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| January 17, 2019

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CNN

At least 21 killed as Kenya hotel siege is declared over

January 17, 2019 |

An American and a Briton were confirmed to be among at least 21 people killed in an attack at a hotel complex in Nairobi as the incident was brought to an end Wednesday.
CNN.com – RSS Channel – World

Apple is said to plan hiring reductions amid iPhone woes

January 17, 2019 |

Apple Inc. will cut back on hiring for some divisions after selling fewer iPhones than expected and missing its revenue forecast for the holiday quarter, according to people familiar with the matter.

Tim Cook, Apple’s chief executive, made the disclosure to employees this month in a meeting the…


L.A. Times – Business

U.K. Parliament’s Rejection of Brexit Deal Puts European Union in a Bind

January 17, 2019 |

The British Parliament’s overwhelming rejection of the Brexit agreement reopens a tortuous debate that EU governments had hoped to avoid, over what fresh concessions, if any, to offer U.K. Prime Minister Theresa May without shattering the bloc’s unity.
WSJ.com: What’s News Europe

Russia to Japan: Time to ‘Accept the Results of WWII’

January 17, 2019 |

World War II ended in 1945, and in the decades since, Japan and Russia have never signed a peace treaty to formally end hostilities. That’s partially because the two countries have been in a territorial dispute over islands—known as the Southern Kuriles or Kuril Islands in Russia and the…
Newser

Cotton Sprout on the Moon Has Perished

January 17, 2019 |

Just a day after announcing that it had successfully sprouted a cotton plant aboard a probe on the moon’s surface, the China National Space Administration said Wednesday that the plant died with the onset of the frigid lunar night, the Guardian reports. Nighttime temperatures on the moon can plummet to…
Newser

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

January 17, 2019 |

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

The Thai Ministry of Finance has rejected the last cryptocurrency exchange application it had been reviewing. The exchange, which has been ordered to close down business and return customer funds, is determined to stay operational. “Shutting down is not an option for us,” its chief strategy officer reportedly said.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Coin Asset Exchange Rejected

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders ShutdownThe Thai Securities and Exchange Commission (SEC) announced on Monday the outcome of the latest cryptocurrency exchange application it had been reviewing. The country’s Ministry of Finance, under the recommendation of the SEC board, decided to reject the application of Coin Asset Co. Ltd. to operate a crypto exchange.

The company has been allowed to operate in Thailand while its application was being reviewed. However, the SEC has notified the company of its rejection and ordered it to cease operations by Jan. 21.

The regulator told the exchange’s CEO, Sivanus Yamdee, that the minimum processing time is four months should the exchange reapply for a license, the Bangkok Post reported on Wednesday. Yamdee said his company will meet with the SEC on Friday to discuss continuing crypto operations. The news outlet further quoted him as saying:

We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak … We are unable to endure such as long processing time. The business cycle is on the rise and there are costs for conducting daily business. It is not easy to maintain customer loyalty.

With about 10,000 customers, the exchange’s 24-hour trading volume is approximately 91 million baht (~$ 2.87 million) at the time of this writing. In August last year, the exchange unveiled its own line of cryptocurrency automated teller machines (ATMs). It also lists Jfin coin, the country’s first initial coin offering launched by a subsidiary of a company listed on the Stock Exchange of Thailand, Jay Mart Plc.

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

Coin Asset’s new chief strategy officer, Arnon Saksri, was quoted by the Bangkok Post as saying:

Ultimately, we want to be regulated … It will improve investor confidence and the legitimacy of our cryptocurrency businesses, but the SEC has to find the right way to do it … Shutting down is not an option for us.

The Thai Ministry of Finance issued licenses to four cryptocurrency businesses on Jan. 8, three of which are exchanges and one is a broker-dealer.

Reason for Denial

According to the statement by the Thai SEC, the finance ministry cited “a major change to the company’s management … [which] affected the readiness of the company’s important work systems” as the reason for rejecting Coin Asset’s application. The commission detailed that “three out of four directors responsible for the [exchange’s] important work systems resigned.” The ministry elaborated:

The company failed to meet the standards on work systems. For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the standards accepted by the [Thai] Anti-Money Laundering Office.

The exchange maintains that its security system is safe, noting that it complies with ISO/IEC 27001:2013 international standard, Prachachat Turakij publication reported on Tuesday. Coin Asset added that its KYC process is linked to Thai banks, with comprehensive anti-money laundering measures.

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

The finance ministry has allowed the company to keep operating until Jan. 21 “to ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order,” the SEC emphasized. “Regarding clients’ assets under custody, the company is requested to transfer or return the assets according to the clients’ order and report the results of the matter to the SEC.”

Following the commission’s announcement, Coin Asset informed its customers that they can continue to trade until Jan. 21 and have until Feb. 14 to withdraw funds.

Do you think the Thai SEC will let Coin Asset remain open? Let us know in the comments section below.


Images courtesy of Shutterstock and the Thai SEC.


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The post Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown appeared first on Bitcoin News.

Bitcoin News

Governor’s Husband Cleans Park Bathroom, Bills Trump

January 17, 2019 |

Among the “grim consequences” of the ongoing government shutdown, the Guardian notes, are “messy toilets, broken Joshua trees , and unsupervised campers” at national parks around the US. In Oregon, Dan Little, husband of Gov. Kate Brown, got his hands dirty this month to mitigate at least one of those consequences—…
Newser

DEA’s first steps to catch ‘El Chapo’ revealed in court

January 17, 2019 |

Drug Enforcement Administration (DEA) agent Victor Vazquez on Wednesday shed light into how the operation to capture the notorious drug lord Joaquin “El Chapo” Guzman began.
FOX News

Forced to Work on Sundays, Dishwasher Awarded $21M

January 17, 2019 |

A dishwasher at a Miami hotel claimed in a lawsuit that her former employer violated her religious rights by scheduling her to work on Sundays. This week, a jury agreed and awarded Marie Jean Pierre $ 21 million in punitive damages, NBC reports. But, as WTVJ points out, she’ll end up…
Newser

Snap CFO Tim Stone’s exit after just 8 months adds to concerns about exec turnover

January 17, 2019 |

When Tim Stone joined Snap Inc. as chief financial officer in May 2018, investors breathed a sigh of relief.

With 20 years at Amazon under his belt, Stone was hailed as a veteran who could bring stability to the social media company, led by 28-year-old co-founder and Chief Executive Evan Spiegel,…


L.A. Times – Business