 30-day average trade volume and the amount of BNB tokens, the maker/taker fee varies from 0.015% to 0.075%. If the trade fee is paid through the BNB, then a discount of 50% is applied during the first year, 25% during the second, 12.5% during the third and finally 6.75% for the fourth. During the fifth year, the discount does not apply.

Deposit and withdrawal fees

Binance exchange office has no cryptocurrency deposit fee nor is there a minimum deposit amount.

Withdrawal fees and the minimum withdrawal amount vary depending on the cryptocurrency. For BTC, the minimum withdrawal amount is 0.002BTC with a fixed fee of 0.0005BTC.