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| February 20, 2019

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These Exchanges Allow You to Purchase Cryptocurrency Without Knowing You

February 8, 2019 |

These Exchanges Allow You to Swap Coins Without Knowing You

Platforms providing traders with the opportunity to exchange cryptocurrencies have increasingly started to apply registration requirements. In many cases, these are justified on the basis of newly introduced KYC and AML regulations. Thankfully, there are still exchanges that allow users to swap digital coins without requiring a verified account.

Also read: Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges

Losing the Balance, Again

The question regarding the balance between privacy and transparency predates the birth of Bitcoin. Decentralized digital currencies came into existence partly as a response to the trend of economies and societies moving in a cashless direction, which threatened privacy. In a way, they reintroduced the concept of cash, with its relative anonymity, into the digital space, and not at the full expense of transparency per se.

These Exchanges Allow You to Purchase Cryptocurrency Without Knowing You

This new balance has been challenged. Crypto exchanges nowadays find themselves caught in the crossfire between what many of their customers want in terms of privacy, and what regulators require them to do to limit it. Identity verification makes some sense in the case of crypto-to-fiat transactions, for tax purposes or to prevent illicit activities. But crypto-to-crypto transactions have also become a target and it’s not clear why – many countries, like Poland for example, exempt them from taxation.

Leading crypto exchanges operating in the U.S., Europe and globally are now collecting personal information from traders. This is sometimes done through loyalty programs that come with certain benefits and is often justified with the need to comply with new KYC and AML rules. These requests are usually accompanied with promises to protect the collected data. Critics have warned, however, that the risk of your sensitive info ending up with other vendors, being lost to hackers, or shared with some government, not necessarily your own, remains high.

Some crypto trading platforms have recognized the concerns of cryptocurrency users and offer services that are filling the gap left by established exchanges such as Shapeshift. We reported about some of the available alternatives last fall. New ones have since started to gain popularity among crypto enthusiasts including the following selection.

Platforms That Respect Your Privacy

One such exchange is Godex. It offers fast cryptocurrency swaps between over 200 digital coins with no exchange limits other than the minimum amounts required to cover the fees. After choosing a pair, a fixed rate is displayed which is what the trader receives if the exchange receives the amount within 30 minutes. According to a Bitcointalk thread, the platform does not have a central office, and its team is based in Ukraine, the U.S., Italy and Russia.

Users are not asked to share any personal data, set up an account or pass mandatory registration. Providing an email address is optional for confirmations and communication with support. “As we stand for absolute privacy, we erase all transaction data from our servers within a week,” the exchange states on its website. It keeps a minimum amount of information needed to process refunds, for example. That includes the email, transaction hash and the sender’s address.

These Exchanges Allow You to Purchase Cryptocurrency Without Knowing You

Changer.com is another crypto-to-crypto exchange that does not require an account, although it offers discounts for those who create one. If you don’t wish to do so, you can still exchange around 15 coins by providing an email. The trading platform offers its main page in a number of languages and controls two other domains – exchanger.com and the Russian obmen.com. There are mixed comments on crypto forums about its services, with most complaints related to support not answering emails on time.

Fairshift is an exchange that does not collect additional user data, except the information needed to process transactions related to a coin swap. No account is required to use the platform and “no personal info that can be stolen in the event of a hack or other compromise” is collected. Basic data about completed transactions, including refunds, can be seen in the “Past Transactions” section of Fairshift’s website.

Other sites offer limited privacy and conditional anonymity. Simpleswap, for example, says in its FAQ section “Yes, our service is anonymous.” Yet the online exchanger notes that there are exceptions. “Simpleswap collaborates with many partners. Our partners, according to their risk assessment and European AML directives, can apply for a photo of your ID valid in your country and information about the origin of your coins,” the platform explains without specifying the names of its partners.

Then there’s Coinswitch, an exchange aggregator that supports trades between more than 300 cryptocurrencies through integration with many leading exchanges such as Bittrex, Kucoin, Idex, Hitbtc, Shapeshift and others. Before placing a trade, however, users are required to register an account and provide name, date of birth, and country of residence, phone number and a valid email address. Only the last two entries have to be verified however.

Which privacy-oriented crypto exchange do you recommend? Tell us in the comments section below. Share your thoughts on the subject.


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Disclaimer: Bitcoin.com does not endorse nor support these products/services.

Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post These Exchanges Allow You to Purchase Cryptocurrency Without Knowing You appeared first on Bitcoin News.

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Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges

February 4, 2019 |

Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges

Leading Canadian cryptocurrency exchange Coinsquare has reportedly laid off almost a third of its staff. The news comes after at least five other trading platforms found themselves in trouble during the past month. From the need to adapt to a prolonged bear market, overcome financial difficulties and technical issues, to coping with coin losses and hacker attacks, the dawn of 2019 has exposed some of the acute challenges the industry is facing.  

Also read: Crypto-Stealing SIM Swapper Pleads Guilty, Gets 10 Years in Prison

2 Executives Among Terminated Coinsquare Employees

One of the leading digital asset exchanges in Canada, Coinsquare, has recently decided to lay off approximately 40 out 150 staff members, Betakit reported, quoting multiple sources. Among the people in different roles whose contracts have been terminated are two key executives – COO Robert Mueller, who joined Coinsquare about a year ago, and CFO Ken Tsang, an investment banker formerly employed by major financial institutions such as Bank of Montreal and Bank of Canada. The company’s Head of Talent Martin Hauck announced on Linkedin:

The ever-evolving cryptocurrency space has been volatile and unpredictable. Many similar companies in our industry have had to make some tough choices in recent months and Coinsquare has had to as well. The company has made the decision to part ways with a number of talented members of the Coinsquare team.

The latest round of layoffs at Coinsquare comes after approximately 20 employees across various departments were terminated in July of last year. The company has been trying to restructure and even expand its business. In December, it entered 25 new markets in the European Union and last summer launched a crypto trading platform in Japan. It entered into partnerships with global blockchain investment bank Dlta 21 and the Bank of Montreal.

Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges

In December, the company also acquired crypto wallet provider Blockeq for $ 12 million. And despite the layoffs, the exchange has also hired over 20 new employees, Coinsquare CEO Cole Diamond revealed. This includes 14 people who joined the team after the acquisition of Tipcoin, a company that develops a blockchain-based loyalty rewards platform.

The executive added that in “the most volatile market,” the company’s staff grew from three people to a high of 150. “We’ve decided to make some cutbacks to make sure we protect our strong position in the market,” he explained, noting the challenges other Canadian exchanges are facing and the fact that Coinsquare’s main competitor in the country, Quadrigacx, is now offline.

5 Other Crypto Exchanges in Trouble

In recent weeks, there have been multiple reports about exchanges experiencing various difficulties that have led to their temporary or permanent closure. Quadrigacx is indeed one of the troubled crypto trading platforms. The exchange filed for insolvency and applied for creditor protection with the Nova Scotia Supreme Court. It has lost access to “significant cryptocurrency reserves held in cold wallets” after the death of its CEO Gerald Cotton. In total, $ 145 million worth of digital assets is missing.

Financial problems have dogged other crypto exchanges. Coinpulse announced recently it’s going into “indefinite maintenance” after negotiations with a potential investor took longer than expected. The platform suspended trading and deposits on Feb. 1 and said it will keep withdrawals open only until Feb. 7. Last week, the small Ukrainian exchange Liqui informed users it’s no longer able to provide liquidity. Its team asked clients to withdraw their funds within a month.

Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges

Roobit, a young South Korean cryptocurrency exchange, has also filed for bankruptcy less than three months after its launch. According to local media, technical issues that led to financial losses are behind its decision to discontinue operations. A representative of the exchange stated in a Kakao Talk chat that “it is difficult to operate with a loss of 400 million won ($ 360,000) due to a system error” that resulted in wrong payments. Around 800 crypto investors have suffered losses, Sisafocus reported.

In mid-January, New Zealand-based exchange Cryptopia became the latest victim of a security breach when hackers reportedly stole around $ 16 million worth of cryptocurrency. Despite the ongoing police investigation, the unknown attackers managed to withdraw 1,675 ETH more from 17,000 Cryptopia wallets, according to research conducted by the data company Elementus.

What are your expectations for the future of crypto exchanges? Share your thoughts in the comments section below.


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The post Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges appeared first on Bitcoin News.

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Australia’s Financial Intelligence Agency Registers 246 Bitcoin Exchanges

February 2, 2019 |

Australia’s Financial Intelligence Agency Registers 246 Bitcoin Exchanges

The Australian Transaction Reports and Analysis Centre (Austrac) has now officially registered 246 cryptocurrency exchanges. Pro-regulation industry participants have described the move as a key step towards legitimizing crypto assets. The registration process includes performing background checks and other anti-money laundering procedures on the entities involved.

Also read: Coincheck Registers 1.7M New Users Since Resuming Operations

Austrac Says Regulation Will Curb Money Laundering and Terrorism Financing

Australia amended its anti-money laundering and counter-terrorism laws last year, making it a requirement for digital asset exchanges to register with Austrac, the country’s top financial intelligence agency.

According to a report published by public broadcaster ABC on Jan. 31 , the agency has also investigated 11 crypto trading platforms and eventually declined two registrations between April 2018, when the changes took effect, and mid-January 2019. No reasons were given for the refusal.

Australia’s Financial Intelligence Agency Licenses 246 Bitcoin Exchanges

Exchanges had until October to fully comply with the new Austrac rules, including reporting suspicious transactions believed to be potentially linked to money laundering or terrorist funding. The article quoted an unnamed Austrac official who warned: “We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified.”

Observers Cheer Regulatory Move

Pro-regulation observers in Australia believe the mandatory registration of cryptocurrency exchanges will lend more legitimacy to digital currency enterprises as well as blockchain projects. Phillippa Ryan, a cryptocurrency researcher at the University of Technology Sydney, told ABC that regulation helped delegitimize “the cowboys and the shonky operators.”

She argues that shoddy exchanges damage public trust in cryptocurrencies. A succession of multi-million dollar hacks within the crypto industry has sometimes led to investors questioning the safety of their assets held by exchanges. But every investor knows there is a latent degree of risk involved when storing funds with a third party.

Ryan, who has links with the Australian Digital Commerce Association, is looking forward to a time when government will re-assess its treatment of cryptocurrencies. She detailed:

You need to start at the beginning, with all the regulation you need and no more to support innovation and protect investors. Then you let it run … [and] start legislating as things go wrong and you learn lessons.

The decision by Austrac may also have been necessitated by other factors. For example, Australia’s competition regulator last year received more than 6,000 reports of potential scams linked to virtual currencies. Losses were reported to have totalled more than $ 9.5 million, much of it investment scams. There were also other concerns about initial coin offerings, some of which turned out to be elaborate get-rich-quick schemes.

Australia’s Financial Intelligence Agency Licenses 246 Bitcoin Exchanges

“We always had the feeling that regulation is important to bring cryptocurrency into the mainstream,” said Adrian Przelozny, head of local cryptocurrency trading platform Independent Reserve, as quoted by ABC.

He added: “If you look back two or three years, it was quite easy for anyone to start their own exchange. It was really up to the consumer to do their own research to see if the exchange they were interacting with was one they could trust.”

What do you think about the regulation of cryptocurrency exchanges? Let us know in the comments section below.


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The post Australia’s Financial Intelligence Agency Registers 246 Bitcoin Exchanges appeared first on Bitcoin News.

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Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

January 29, 2019 |

A new report alleges that just two groups of hackers dominate the majority of cybercrime directed against cryptocurrency exchanges. Together, these groups have responsible for stealing about $ 1 billion of cryptocurrency so far.

Also Read: Arwen Enables Self-Custody for Traders of Centralized Exchanges

The Most Lucrative of All Crypto Crimes

Digital surveillance company Chainalysis has released its latest “crypto crime” report, claiming to identify two groups responsible for the majority of hacks in the field. Its findings were obtained in part by analyzing the different practices the thieves used for laundering their illicit gains.

On average, the incidents that the researchers traced from the two hacking groups involved $ 90 million per incident. They suspect that the first group is a “giant, tightly controlled organization” that may be partly driven by non-monetary goals. The second group is found to be smaller and less organized but absolutely focused on money and without much regard for evading detection.

Report: Two Hacker Groups Stole $  1 Billion From Crypto Exchanges

“Hacking dwarfs all other forms of crypto crime, and it is dominated by two prominent, professional hacking groups,” the Chainalysis team wrote. “Together, these two groups are responsible for stealing around $ 1 billion to date, at least 60% of all publicly reported hacks. And given the potential rewards, there’s no question hacking will continue; it is the most lucrative of all crypto crimes.”

Most Stolen Crypto Laundered on Exchanges

According to the report, at least 50 percent of the stolen funds were cashed out through some type of conversion service within 112 days of the hacks. The researchers found that 64.3 percent of the funds were sent to centralized cryptocurrency exchanges, 11.9 percent to peer-to-peer exchanges and the remaining 23.8 percent went through other conversion services such as mixing services, bitcoin ATMs and gambling sites.

“Exchanges are regularly processing the stolen funds, allowing the hackers to convert the funds to traditional currencies or other cryptocurrencies,” the Chainalysis team explained. “This is in part because unless you’re the exchange that was hacked, these funds look like they have come from legitimate owners (that is, the original entities who were hacked); it is hard to tell which funds have been stolen and which haven’t without specialized investigation software.”

Report: Two Hacker Groups Stole $  1 Billion From Crypto Exchanges

Chainalysis recently announced the launch of Know Your Transaction (KYT) for stablecoins, an anti-money laundering (AML) compliance solution for monitoring stablecoin transactions from issuance to redemption.

What do you think about the findings of this report? Share your thoughts in the comments section below.


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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 Report: Two Hacker Groups Stole $ 1 Billion From Crypto Exchanges appeared first on Bitcoin News.

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Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

January 28, 2019 |

Centralized exchanges are a common security concern in the cryptocurrency ecosystem. As a single point of failure they can be strong-armed by governments, routinely targeted by hackers, or operators could pull an exit scam and elope with client funds. Despite these risks, they dominate cryptocurrency trading volumes. A new solution promises to enable trade to use centralized exchanges but without handing over control of coins to them.

Also Read: Belarus’ Largest Bank May Establish a Cryptocurrency Exchange

Not Your Keys, Not Your Coins

Boston-based startup Arwen (formerly Commonwealth Crypto) announced on Jan. 28 the release of its testnet trading application. The company aims to bring atomic swaps to mainstream cryptocurrency trading with its technology. Using the service, traders can deposit their coins in an onchain escrow, rather than with an exchange, removing the need to trust the centralized venue to handle the money. This allows them to maintain custody of their coins while trading on a centralized exchange without having to transfer coins to the exchange’s omnibus wallet or their keys to a third-party web server.

Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

“If you do not hold the keys, you do not own your coins,” Arwen’s CEO Sharon Goldberg stated. “The ethos behind cryptocurrency is built upon a trustless, non-custodial technology. Centralized exchanges are needed for liquidity; however, the exchange of customer coins should be executed in a trustless way. We have solved … that problem.”

Kucoin Is Already on Board

Arwen also announced it is teaming up with the popular Singapore-based global cryptocurrency exchange Kucoin to offer its customers the possibility of using the new service. In addition to Kucoin, the startup reports being in talks with other exchanges about integrating the protocol. It currently supports trading on BTC, LTC, BCH, ZEC and ETH as well as ERC20 tokens.

Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

Kucoin President Eric Don commented: “KuCoin has been working hard to ensure the security of the exchange itself, and we are one of the few exchanges that are rated A in terms of security by ICOrating, but we are also exploring other ways to satisfy users who have extreme security requirements and do not trust any third party. [Arwen’s] escrow mechanism enables users who have extreme security requirements to have a higher sense of security in transactions.”

What do you think about using a protocol such as Arwen’s for trading? 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 Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges appeared first on Bitcoin News.

Bitcoin News

The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer Launches

January 22, 2019 |

The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer Launches

Tuesday’s installment of The Daily details new tools that are helping users safely navigate the cryptocurrency ecosystem. From making an informed decision about which exchanges to trust to tracking blockchain transactions with Enjinx, we cover a selection of developments from across the cryptosphere, before finishing with a trip to the darknet where KYC documents are allegedly up for sale.

Also read: How to Buy Bitcoin Anonymously

100 Crypto Exchanges’ Security Assessed

Over the last few months, Crypto Exchange Ranks (CER) has been shining a light on the practices of the exchanges tasked with protecting customer funds and fairly reporting trading volume and other metrics. While a good number of exchanges act ethically, there is a lot of unscrupulous operators out there. In its latest report, CER has applied a security score to the top 100 exchanges, ranking them for server security, user security, and an ongoing crowdsourced security assessment.

The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer Launches
The top 20 exchanges for security according to CER

Just nine exchanges scored more than 8/10 in the report, with the top four comprising Kraken followed by Coinbase Pro, Binance, and Bitmex. Not surprisingly, the exchanges that received the lowest score were troubled by hacks during 2018. Bithumb, Coincheck, and Zaif all scored less than 5/10.

Enjinx Launches New Block Explorer

Enjinx has launched its new blockchain explorer. The tool, for interacting with the Ethereum network, is characterized by a clean and minimal design that sets it apart from traditional blockchain explorers. The Enjinx team is aiming to position its new resource in direct competition to Etherscan, the most popular explorer within the Ethereum ecosystem. Transactions, blocks, and ERC20 tokens can all be browsed, with the most popular Ethereum tokens ranked by 24-hour volume, price change, and market cap.

The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer Launches

Enjinx is now working on integrating Bitcoin Core, Litecoin, and Dogecoin explorers in a bid to become the go-to tool for cryptocurrency users seeking to query public blockchains. The project’s Ethereum explorer is also scheduled to be upgraded further to incorporate data on ERC1155 and ERC721 non-fungible tokens.

Bitfinex Denies Security Breach After KYC Details Surface on Darknet

The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer LaunchesCustomers of several leading crypto exchanges have had their personal details leaked according to a darknet hacker. “ExploitDOT” claims to have the details of 100,000 crypto customers, including selfies, passport scans, and other identification documents. The allegedly stolen data is believed to originate from early 2018 and pertains to Binance, Bitfinex, Poloniex and Bittrex. Bitfinex has issued a denial that it has suffered a security breach, though given that the hack is thought to have come from a third party KYC processor, this doesn’t mean that Bitfinex users are unaffected.

On darknet forum Dread, ExploitDOT insisted that his trove of documents was legitimate, writing “if you ever sent a KYC, chances are … your documents [are] in my dump,” adding that “the exchanges are completely denying the documents were took from them, whereas there is clearly docs with ‘Binance’, ‘Poloniex’ and such written on the paper.” While the veracity of the haul is debated, the story has reaffirmed to many in the crypto community something they have always known: enforced KYC makes everyone less secure.

What are your thoughts on the stories in today’s news roundup? Let us know in the comments section below.


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

The post The Daily: 100 Exchanges’ Security Rated, Enjinx Block Explorer Launches appeared first on Bitcoin News.

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Bulgarian Tax Authority to Inspect Crypto Exchanges and Traders

January 15, 2019 |

Bulgarian Tax Authority to Check Crypto Exchanges and Traders

The National Revenue Agency of Bulgaria is preparing to conduct inspections on cryptocurrency trading platforms and their customers. The authority wants to make sure that both are fulfilling their obligations under the country’s tax and social security laws.

Also read: Denmark’s Tax Agency to Collect Information About Bitcoin Traders

Nine Crypto Companies Subjected to ‘Control Actions’

The tax service plans to investigate companies that have declared the trading of digital assets as their core business activity, Bulgarian media reported quoting an official announcement. It also wants to find out more about how these platforms operate.

Bulgarian Tax Authority to Inspect Crypto Exchanges and Traders

The main concern is that the transactions related to the exchange of virtual currencies are anonymous. This, according to the regulator, comes with risks of revenue concealment and tax evasion.

The National Revenue Agency (NRA) has already conducted a study of the Bulgarian entities working in the sector. The tax authority said it has assigned “control actions” in regards to nine companies.

Crypto Income Must Be Reported on Tax Returns

Once the checks are completed, tax officials will analyze the data gathered for the users of these platforms. The main task is to determine whether these taxpayers have reported their income from cryptocurrency transactions.

Bulgarian Tax Authority to Inspect Crypto Exchanges and Traders

In Bulgaria, profits from crypto trading are treated as income from the sale of financial assets. Private individuals are expected to declare these revenues on their annual tax returns. A flat income tax rate of 10 percent is applied to the positive balance from these transactions in fiat currency.

Profits earned by businesses are subject to taxation under the Corporate Income Tax Act, with the same tax rate. Bulgarian residents are obliged to file their tax declarations and pay their taxes for the previous year by April 30. Annual corporate tax returns should be submitted by March 31, 2019.

Awaiting European Regulations

Bulgaria has not yet adopted a dedicated legislation on the taxation of income from crypto-related activities such as trading and mining. The applicable rules are based on a clarification notice issued by the NRA several years ago. Currently, digital coins are taxed like other financial instruments and Bulgarian authorities reference the general EU regulations and the European practice in the field.

Bulgarian Tax Authority to Inspect Crypto Exchanges and Traders

However, the treatment of cryptocurrency profits varies significantly between EU member states. Tax rates can be anywhere between 0 and 50 percent. Interpretations regarding the legal status of digital assets are also quite diverse. Cryptocurrencies and the industry built around them remain largely unregulated in most EU countries. Recognizing that as a major problem, many officials have urged for unified rules across the European Union. Two regulatory agencies recently called for the adoption of common EU regulations.

European regulation may be needed to level the playing field, the European Banking Authority (EBA) said in a report. EBA advised the European Commission to conduct a comprehensive analysis and determine what action is required at the EU level to address the issues regarding the opportunities and risks presented by cryptocurrencies and related technologies. In another report to the Commission, the Council and the Euro Parliament, the European Securities and Markets Authority (ESMA) stated that crypto assets need an EU-wide approach to ensure investor protection.

What do you think about the actions of Bulgarian tax authorities regarding cryptocurrency exchanges and traders? Share your thoughts on crypto taxation in the comments section below.


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PR: Bitex Global Launches XBX on Global Exchanges

January 11, 2019 |

Bitex Global Launches XBX on Global Exchanges

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

As per the reports, Bitex has launched its cryptocurrency in worldwide cryptocurrency exchanges, coin namely XBX which is now accessible for trading. So now it’s the right time to change your coins which you don’t need into XBX.

As cryptocurrency is the evolving aspect of future payments, Bitex is offering you a solution to facilitate your daily requirements. The coin-XBX will be used as a utility token, received as a fee for all the transactions.

In order to receive a Bitex card, you must process KYC and get registered with an account by going to https://bitexpay.cards/my-account/. You can pay through cryptocurrency to receive debit cards for the same.

XBX trading is open now, and you can begin trading at IDAX-a crypto exchange , Right BTC-a crypto exchange and soon to be launched in addition to this, the trading will start at other platforms counting 17 cryptocurrency exchanges world wide. The dates are as following — Right BTC- January 11,Coinlim – January 13th, Bit Pay- January 21st, P2PB2B-January 31st, Coin Tiger- February 4th, Dobi Trade- February 7th, EZBITEX download and registration- February 14th, Bit Forex- February 28th, and EZBITEX exchange launch- March 1st .

For other latest updates and releases, refer to official websites of Xnews and Bitex.
Initially, Bitex has conducted an initial coin offering of XBX and had a total supply of 300,000,000 XBX. The Pre-ICO token price is 0.5$ and the cost of one token of XBX was $ 0.7to $ 1.0 at the end of the token sale.

By this time, Bitex has distributed over 65% of XBX through the sale of licenses for the EZBitex platform software to its authorized partners over 8 countries and BitexPay Cards to over 7000 users worldwide.

XBX will be considered as a crypto credit standard in the blockchain ecosystem. XBX offers protected liquidity with sophisticated security using blockchain on ERC20 protocol. The technology is strongly compliant with KYC and AML procedures that ensure 100% anonymity and privacy for the users of the coin. More information can be found at https://ico.bitex.global/.

COMMUNITY IMPACT MEETS GLOBAL EFFICIENCY – THE FIRST LOCALLY-EMBEDDED, YET GLOBAL, CRYPTO-BANK

Contact Email Address
contact@bitex.global

Supporting Link
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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Bitex Global Launches XBX on Global Exchanges appeared first on Bitcoin News.

Bitcoin News

5 Crypto Exchanges Have Been Licensed in Gibraltar Since Regulation

January 10, 2019 |

Five Crypto Exchanges Licensed in Gibraltar Since Regulation

Several known crypto companies have been granted licenses to operate from Gibraltar since the British overseas territory adopted business-friendly regulations for the nascent industry. According to Gibraltar’s trade minister, Albert Isola, the government is now focused on creating a “supportive environment” for the sector.  

Also read: Cryptocurrency Exchanges Eye Russia for Expansion Despite Sanctions

Supportive Environment for the Crypto Industry

5 Crypto Exchanges Have Been Licensed in Gibraltar Since Regulation
Albert Isola

The Digital Ledger Technology (DLT) Regulatory Framework went into effect in January 2018, a month after it was approved by the Legislature of Gibraltar. The regulations are designed to attract companies from the cryptocurrency and blockchain industry while ensuring proper protection for customers’ interests and maintaining Gibraltar’s own reputation, according to the authors of the dedicated legislation.

“Our financial regulator, the Gibraltar Financial Services Commission (GFSC), began awarding DLT licenses to a number of leading blockchain firms operating here in October,” the Minister for Commerce of Gibraltar Albert Isola told news.Bitcon.com. The list of licensed companies includes Huobi, the fourth largest exchange by daily trading volume, Coinfloor, the oldest crypto trading platform in the U.K., Covesting, which is another crypto exchange based in Europe, the Gibraltar Blockchain Exchange (GBX), operated by the local stock exchange, and the most recently licensed entity, digital asset platform Etorox.

Isola, who is also a member of the British parliament, emphasized that the regulatory framework implemented in Gibraltar is designed to remain flexible to the fast-moving developments of the wider crypto ecosystem and will allow authorities to react swiftly to the growth of the sector in the coming years. The official added that while introducing sensible legislation has been the main priority, the government has been also working to create a supportive and business-friendly environment for blockchain companies that want to operate there or have already established a presence in the territory.

The trade minister shared that Gibraltar has recently established a trade association for the industry, the Gibraltar Association for New Technologies (GANT). The organization facilitates the development of formal relationships between the authorities and the crypto companies. The government has also created a working group called New Technologies in Education (NTiE). The project, a joint initiative between the executive power, the private sector, and the University of Gibraltar, aims to address the growing demand for related skills. The plan is to organize educational courses that will prepare employees and specialists for the industry.

Gibraltar and the Competition

5 Crypto Exchanges Have Been Licensed in Gibraltar Since RegulationGibraltar is one of several jurisdictions in Europe that have taken steps to become crypto-friendly territories. These include Switzerland, Malta, Estonia, and the Isle of Man. Switzerland, which is home to the Crypto Valley in Zug, has attracted hundreds of crypto startups. The Swiss government recently announced a comprehensive strategy that recognizes distributed ledger technologies as an important development for the financial sector and aims to build a legal foundation for their implementation. Last year, Malta adopted a welcoming regulatory framework for crypto businesses, and Estonia has licensed over 900 exchanges and wallet service providers in less than a year since it introduced a licensing regime for crypto companies.

Albert Isola believes, however, that Gibraltar remains the destination of choice for quality fintech companies because of its “reputation for being a business-friendly jurisdiction, for promoting blockchain education and for strong public-private sector collaboration.” The government representative noted that the local authorities are focused on creating legislation that will provide strong oversight and consumer protection without stifling the innovation which is required for the industry to flourish. He also added:

We want to create a vibrant DLT community in Gibraltar by developing strong, collaborative relationships with the private sector operators who have based themselves here.

Gibraltar has long been a hub for businesses providing financial services and companies operating online gaming platforms. These two sectors provide a sizable portion of its domestic product and budget receipts. The Gibraltar government has been quick to realize the potential benefits of building a crypto-friendly environment and expects that its regulatory framework will attract more crypto companies in the future.

What are your expectations about the future of the crypto industry in Gibraltar? Tell us in the comments section below.


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7 Korean Cryptocurrency Exchanges Pass Government Security Inspection

January 10, 2019 |

The South Korean government has released the results of its security inspection of cryptocurrency exchanges. Only seven of them passed all 85 of the inspection points. Fourteen previously-inspected exchanges still have not improved and 17 new crypto exchanges did not meet security standards.

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

Only Seven Exchanges Passed

7 Korean Cryptocurrency Exchanges Pass Government Security InspectionSouth Korea’s Ministry of Science and ICT announced the results of its security inspection of cryptocurrency exchanges on Thursday, according to local media.

In collaboration with the Korea Internet and Security Agency (KISA), the ministry inspected a total of 38 exchanges between September and December last year. Twenty-one of them were previously inspected between January and March last year while 17 exchanges were inspected for the first time.

7 Korean Cryptocurrency Exchanges Pass Government Security InspectionFollowing the previous inspection, recommendations were given to the 21 exchanges to improve certain security measures. Seven of them have since made the necessary improvements and met all 85 items on the inspectors’ checklist. The 85 items checked “include system security such as administrative security, network separation and account management … and virtual currency wallet management,” Money Today elaborated.

The seven exchanges that passed the inspection are Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea. An official of the Ministry of Science and ICT was quoted by Newsprime as saying:

Most of them have weak security except for the seven facilities that satisfy all 85 inspection items.

Most Exchanges Need to Improve

7 Korean Cryptocurrency Exchanges Pass Government Security InspectionMost of the cryptocurrency exchanges inspected did not meet basic security standards. The 14 previously-inspected exchanges have not made the required improvements, government officials told reporters.

These 14 exchanges showed that they still need to improve on 51 security items on average, so they “could be exposed to the risk of hacking attacks at all times,” Zdnet Korea noted. As for the 17 new crypto exchanges, the news outlet added that their “overall security level was found to be weak.” Newsprime elaborated:

By examining 85 items of the basic security requirements for 17 newly identified exchanges, it has been confirmed that the security level [of these exchanges] is generally weak due to the lack of 61 [security] items on average.

The news outlet further detailed, “In particular, it has been confirmed that most of the dealers have a low level of security such as network separation and access control as well as the lack of establishment and management of security systems such as basic PC and network security.” The ministry said it will continue to review and inspect crypto exchanges for security flaws, with a focus on protecting investors from hacking incidents.

What do you think of only seven crypto exchanges passing the Korean government security inspection? Let us know in the comments section below.


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