Image Image Image Image Image Image Image Image Image Image Image Image

| December 11, 2018

Scroll to top

Top

exchange Archives -

New Report Updates Cryptocurrency Exchange Ratings

December 9, 2018 |

New Report Updates Cryptocurrency Exchange Ratings

A quarterly ratings report has upgraded the score previously given to seven cryptocurrency exchanges, while downgrading four. It has also added seven new exchanges, rating them on such metrics as trading volume, security, and compliance. In related news, Crypto Exchange Ranks (CER) has begun tracking the hot and cold wallets of exchanges as part of a drive to champion greater transparency.

Also read: Simple Ledger Developers Publish Monthly Puzzle With Bitcoin Cash Treasure

Okex Downgraded, Bithumb Upgraded

Cryptocurrency exchange ratings, much like cryptocurrency ratings, are highly subjective. Any attempt at rating and ranking the constituents of a particular set using specific benchmarks is bound to cause controversy. Nevertheless, quarterly ratings reports continue to grow in popularity and in number while shining the spotlight on various verticals within the cryptocurrency ecosystem. Tokeninsight’s latest report tracks the progress of crypto exchanges over the past three months, amid difficult market conditions.

New Report Updates Cryptocurrency Exchange Ratings
Tokeninsights’ exchange rating criteria

Unique visitors have dropped across the board during the last quarter, with the sole exception of Bithumb, whose traffic and aggregated score has risen. Okex, by way of comparison, has seen its weighted score fall, exacerbated by the fact that it “has repeatedly unilaterally changed its trading rules during our rating period, including data rollbacks and modifying its contract delivery rules.” The report continued:

In the case of the BCH hard fork, Okex delivered the last transaction price of BCH contract ahead of schedule at 16:05 p.m. on November 14, 2018 (GMT+8), and issued an announcement only one hour in advance, causing unnecessary losses to a large number of investors.

Hitbtc, Kraken, and Kucoin all saw their ratings upgraded by Tokeninsight, while Poloniex and Gemini were among the exchanges given ratings for the first time.

Trans-Fee Mining Exchanges Score Poorly

Transaction fee mining exchanges, often linked with wash trading and fake volume, have scored poorly in Tokeninsight’s report. Hong Kong’s Fcoin exchange is one such casualty, its score lowered, with the report noting how “Transaction mining trends once brought a large amount of traffic to the platform, due to the notion that the vast majority of transactions of transaction fees or dividends were free, and transaction volume has dropped significantly in the past three months. In terms of compliance, Fcoin has lagged behind in development and has not obtained any license of relevant regulatory agencies.”

New Report Updates Cryptocurrency Exchange Ratings
The CER dashboard, showing hot and cold wallet balances for Bittrex.

Exchange analytics service Crypto Exchange Ranks has been instrumental in uncovering fake volume on Asian platforms such as Fcoin, Coinbit, and GDAC. Its latest initiative involves launching a crowdsourced framework for crypto exchange transparency. CER is seeking the help of “transparency hackers” to help it identify and then track the hot and cold wallets of all leading cryptocurrency exchanges.

The CER dashboard is already populated with wallet balances for several major exchanges. Results can be filtered according to the size of the exchange wallet, and clicking on the wallet balance will reveal the distribution between hot and cold wallets, where such information is available. Eventually, CER hopes to add this data for every exchange, and in doing so to bring greater transparency to the sector through a combination of self-reporting and public diligence.

Do you think ratings reports incentivize exchanges to provide greater transparency and to act ethically? Let us know in the comments section below.


Images courtesy of Shutterstock, Tokeninsight, and CER.


Need to calculate your bitcoin holdings? Check our tools section.

The post New Report Updates Cryptocurrency Exchange Ratings appeared first on Bitcoin News.

Bitcoin News

The Daily: Binance Offers Multiple Accounts, Huobi Plans Institutional Exchange

December 8, 2018 |

In this edition of The Daily, cryptocurrency exchange Binance has announced support for multiple accounts and we’ve got all the details. Elsewhere, digital asset exchange Huobi wants to launch a regulated platform for institutional investors under its Gibraltar license. Finally, we cover a warning about an unauthorized crypto brokerage that has been issued by regulators in several European countries.

Also read: Coinbase Adds Paypal Withdrawals, Gazprombank to Manage Crypto Assets

Binance Introduces Subaccount Feature

Binance, currently the largest cryptocurrency exchange by daily trading volume, has announced the launch of a subaccount feature for institutional clients. The upgrade will allow them to set up multiple trading accounts within an organization, providing them with improved control and asset audit tools.

Entities will be able to create up to 200 subaccounts, maintaining control over the movement of digital assets from their main account. They can also grant permissions for different access levels. Each subaccount will have its own API limits which will enable API users to trade with more freedom and capacity, the exchange detailed in a post on Medium.

The Daily: Binance Offers Multiple Accounts, Huobi Plans Institutional Exchange

Under the new arrangements, master accounts will be able to view all data and balances, transfer funds between accounts and exert managerial control. Both types of accounts can place orders, but subaccounts will be allowed to cancel only their own orders. The same applies to API features, where only master accounts will be able to delete keys.

Binance assures customers that the new feature has been designed with security in mind. “Account login information has been properly subdivided to maximize security and minimize risk,” the trading platform noted in the announcement.

Huobi to Launch Regulated Exchange for Institutions

The Daily: Binance Offers Multiple Accounts, Huobi Plans Institutional ExchangeDigital asset exchange Huobi, which was recently granted a Distributed Ledger Technology (DLT) license in Gibraltar, has announced plans to create a global platform for institutional customers. According to a press release, the DLT license allows the Singapore-based company to store and transmit cryptocurrencies on behalf of clients around the world. It also simplifies the exchange between fiat and digital currencies.

Lester Haoda Li, head of Global Institutional Business at Huobi’s London office, emphasized that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry. He further explained:

Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy … Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.

Gibraltar, a British overseas territory, has become a leading crypto-friendly jurisdiction in Europe. Its dedicated DLT regulatory framework entered into force at the beginning of this year. Huobi is among the first licensed crypto trading platforms. In November, the Gibraltar Financial Services Commission issued a DLT license to Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange.

Regulators Warn About Unlicensed Crypto Broker

The Daily: Binance Offers Multiple Accounts, Huobi Plans Institutional ExchangeThe Italian Companies and Exchange Commission, the authority regulating the securities market in Italy, has issued a warning against an online platform offering unauthorized crypto brokerage services. The regulator has ordered Solutions CM Ltd., the operator of the Originalcrypto.com website, to cease its activities that infringe the respective provisions of the Italian law.

The warning has been received and published by the Malta Financial Services Authority as well. Earlier this year, the Maltese regulator shared a similar notice issued by the Spanish National Securities Market Commission. According to the Spanish authority, Solutions CM is not authorized to provide investment services or to perform foreign currency transactions in the country.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: Binance Offers Multiple Accounts, Huobi Plans Institutional Exchange appeared first on Bitcoin News.

Bitcoin News

Brazillian Bitcoin Exchange Sends User $35M in Bug-Induced Error

December 8, 2018 |

Brazillian Bitcoin Exchange Sends User $  35M in Bug-Induced Error

Accidental millionaire Kaique Nunes has a bug to thank after his withdrawal request of 500 reals ($ 128) erroneously returned a cool 137 million reals ($ 35.13 million) from Brazilian bitcoin exchange Bitcambio. Nunes was not too eager to part with his overnight millions when Bitcambio started contacting to effect a reversal of the transaction, suspecting an elaborate scam.

Also read: Coinbase Opens Door to More Than 30 New Cryptocurrencies

Fortune Bugs a Man’s Account

Brazillian Bitcoin Exchange Sends User $  35M in Bug-Induced Error

The Brazilian walked into his fortune last month when he drafted an order for $ 128, and the facility responsible for the automatic computation of transactions landed him the nine-figure bug-induced surprise. The company has already cancelled the transaction but, given its unwieldy size, local authorities insisted on getting the customer’s written agreement first.

“Earlier last month, I issued some normal draft orders. After a while, Bitcambio called to let me know that they had issued all this value and that they needed me to recognize a document in a notary’s office. I thought it was a coup,” Nunes told local publication Portal do Bitcoin.

For him, the call could have been anything, from a scammer worming his way into a signature, to an employee at the digital asset exchange supposedly trying his hands on easy money. But Bitcambio was determined to have its own back so its workers remained on Nunes’ case, explaining to him the importance of the reversal procedure.

“They said that they had already canceled, but that to complete the process it was necessary to go to the registry office, to recognize the signature and a document that they sent by email,” Nunes was quoted in the article as saying.

But he had his own ways to tell whether he was not being phished – not a bad idea considering the ubiquity of elaborately coined ruses about sudden fortunes, used to manipulate would-be helpers into giving up signatures and pass codes.

‘A Mistake Really Happened’

Brazillian Bitcoin Exchange Sends User $  35M in Bug-Induced Error

On Dec. 4, Nunes posted on Bitcambio platform vendor Rodrigo Souza’s page, and a mutual group where he is an administrator, seeking clarification on the issue. Souza put it down to a mistake and promised Nunes that he would be compensated for committing his time and travelling for the rectification of the problem. Souza’s company Blinktrade provided the software on the exchange.

“People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. Note [it] is already being canceled,” Souza posted. He took responsibility for the mistake and committed to resolving it. “At Bitcambio everything is done strictly within the law. Mistakes happen, we are not afraid to have their attention.”

Speaking to Portal do Bitcoin, Souza said efforts to get the bug-induced transaction had not gone through as client verification was required, except in the case of a lower value. Nunes has since agreed to help with the reversal and hopes the revenue service will not trouble him.

What do you think about Bitcambio’s monumental error? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase.


Need to calculate your bitcoin holdings? Check our tools section.

The post Brazillian Bitcoin Exchange Sends User $ 35M in Bug-Induced Error appeared first on Bitcoin News.

Bitcoin News

After Year-Long Wait New York-Based Exchange Gemini Lists Bitcoin Cash

December 7, 2018 |

After a Year-Long Wait the New York-Based Exchange Gemini Lists Bitcoin Cash

Cryptocurrency exchange Gemini announced the launch of bitcoin cash (BCH) support and detailed that BCH will be available for trading on the platform this weekend. Bitcoin cash supporters have been waiting for Gemini to list BCH since the fork on Aug. 1, 2017. Beginning Saturday, at 9:30 a.m. EST, customers will be able to deposit bitcoin cash into their Gemini account in order to trade.

Also read: Previously Inactive Whales Are Moving Large Amounts of BTC

Gemini Exchange Adds Bitcoin Cash Support

After Year-Long Wait New York-Based Exchange Gemini Lists Bitcoin CashBitcoin cash fans found out on Dec. 7 that the New York-based trading platform Gemini was adding BCH to the exchange interface this weekend. It’s been 15 months since the Aug. 1 BCH fork, and proponents have been waiting for what seemed like forever for Gemini to list the coin. The exchange will add bitcoin cash with five trading pairs which include USD, BTC, ETH, LTC, and ZEC. Gemini’s vice president of engineering, Eric Winer, detailed that BCH seeks to “build on the goal of the original Bitcoin and become an electronic cash system.” Furthermore, in light of the recent Nov. 15 hard fork which resulted in a split and the birth of BSV, the company explained that the BCH ticker will be assigned to the ABC side of the fork.

BCH Will Be Available for Gemini’s Trading and Custody Services, but No BSV Support

Bitcoin Cash, a fork of the Bitcoin network, was recently forked into two distinct networks and blockchains: Bitcoin ABC and Bitcoin SV — At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH,” detailed Winer’s post.

The engineering executive also noted the company had added replay protection and continued by stating:

Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.  

Of course, BCH proponents were pleased to hear that the trading platform was finally adding bitcoin cash. Moreover, on Dec. 6, the bitcoin cash fork BSV jumped ahead of BCH as far as coin market capitalization is concerned. However, since the Gemini announcement, BCH has temporarily reclaimed the fifth position but both assets have been toe-to-toe in price over the last 48 hours.

After Year-Long Wait New York-Based Exchange Gemini Lists Bitcoin Cash
A preview of the BCH trading engine on Gemini. Trades will open tomorrow, Dec. 8, 2018, at 9:30 a.m. EST.

Gemini’s Winer further detailed that the company worked closely with the New York State Department of Financial Services (NYSDFS) in order to list BCH. Winer and Gemini associates believe the New York company is “the world’s most regulated cryptocurrency exchange and custodian.” Bitcoin cash will also be available to Gemini’s cryptocurrency custody business model which aims to attract institutional investors.

What do you think about Gemini adding bitcoin cash (BCH) to the company’s trading and custody services? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Gemini, Twitter, and Pixabay.


Need to calculate your bitcoin holdings? Check our tools section.

The post After Year-Long Wait New York-Based Exchange Gemini Lists Bitcoin Cash appeared first on Bitcoin News.

Bitcoin News

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November

December 7, 2018 |

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November

Cryptocompare, the cryptocurrency market data aggregator, has published its monthly exchange review for November 2018, offering insights about the latest changes in the global market using transaction data from over 70 trading venues.

Also Read: IRS to Face Record Number of Crypto-Related Loss Claims

Key Findings in the Report

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in NovemberThe authors of the report found that spot volumes represented 75 percent of the total market volumes in November, with futures volumes making up the remaining 25 percent. Platforms that charge trading fees controlled almost 90 percent of the daily spot volume, with transaction-fee mining exchanges at just 8 percent and venues operating with no-fee models at a mere 2 percent. Trading on fiat-to-crypto exchanges constituted only a third of daily spot volumes, with the rest on pure crypto-to-crypto venues.

“We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis,” said Charles Hayter, CEO of Cryptocompare. “Real-time, accurate cryptocurrency market data remains crucial to our universe of retail and institutional investors, as we see more assets migrating to the digital format due to its immediacy and friction-less global nature. Our report is designed to safeguard data accuracy and integrity, to ensure consistency and confidence in the market.”

Korea Takes the Lead for Now

Cryptocompare found that Korean Won (KRW) dominated BTC to fiat spot volumes last month, representing 50% of all volumes on average. In total, South Korea-based exchanges produced the highest total daily volumes with a combined $ 1.4 billion, overtaking Malta-based exchanges at a combined $ 1.2 billion trading volume during the month of November.

The above follows directly from Bithumb overtaking Binance as the largest spot exchange. The Korean trading platform saw an incredible 284% increase in volumes from the average of $ 323 million for the previous two-month period. Bithumb reached a total of $ 1.24 billion in November, with Binance at just $ 641 million and ZB coming in at third place with $ 560 million.

In contrast, the report also notes that Bithumb attracted a significantly lower number of daily visitors than similarly-sized exchanges and that its daily visitors decreased in November. And an analysis by Cryptocompare into its BTC to KRW volumes shows that the exchange’s trading volumes appear to follow from Bithumb’s “Super Airdrop Festival” and “Special Gift” promotional events.

Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November
Cryptocompare’s Aggregate Pricing Index (CCCAGG) Exchanges by 24-hour volume.

Will Korean trading volumes drop down next month? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November appeared first on Bitcoin News.

Bitcoin News

Report: Troubled Crypto Exchange Wex Finds New Owner

December 6, 2018 |

Report: Troubled Crypto Exchange Wex Finds New Owner

Cryptocurrency exchange Wex, successor of the infamous BTC-e, has a new owner. Dmitry Havchenko, a former Ukrainian entrepreneur turned separatist fighter, has reportedly bought the coin trading platform through a family member. He now wants to restore it and also to track down the lost “Vinnik’s treasure.”

Also read: BTC-e Operator Alexander Vinnik to Go on Hunger Strike, Lawyer Says

Wex Sold to Former Pro-Russian Fighter in Ukraine

Wex’s operator, Singapore-based World Exchange Services, has been officially acquired by Havchenko’s daughter, 29-year-old Darya, BBC Russian Service reported. Local authorities did not allow her father to register the company under his name, probably because of his participation in the armed conflict in the region of Donbass.

Wex has been practically out of service for months, with reports of very limited activity and only a few coins available for trading and withdrawal. A number of users have already informed Russian police they are unable to withdraw their funds from the platform. Wex recently lost its .nz domain and after changing its web address several times is currently hosted on another domain, wex1.in.

Report: Troubled Crypto Exchange Wex Finds New Owner

The exchange inherited BTC-e, once the largest cryptocurrency trading platform in the Russian-speaking world, which was relaunched under the Wex name in mid-September 2017. Toward the end of last year, its daily volume reached $ 80 million and it was among the top 20 digital asset trading platforms in the world, according to data from Coinmarketcap, quoted by RBC.

World Exchange Services, reportedly registered by one of BTC-e’s biggest clients, Belarusian native Dmitry Vasiliev, kept BTC-e’s interface and user accounts, although it has denied any connection with the previous operator, Seychelles-based Canton Business Corp. According to some reports, one of the supposed founders of BTC-e, simply known by his “admin” nickname, has also been involved in the rebranding. In the summer of this year, Havchenko made his first attempt to acquire Wex but the deal failed.

According to U.S. authorities, BTC-e has been used to launder billions of dollars, including cryptocurrency stolen in the Mt Gox hack. Its suspected co-owner Alexander Vinnik was arrested in Greece last summer and is awaiting the outcome of his extradition trial. He is wanted for a number of crimes in the U.S., France and his native Russia, but has always maintained his innocence, claiming he was only consulting BTC-e. Recently, Vinnik went on a hunger strike to protest his treatment by the Greek judiciary.

Tracking ‘Vinnik’s Treasure’

Report: Troubled Crypto Exchange Wex Finds New Owner
Dmitry Havchenko

Dmitry Havchenko, also known by his wartime call sign “Moryachok,” now wants to restore Wex and establish its headquarters in Crimea, the Autonomous republic which seceded from Ukraine and joined the Russian Federation. He told the BBC he plans to use the platform to provide financial support to other unrecognized pro-Russian entities in the post-Soviet space, including the two self-proclaimed republics in Eastern Ukraine, Donetsk and Lugansk, Transnistria in Moldova, and Abkhazia and South Ossetia in Georgia. “Our goal is to fight the domination of the dollar,” Havchenko declared.

The new owner also promised to restore the funds lost by Wex users. “The main task now is to return the missing crypto assets. A whole team of lawyers and collectors will be working to achieve that,” he said speaking to the BBC. Havchenko hinted he could also seek help from Russian law enforcement agencies. However, he declined to give any timeframe as to when the exchange might reopen.

Another goal set by the entrepreneur is to track down the digital funds that disappeared after BTC-e went offline, the so-called “Vinnik’s treasure.” He was referring to money accumulated from exchange fees collected by the platform as well as users’ funds that were not withdrawn after its demise. The BBC is quoting different estimates of the total amount which range from $ 150 to $ 500 million.

Report: Troubled Crypto Exchange Wex Finds New Owner

According to the report, BTC-e was working with at least 15 entities registered in different offshore jurisdictions, from Cyprus to Belize, and using a number of bank accounts around the world, including one with the National Investment Bank of Mongolia. Many have been searching for Vinnik’s treasure, including the U.S. government. In 2017, the Treasury Department’s Financial Crimes Enforcement Network decided to fine the exchange $ 110 million and Vinnik another $ 12 million for various violations of U.S. anti-money laundering laws.

What are your expectations for the future of the Wex cryptocurrency exchange? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Smartmockups, YouTube.


Need to calculate your bitcoin holdings? Check our tools section.

The post Report: Troubled Crypto Exchange Wex Finds New Owner appeared first on Bitcoin News.

Bitcoin News

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

December 6, 2018 |

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

In a landmark judgment, the Supreme Court of Chile has ruled that state-owned Bancoestado was justified in closing the accounts of cryptocurrency exchange Orionx without explanation. The judges ruled that the bank acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies.

Also read: Finma: Crypto Startups Can Handle up to $ 100M Deposits in Switzerland

Cryptocurrencies Lack ‘Intrinsic Value’

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

Cryptocurrencies such as bitcoin are not legally recognized in Chile, but they are not banned, either. Nonetheless, the ruling has significant implications for relations between banks and crypto exchanges. Commercial banks can now shut down exchange accounts without notice, while pointing to laws on money laundering and terrorist financing.

According to local media reports, the Supreme Court claimed that digital assets lack “physical manifestation” and “have no intrinsic value.” It also took issue with the fact that they are not controlled or issued by governments or companies.

“These characteristics and elements determine, therefore, the current impossibility for the bank to comply with the aforementioned obligations,” said the court in its judgment. “It prevents it from knowing in depth (of) the financial activities related to cryptocurrencies developed by the appellant, the most relevant characteristics of its operations, the foundations on which these are supported and, finally, if their amounts are excessive or not.”

The court added:

It is precisely this impossibility of knowledge and of fulfilling the duties that weigh on the bank, which gives support to the decision to close the bank account of the plaintiff, which consequently cannot be called arbitrary.

Bank Cuts Ties With Crypto Exchanges

Bancoestado closed the accounts of Orionx in March, claiming that it did not want to “operate with companies that are dedicated to the issuance or creation, brokerage, intermediation or serve as a platform for the so-called cryptocurrencies.” The decision was sudden and was meant to affect three digital asset exchanges — Orionx, Buda and Crypto Mkt.

Eventually, a notice of closure was only sent out to Orionx. The trading platform challenged the decision in court. Bancoestado was reportedly one of only a few banks remaining that provided financial services to exchanges in Chile. Both Buda and Crypto Mkt have threatened to create their own digital bank to fill this void.

Shutting Down Competition

According to Chilean publication Emol, the Supreme Court “rejected” Orionx’s appeal because it was “clear that the respondent, by ordering the closure of the bank account, did not” act “in an arbitrary and illegal” manner. It said the closure did not “cause Orionx deprivation, disturbance or threat in the legitimate exercise of any of the constitutional guarantees…”

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

Commercial banks in some parts of the world are using money laundering laws and terrorism-funding regulations as convenient excuses to cripple cryptocurrency transactions. In Nigeria, for example, Union Bank has shut down customer accounts that it suspected of having links to virtual currency. Several exchanges in Brazil have also had their accounts frozen on similar charges.

Banks can claim to be acting in accordance with the law, but it is also clear that they are acting in self-interest to eliminate competition. Compared to bank transfers, cryptocurrencies have proven to be a more efficient, faster and cheaper way of sending money across borders. For example, transfers sent on the Bitcoin Cash network generally cost under $ 0.10 for any amount. That compares with anything above $ 3 for popular debit and credit cards such as Visa or Mastercard.

What do you think about the decision of the Supreme Court in Chile? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx appeared first on Bitcoin News.

Bitcoin News

Japan’s Money Forward Announces Details of Upcoming Crypto Exchange

December 5, 2018 |

Japan’s Money Forward Announces Upcoming Cryptocurrency Exchange

Japanese public company Money Forward, operator of a personal budgeting app with 7 million users, is preparing to launch a crypto exchange. Three cryptocurrencies will be supported. A representative of the company has shared some details with news.Bitcoin.com about the platform and the company’s future crypto projects.

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

New Crypto Exchange

Japan’s Money Forward Announces Upcoming Cryptocurrency ExchangeMoney Forward Financial Co. Ltd., a wholly owned subsidiary of Tokyo Stock Exchange-listed Money Forward Inc. (TYO: 3994), has announced some details of its upcoming cryptocurrency exchange.

Japan’s Money Forward Announces Upcoming Cryptocurrency ExchangeA representative of the company confirmed to news.Bitcoin.com that the exchange will initially support three cryptocurrencies: BTC, ETH and BCH. There will be live order books and trading charts but margin trading will not be offered at launch. In addition, the name of the exchange is not yet disclosed.

The new crypto exchange will be “linked to our personal financial management service called Money Forward Me,” the representative added. This flagship product has 7 million users, according to its website. The company describes this app as one that “automatically aggregates statements of bank accounts, credit cards, securities accounts, fx accounts, pensions/points and compiles a household accounting book.”

Japan’s Money Forward Announces Upcoming Cryptocurrency Exchange
A Money Forward app.

Established in May 2012, Money Forward Inc. has nine subsidiaries and seven offices across Japan. The Tokyo-headquartered company offers a wide range of products including an automatic savings app and a financial services portal for individuals as well as accounting, tax return, invoicing, payroll, and information management systems for businesses. Its shares have been listed on the Tokyo Stock Exchange since September last year.

In terms of future cryptocurrency projects, the representative said, “In future years, we would like to cover money transfer and payment services.””

Registering With FSA

During a press conference on Monday, the president of Money Forward Financial, Junichi Kanda, talked about the challenges of registering a crypto exchange business with the Financial Services Agency (FSA).

Japan’s Money Forward Announces Upcoming Cryptocurrency ExchangeIn the beginning, registering with the FSA is a “relatively light” process, Kanda described. However, after the hack of Coincheck in January, the regulator has tightened its oversight and evaluation of crypto exchanges and no company has been granted registration since then.

Noting that his company has been in consultation with the FSA, Kanda said that he expects his exchange to be able to register and launch by the end of March next year. In addition, Money Forward Financial announced on Monday that Yokane Hidero, a former FSA inspector, has been appointed as head of the company’s internal control department.

Japan’s Money Forward Announces Upcoming Cryptocurrency Exchange
Yokane Hidero

The Money Forward representative confirmed to news.Bitcoin.com:

We would hopefully like to start the [exchange] business between January and March 2019, though it depends on the FSA’s [registration] procedure.

Japan’s revised Payment Services Act requires that all crypto exchange operators register with the FSA. Currently, 16 operators have been granted registration and three, including Coincheck, have been allowed to operate exchanges while their applications are being reviewed by the agency. The FSA previously revealed that more than 160 companies have expressed interest in registering to operate crypto exchanges.

What do you think of Money Forward launching a cryptocurrency exchange? Let us know in the comments section below.


Images courtesy of Shutterstock, Itmedia, and Money Forward Inc.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s Money Forward Announces Details of Upcoming Crypto Exchange appeared first on Bitcoin News.

Bitcoin News

Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom

December 3, 2018 |

Coinzoom Australia said Dec. 3 that it has been officially registered as a digital currency exchange with financial watchdog Austrac. The registration allows the exchange to operate legally according to Australian law. It will also function as a fiat-to-crypto exchange, with support for a variety of digital assets, including the buying and selling of BTC, BCH and XRP.

Also read: Report: Bitcoin Mining Doesn’t Fuel Climate Change, it Benefits the Global Economy

Complying With KYC/AML Requirements

“Being fully registered … is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” Todd Crosland, chief executive officer of Coinzoom, said in an online statement.

Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom

Austrac, as the Australian Transaction Reports and Analysis Centre is commonly known, is a state-run financial intelligence agency that monitors financial transactions for evidence of money laundering, organized crime, tax evasion, fraud and terrorism. At press time, the regulator had not responded to a request for comment.

When Coinzoom Australia launches in the first quarter of 2019, traders will be expected to “fully” comply with the know-your-customer and anti-money laundering requirements of both the Australian and U.S. financial regulators, said Crosland.

The unit of U.S.-based Coinzoom Inc. claims that the platform, which caters to local and international investors, “will provide a simple and easy one-stop user experience to link their credit card, bank account and cryptocurrency wallets.” It adds that Coinzoom “also offers customers a pattern recognition system, rewards debit card, and social trading capabilities.”

Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom
Todd Crosland

Coinzoom Inc. describes itself as “an institutional grade digital currency-trading platform” that supports the trade of virtual currencies such as bitcoin, bitcoin cash, ripple and ether. The company claims it is registered as a money services business in all 50 U.S. states. It says it is also in the process of acquiring remittances licenses in states where they are required and has already secured them in states such as Florida, Iowa and Maryland. The remittances licenses allow Coinzoom to transfer funds or offer crypto-based payment services.

Cryptocurrency Hub

Australia aims to become a cryptocurrency leader. In September, Travelbybit, a Brisbane-based startup, revealed that it had received state funding to enable it to transform the city into a cryptocurrency hub. The company says it will use the funds to develop technologies that allow visitors to Brisbane to pay for their travel expenses in virtual currencies such as bitcoin or bitcoin cash.

Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom

In June, Agnes Water — a coastal town in the Australian state of Queensland — claimed it had become the country’s “first digital currency town,” where transactions and payments are denominated in crypto. And a recent survey by Hiveex and Ivypay indicated that about 2.58 million Australians now own cryptocurrencies of some form, with more than 2,500 bills paid in virtual currencies in the country every month.

“Coinzoom’s vision is to provide global cryptocurrency traders with innovative trading technology, and world-class digital asset security, all while following the U.S. and global regulatory requirements,” said Crosland.

What do you think about KYC/AML requirements as a precondition for cryptocurrency trading? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinzoom.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom appeared first on Bitcoin News.

Bitcoin News

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout

December 2, 2018 |

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout

A regulated Japanese cryptocurrency exchange is shutting down to relaunch as part of the Huobi family. The new exchange will support six cryptocurrencies and 11 trading pairs. Existing Bittrade customers need to open new accounts, complete KYC verification, and transfer their assets to the new platform.

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

Bittrade Shutting Down

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After BuyoutBittrade, one of 16 regulated Japanese cryptocurrency exchanges, has announced the complete termination of its current trading system. The exchange will then reopen as part of the Huobi family.

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After BuyoutHuobi Japan Holding Ltd., a wholly owned subsidiary of Huobi Global, has acquired a majority stake in Bittrade. Huobi itself stopped providing services to Japanese residents in June due to regulatory issues as Huobi is not a registered crypto exchange in Japan.

Bittrade is asking its customers to open accounts at the new Huobi platform and complete know-your-customer (KYC) verification, noting:

Please prepare your identity confirmation document again … from the viewpoint of thoroughly pursuing the criminal profit transfer prevention law, please register new accounts.

The exchange will terminate its agreement with Bitbank Corp., the provider of its current trading system, under a white label agreement. Bitbank also operates a regulated crypto exchange in Japan.

Asset Transfers

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After BuyoutIn its announcement, Bittrade stated that it will not transfer customer assets. Instead, the exchange has provided instructions for customers to transfer their own assets to the new platform.

Japanese yen in Bittrade accounts must be transferred to registered bank accounts by Jan. 18, 2019. Cryptocurrencies can be transferred directly from existing Bittrade accounts to new Huobi accounts once they are set up.

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After BuyoutThe exchange emphasized that the new platform will handle all cryptocurrencies currently supported by Bittrade: BTC, BCH, XRP, MONA, ETH, and LTC. The first four on the list can be traded against the yen. In addition, BCH, ETH, LTC, and MONA can be traded against BTC. Bittrade noted that the new system will additionally offer ETH/JPY, LTC/JPY, and XRP/BTC trading pairs.

The exchange wrote:

We are sorry for the inconvenience caused by the termination of the Bittrade service and updating to the Huobi new system. In the new system, we will continue to offer more liquidity and convenience services, so we appreciate your patronage.

Time Frame

Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After BuyoutThe new Huobi platform is expected to start accepting new registrations on Dec. 10. It plans to start accepting deposits and begin trading on Jan. 8. The exchange’s new web address will be huobi.co.jp.

Bittrade suspended new account registrations on Nov. 30. Deposits in both cryptocurrencies and Japanese yen will be halted on Dec. 14, followed by transactions on Dec. 27. Withdrawals and account access will cease on Jan. 18.

The exchange clarified that even after users can no longer log into their accounts:

[Their] assets will not be lost due to the termination of this service. However, after January 18, it is only possible to withdraw the full balance of both virtual currencies and Japanese yen.

What do you think of Bittrade shutting down its service and relaunching as part of Huobi? Let us know in the comments section below.


Images courtesy of Shutterstock, Bittrade, and Huobi.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Cryptocurrency Exchange to Relaunch as Part of Huobi After Buyout appeared first on Bitcoin News.

Bitcoin News