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MPC Alliance more than doubles membership

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Innovators with a shared interest of increasing data privacy and security find common ground with secure Multiparty Computation (MPC)

San Francisco, 18 October 2022 – Meta, Bosch and nearly three dozen other companies have recently joined the MPC Alliance. The influx of new members elevates the organization’s membership to 59 as the cryptographic privacy and security technology gains more support across a range of industries.

The MPC Alliance is a non-profit established to increase awareness and promote adoption of the privacy-enhancing technology.

The announcement follows its recent MPC Data Privacy Summit, now available on-demand, which explored the use cases for and future of MPC technology for privacy and collaboration.

“Multiparty computation or MPC has unquestionably emerged as a critical and trusted data security technology over recent years, and adoption of the technology is rapidly expanding in a wide variety of data privacy applications,” said Frank Wiener, President of the MPC Alliance and Marketing Director at Blockdaemon. “We’re adding multiple new members each month – which gives us more resources to take on new initiatives. Having major institutions like Meta join the organization strengthens the alliance and provides even greater market validation.”

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“Last year, we shared our longer-term vision on privacy-enhancing technologies and how we believe they will become foundational to the future of personalized advertising experiences. MPC is a critical part of this technology stack, and we believe industry collaboration is essential for the development of interoperable solutions and a shared set of standards to support a free and open internet. The MPC Alliance is already leading the industry in increasing the understanding and adoption of MPC for various applications, and we are proud to be part of the effort,” said Sanjay Saravanan, who leads the Applied Cryptography Research group at Meta.

MPC Alliance now has 59 members. Among the 34 new companies joining the body are Alexandra Labs, Algemetric, Anjuna, Atato, Bosch, Cape Privacy, ChainSafe, Ciphermode Labs, Cryptosat, Custonomy, Desilo, Dfns, DuoKey, Finema, HyberBC, IO FinNet, Matrix Labs, Meta, Metaco, Nillion, Parfin, Partisia Blockchain, Parfin, Protego Trust, Provable Markets, Roseman Labs, Safeheron, Safematrix, Silence Laboratories, Spatium, Taurus, TNO, Triangle, and Tune Insight. For the full list of current members, visit: www.mpcalliance.org.

The MPC Data Privacy Summit brought together technology providers and users, academic and commercial organizations, regulators and legal experts to discuss MPC and privacy.

Keynote presentations from Meta, Google, the European Commission and Partisia Blockchain showed how the technology is being applied to solve real-world problems and why MPC has emerged as the privacy technology of choice for crypto-native service providers and traditional finance service providers alike.

For more information and to register, visit: https://mpcalliance.brighttalk.live/

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About MPC
MPC is a cryptographic security technique that can help achieve the right balance between data privacy and data utility by building important privacy features into the data journey. It allows for multiple parties to compute a function using each other’s inputs while keeping the data of each contribution truly private. It also ensures collaborative information-sharing while mitigating the risk for privacy and security.

MPC has emerged as the security technology of choice in the massive cryptocurrency and digital asset markets. An estimated 1,500 to 2,000 different institutional investors, banks, exchanges, custodians, and enterprises now use MPC to protect the private keys which control digital assets valued in the billions of dollars. Major enterprises have also deployed MPC-based key management solutions to protect keys used to provide secure communications, signing and verifying the authenticity of code, as well as encrypting critical data and more.

MPC is gaining momentum in data privacy applications where it is providing game changing opportunities to enhance advertising to collaboration on a variety of applications ranging from machine learning to healthcare, to fraud detection and more. In some applications, MPC is a replacement or alternative technology, but in others it is applied in combination with other privacy enhancing technologies (PETs) to materially improve overall security, privacy, and efficiency.

ENDS

About MPC Alliance
The MPC Alliance is a non-profit industry alliance with a charter to increase market awareness, acceptance, and adoption of Multi-Party Computation (MPC) based technologies, products and services. Companies developing or applying MPC to solve real world problems are invited to join, contribute, and participate in accelerating market awareness and adoption of MPC. Visit www.mpcalliance.org for more information. You can also follow us on LinkedIn, Facebook, and Twitter.

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For PR enquiries, please contact James Curry at [email protected].

Source: RealWire

RealWire is an award-winning online press release distribution service with over 15 years of experience, and is first choice for many of the UK’s top agency, freelance and in-house PR professionals. RealWire’s service can increase your story’s coverage and improve your online visibility. The UK’s leading innovator in press release distribution, RealWire introduced the Social Media News Release in 2007 and relevance targeting system PRFilter in 2010.

Blockchain

Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Blockchain

Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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