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

| October 21, 2018

Scroll to top

Top

exchanges Archives -

Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading

October 20, 2018 |

Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading

Trading volumes on exchange-escrowed peer-to-peer (P2P) cryptocurrency trading platforms in India are rising rapidly amid the banking ban by the country’s central bank. “Indians are warming up to P2P in amazing ways,” the CEO of a local crypto exchange told news.Bitcoin.com. Several other exchanges competing in the same space are seeing similar responses from their users.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

P2P Trading Volumes Growing Rapidly

Indian cryptocurrency exchanges that offer P2P services are experiencing rapid growth in trading volumes despite the cryptocurrency banking ban by the country’s central bank, the Reserve Bank of India (RBI).

Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingThe CEO of Indian crypto exchange Wazirx, Nischal Shetty, told news.Bitcoin.com that “In a bear market with no banking, Indians are warming up to P2P in amazing ways.” Wazirx launched its exchange-escrowed P2P service on July 10, a week before the RBI ban took effect.

Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingIndia’s central bank has banned financial institutions from providing services to crypto businesses. As the country’s supreme court continues to postpone hearing the petitions against the ban, a growing number of Indian exchanges have implemented their own solutions to the banking problem such as using P2P trading and launching cryptocurrency ATMs.

Shetty shared with news.Bitcoin.com:

P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time … we’ve crossed over $ 5M in P2P in the 3 months since we’ve gone live.

The exchange revealed at the end of September that its trading volumes had grown 35 percent in the past few months, consistently reaching 50 BTC in daily trading volumes during the month.

Some More P2P Offerings

Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingThe exchange-escrowed P2P option has become a popular way for traders in India to cash out their coins. Recently, crypto exchange Instashift conducted a survey of its users and found that the majority of 50 respondents prefer to cash out their cryptocurrencies using P2P services. Instashift offers the trading of over 80 cryptocurrencies. With a community of over 900 members using its P2P platform, the exchange told news.Bitcoin.com, “We are clocking approximately around 2-5 Million INR [$ 27,194 – $ 67,985] per week in India & our volumes are looking promising in Canada & Nigeria as well.”

Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingCoindcx also allows its users to convert over 80 cryptocurrencies into the Indian rupee. Its P2P platform Dcxinsta allows users to buy cryptocurrencies “instantly with INR … in less than 60 seconds,” according to the exchange’s website. On Thursday, Coindcx announced that “INR open order book” is now live on the exchange so users can now “place limit orders for trading in INR and see a complete order book using their existing INR wallets.”

The CEO of Coindcx, Sumit Gupta, explained to news.Bitcoin.com that the “Minimum buy or sell amount for any user is Rs 10. (approx. 15 cents)” on his exchange, emphasizing that “every Indian can now invest in crypto.” He further revealed that on his P2P platform:

We’re getting a phenomenal response from users with average no. of orders being more than 10 per Dcxinsta user.

Disclaimer: Bitcoin.com does not endorse or support claims made by exchanges in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. 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.

What do you think of the growing popularity of P2P trading in India amid the RBI ban? Let us know in the comments section below.


Images courtesy of Shutterstock, Wazirx, Instashift, and Coindcx.


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

The post Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading appeared first on Bitcoin News.

Bitcoin News

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency Petro

October 18, 2018 |

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency Petro

Venezuela has authorized six cryptocurrency exchanges to start selling its national cryptocurrency, the petro, according to the government’s website. The petro, which recently became a Venezuelan national currency, can now be purchased at the six exchanges, local media report.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Six Websites Authorized to Sell Petro

The Venezuelan government has authorized six websites it claims are cryptocurrency exchanges to market and sell the petro, the country’s new national currency. Noticiero Digital elaborated:

The petro will be available from this Wednesday, October 17, at six exchanges, although President Maduro announced previously that there would be 16 certified companies that could market the digital currency.

The six places are Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Cryptia (cryptiaexchange.com), Amberes Coin (amberescoin.com), Afx Trade (afx.trade), and Criptolago (criptolago.com.ve). Some of them are already advertising the petro on their websites. In his speech earlier this month, Venezuela’s president Nicolas Maduro said that the petro would be available at “the six most powerful [exchanges] in the world.”

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency Petro
The petro section on Cryptia.

Cryptia’s website lists three cryptocurrencies for trading against BTC — ETH, DASH, and XRP — but with zero trading volumes. “Buy and sell petros through our platform,” the section on its website describing the petro reads, adding (translated from Spanish):

Access the cryptocurrency [petro] in bolivares and exchange them for bitcoin, ethereum or American dollars.

Amberes Coin describes itself as a cryptocurrency exchange “authorized by the Venezuelan State for the purchase and sale of the petro, bitcoin, ether and any digital assets” that are allowed by the country’s regulation. Afx Trade explained that it is a regulated cryptocurrency exchange platform in Venezuela for buying, selling, and safeguarding “digital assets inside and outside the national territory.”

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency PetroMaduro’s government released a new whitepaper for the petro earlier this month, bearing striking resemblance to the whitepaper for another cryptocurrency, DASH.

In addition, the petro is no longer only backed by oil, as it was first described in December of last year. The new whitepaper explains that the petro is now backed by 50 percent oil, 20 percent gold, 20 percent iron, and 10 percent diamond.

In April, Maduro announced that he had “authorized the certification” of 16 exchanges for the petro. Noting that there are currently only six exchanges authorized, Noticiero Digital pointed out that Afx Trade was not included in the initial list of 16 exchanges.

Regulating Crypto Industry in Venezuela

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency PetroIn Venezuela, the National Superintendency of Criptoassets and Related Activities (Sunacrip) is responsible for regulating cryptocurrencies and all crypto-related activities.

Its website details:

Exchanges need licenses issued by the Venezuelan State in order to operate in Venezuela. Its reason lies in the protection of users of exchanges with regulatory and administrative infrastructure.

Digital mining in Venezuela is regulated by the Intendence of Digital Mining, which is part of Sunacrip. “The Intendence of Digital Mining is in charge of planning, coordinating, promoting and executing all the digital mining and related activities in Venezuela,” Sunacrip’s website describes. “This includes issuing licenses [and] certifications for all mining activities.”

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. 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.

What do you think of the petro? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan government.


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

The post Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency Petro appeared first on Bitcoin News.

Bitcoin News

Emma Integrates Crypto Exchanges into Money Management App

October 18, 2018 |

UK Money Management App Emma Adds Cryptocurrency Exchange Integration

Emma, a London-based startup firm specializing in money management services, has launched cryptocurrency exchange integration for its new app. The platform, which the company describes as a kind of “financial advocate” service, is designed to help millennials gain a better understanding of their finances.

Also Read: Security Giant G4S Offers Protected Offline Cryptocurrency Storage

New ‘Emerging Asset Class’

UK Money Management App Emma Adds Cryptocurrency Exchange Integration Emma has integrated several cryptocurrency exchanges into the app, including Coinbase, Bittrex, Binance, Bitstamp, Kraken and Bitfinex. With its latest development, users can view all of their cryptocurrency investments from multiple exchanges in real time using a single interface. The free app also allows U.K. consumers to look at aggregated information from their credit cards and bank statements, in addition to the cryptocurrencies and tokens they hold.

“Emma was built to empower millions of individuals to live a better and more fulfilling financial life. Cryptocurrency is the next emerging asset class and we are thrilled to welcome it as part of our family of integrations. Our users can now manage and track their crypto holdings alongside more traditional finances to make wiser and more transparent decisions,” said Emma CEO Edoardo Moreni. “For Emma, this is one of the first steps toward a world where account aggregation doesn’t just refer to banking products, but opens the doors to several financial services.”

Consumer-Focused Banking Experience

UK Money Management App Emma Adds Cryptocurrency Exchange IntegrationEmma launched in January of this year, backed by a team of finance and technology experts. In July, the company raised £500,000 in a seed round led by Kima Ventures, one of the first investors in Transferwise. Aglaé Ventures — the early stage program of French investment firm Groupe Arnault, which has previously invested in Netflix and Airbnb — also participated in the seed round.

Emma is registered with the Financial Conduct Authority in the U.K. under the Payment Services Regulations 2017. With its new app, the company aims to build a mobile-only banking solution (iOS and Android) to help young consumers avoid overdrafts, cancel subscriptions, track their debts and save money. It said it is trying to provide a more consumer-focused banking experience that will improve the financial lives of its users, by serving as a sort of one-stop shop for all of their financial information.

As a U.K. resident, do you look forward to managing your cryptocurrency portfolio with Emma’s new app? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Emma.


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 Emma Integrates Crypto Exchanges into Money Management App appeared first on Bitcoin News.

Bitcoin News

Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges

October 18, 2018 |

Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges

When you’re trading digital assets, speed matters — particularly so if you’re engaged in high-frequency trading, when every millisecond counts. Executing orders a fraction of a second ahead of the market can mean the difference between profit and loss. New data reveals which cryptocurrency exchanges are the fastest — and which are struggling to keep up.

Also read: Cypherpunk Essentials: A Beginner’s Guide to Crypto Privacy

Speed Analysis Shows Significant
Variation Between Platforms

Data provided by Deribit shows marked differences in the speed at which six leading cryptocurrency exchanges fulfill orders. The derivatives exchange looked at three major spot exchanges: Bitfinex, Binance and Coinbase. It also examined three major crypto derivatives exchanges: Bitmex, Okex and its own platform. It should be noted, however, that Deribit has an incentive to share its analysis, as it recorded the fastest order execution in tests.

The most liquid pair on each exchange was tested to determine the time it takes to add a limit order and execute a market order. These tests were repeated every minute for a number of weeks. Most of the exchanges that were tested failed to achieve either task in under 10 milliseconds for a majority of observations, with Okex faring the worst. Some exchanges recorded a significant number of instances where a transaction took longer than one second, with Bitmex scoring worst here.

Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges
Speed analysis for Bitmex

Order speed doesn’t normally concern retail investors, who aren’t reliant on split-second execution when buying and selling assets. However, it matters a lot to professional traders, particularly on Wall Street, and increasingly in the cryptocurrency markets, too. On derivatives exchanges such as Bitmex and Deribit, where cryptocurrencies such as BTC can be traded with up to 100x leverage, timing is everything. And for trading strategies dependent on a fast response to market news, order speed can prove crucial. Many financial brokers base their entire business model around high-frequency trading, relying on algorithmic trading aided by low latency, high speeds and high order-to-trade ratios.

Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges
Logarithmic results for all six exchanges tested

Derivatives Exchanges Are Quicker Than
Their Conventional Counterparts

Deribit has invited interested parties to download its speed analysis data and methodology inspect it for themselves, to verify its findings. Describing its methodology, the platform wrote:

We measured the time from the initial request until the confirmation that the order had been placed. To compensate for network delays outside the control of the exchange, we recorded the latency for a trivial API request. The duration for these trivial requests was subtracted from the duration of the order requests and the remaining time is assumed to be the true execution
time for a request.

The exchange claimed that it conducted all of the tests on machines that were situated as close as possible to the exchanges in question. The results were as follows:

  • Binance’s average order execution delay was 37.2 milliseconds, with 0.1 percent of orders executed within 10 milliseconds and 1.1 percent taking longer than 1 second.
  • Bitfinex’s average order execution delay was 156 milliseconds, with 0 percent of orders executed within 10 milliseconds and 1.5 percent taking longer than 1 second.
  • Bitmex’s average order execution delay was 1.11 seconds, with 13.4 percent of orders executed within 10 milliseconds and 20.8 percent taking longer than 1 second.
  • Coinbase’s average order execution delay was 33.0 milliseconds, with 0.2 percent of orders executed within 10 milliseconds and 0.1 percent taking longer than 1 second.
  • Deribit’s average order execution delay was 6.1 milliseconds, with 89.6 percent of orders executed within 10 milliseconds and 0 percent taking longer than 1 second.
  • Okex’s average order execution delay was 127 milliseconds, with 0 percent of orders executed within 10 milliseconds and 0.2 percent taking longer than 1 second.
Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges
Speed analysis results for Deribit

Competition between exchanges is fierce, especially among those that offer the high risk and reward cocktail that is derivatives. While there’s a lot more to successful margin trading than speed, its significance is sure to grow as competition intensifies and traders are forced to fight for that all-important edge.

Do you think speed matters on derivatives exchanges such as Bitmex and Deribit? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post Order Speed Analysis Reveals the Fastest Cryptocurrency Exchanges appeared first on Bitcoin News.

Bitcoin News

African Cryptocurrency Exchanges Forced to Step up Security

October 18, 2018 |

African Digital Currency Exchanges Step up Security to Safeguard Investor Funds

Cryptocurrency exchanges in some of Africa’s biggest bitcoin markets have been forced to rethink their security to thwart persistent attacks from hackers, a trend that has troubled trading platforms all around the world.

Also read: Cointext Launches Bitcoin Cash SMS Wallet in Argentina and Turkey

The Worst Yet to Come for African Exchanges

African Digital Currency Exchanges Step up Security to Safeguard Investor FundsExchanges in the African continent have been relatively unscathed, suffering scant losses amidst the $ 930 million that’s been stolen from global exchanges so far this year, according to data by U.S. cyber security firm Ciphertrace.

The most notable assault on investor funds in the continent of 1.2 billion people happened around March in South Africa. It wasn’t a cyber attack on an exchange, but rather a scam. Fraudsters at BTC Global, a supposed cryptocurrency investment firm, made off with about one billion rand ($ 80 million) after 28,000 South Africans succumbed to the false promise of incredibly high, quick returns on their investment, police said.

As thefts have stoked exchanges worldwide, some African platforms have woken up to the need to strengthen their security to safeguard investor funds. This is particularly crucial in a continent where cryptocurrency markets are populated by people who trade with a certain degree of ignorance in many cases, lured by the promise of quick riches. Incidents of fraud or stolen money can smear a market struggling to build confidence in the absence of regulatory oversight.

“We have noticed a number of attempts to breach our system but we have managed to maintain our defenses and we keep on learning,” Suleiman Murunga, chief executive officer at Ugandan exchange Coinpesa, told news.Bitcoin.com.

African Digital Currency Exchanges Step up Security to Safeguard Investor Funds
Suleiman Murunga

“We (now) use suspicious activity monitoring tools to track user behavior in order to spot bad actors,” he said, adding that the company, one of the biggest in the East African country, also uses two-factor authentication.

Murunga stated that only a small portion of investor funds held on the exchange are kept in a hot wallet, of the kind targeted by hackers. The bulk of the funds are held offline, in cold storage.

Don’t Blame the Trading Platform – Blame the User

When breaches occur, exchanges are not always to blame. Sometimes investors simply aren’t careful. There have been instances where attackers gained access to individual accounts on the Zimbabwean exchange Golix before its forced shutdown in May, taking advantage of email password vulnerabilities to facilitate transactions.

Although no money was stolen, the 23 affected users noticed some changes to their accounts such as the conversion of their cryptocurrencies and the acquisition of additional coins through U.S. dollar balances they held in their accounts. This is according to Golix, which now has a presence in seven African countries. Back then, the exchange didn’t ask investors for 2FA upon signing up.

In Nigeria, Africa’s biggest bitcoin market, where trades reached $ 260 million on just one exchange this year, the threat of cyber attacks is real. In 2016, the Ibadan-based Naira4dollar firm didn’t receive the $ 15,000 worth of BTC it had bought to replenish its wallets after an attacker hacked into the trading platform’s system.

African Digital Currency Exchanges Step up Security to Safeguard Investor Funds
Lagos, Nigeria

Investors in Nigeria and Ghana also fell victim to a $ 50 million hack of the Blockchain.info wallet, allegedly by Ukrainian hacker group Coinhoarder earlier this year. In the streets of Lagos, scammers take on false identities, infiltrating exchanges and various social media platforms promising outrageously high returns.

David Ayala, chief executive officer of Nairaex, which has more than 100,000 customers on its books, said all digital coins on the Nigerian exchange are stored “securely offline with Bitgo industry standards of multi-sig wallet.”

“Our platform is developed using best practices from the financial sector to maintain users’ security. We have maintained a secured network architecture since launch and we run scheduled tests and checks on the system for reliability,” he detailed, in emailed responses.

Is a Foolproof Security System Possible?

Often, hackers and scammers are a step ahead of their targeted victims, increasing the risk of persistent attacks. But will African exchanges ever implement foolproof security systems, or something approaching that ideal? William Chui, a Zimbabwean cryptocurrency enthusiast and former VP at Golix, proposed “A ‘walk-in’ model, where users [enter a physical premises] to buy [cryptocurrency] and are served while they wait.” It’s a model that’s proven popular in other countries such as South Korea.

He conceded, however, “This is not scalable nor feasible with the internet and will prove to be too slow. I doubt we can get a foolproof, secure system, but the [aim] will be to minimize losses as much as possible.”

Chui recommends that exchanges “invest in a technical development department that will continually penetrate the website, and offer bounties for external developers to do the same … Store a larger percentage of clients’ funds in cold wallets.”

African Digital Currency Exchanges Step up Security to Safeguard Investor Funds

Pesamill Africa in Kenya has gone as far as adopting Australian cryptocurrency industry regulations as part of efforts to align with global best practice. “We have built an exchange that fosters both peer-to-peer and centralized transactions in a safe and secure manner,” Brian Ngugi, Pesamill chief executive, told news.Bitcoin.com.

Whatever the case, African exchanges are at a stage in their development that holds a lot of promise for the growth of cryptocurrency use on the continent. Regulators will eventually step in, as is happening elsewhere worldwide. This will occur, not only to regulate and claim tax, but to make the cryptocurrency space stronger and sustainable.

What do you think about the level of security at African digital currency exchanges? Let us know 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 Pulse, another original and free service from Bitcoin.com

The post African Cryptocurrency Exchanges Forced to Step up Security appeared first on Bitcoin News.

Bitcoin News

19 Companies Licensed to Operate Crypto Exchanges in Philippine Economic Zone

October 16, 2018 |

19 Companies Licensed to Operate Crypto Exchanges in Philippines Economic Zone

Nineteen firms have been granted provisional licenses to operate crypto exchanges by the Philippine government-owned Cagayan Economic Zone Authority. In addition, eight firms have paid the application fees and are being reviewed. A list of all 27 companies has been published.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Provisional Licenses Issued

19 Companies Licensed to Operate Crypto Exchanges in Philippines Economic ZoneThe Philippine government-owned Cagayan Economic Zone Authority (Ceza) on Friday published a list of all companies that have been issued Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and Offshore Virtual Currency (Ovc) licenses as well as those that have paid the application fees and are being reviewed.

As of Oct. 12, a total of 19 companies have received provisional licenses — 17 were issued provisional principal licenses while two were issued provisional regular licenses. Ceza detailed:

Provisional principal licenses [allow licensees] to conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities … Provisional regular licenses [allow them] to conduct offshore virtual currency exchange activities.

19 Companies Licensed to Operate Crypto Exchanges in Philippines Economic ZoneThe Philippine News Agency previously noted that “A principal license for Ftsovc operation under Ceza is priced [at] USD360,000, while a regular license is at USD85,000.”

Ceza Corporate Board Secretary Catherine Joy Alameda explained in July that provisional licenses are valid for six months. A company “will be able to acquire its permanent license when it is able to fully comply with the requirements of Ceza,” she described.

Licensees must have authorized capital stock of $ 500,000 with paid-in capital of $ 200,000. Furthermore, Ceza “requires each cryptocurrency exchange to invest at least USD1 million in a period of two years and must put up a back office in the Philippines,” the news agency wrote.

The 19 Licensees

19 Companies Licensed to Operate Crypto Exchanges in Philippines Economic ZoneThe 17 companies that have been granted Ftsovc provisional principal licenses are Golden Millennial Quickpay, Ultra Precise Investment, Liannet Technology, Rare Earth Asia Technologies Corp., Formosa Financial Holdings, Tanzer Holdings, Asia Premiere International, Orient Express Global, White Ranch Limited, Dragon Empire Developments, Galaxy Plus Developments, Tiger Wheel, Ipe Global, Cr8tiv Solutions Management, Sino-phil Economic Zone Agency Development and Management Corp., Digifin Technologies, and Hong Kong Yuen Shing Hong.

The two recipients of Ovc provisional regular licenses are Cezex Trading Pte. Ltd. and Unicorn Venture Investment Ltd.

8 Firms Being Reviewed

Ceza is also currently reviewing eight companies that have already paid the application fees for the two types of licenses.

19 Companies Licensed to Operate Crypto Exchanges in Philippines Economic ZoneSix companies being reviewed for provisional principal licenses are Bitventures Inc., Mbex Inc., Idragon Science Development Corp., Seryna Coin Metrics Inc., Lideres Inc., and Cx Tech Pte. Ltd.

Two companies, Csm Corp. and Birdmouse Co. Ltd., are being reviewed for provisional regular licenses.

In July, Ceza announced that “about 20,000 jobs in financial technology (fintech) will open up as soon as it awards the initial 25 principal licenses to be made available to qualified fintech companies,” the Philippine News Agency wrote, elaborating:

Ceza expects to earn PHP3.6 billion [$ 66.6 million] from the initial 25 Ftsovc licenses that it will issue, on top of the 0.1 percent share per transaction value generated from the operation of the fintech firms.

In August, Ceza partnered with Northern Star Gaming and Resorts Inc. to develop a crypto and fintech hub called Crypto Valley of Asia.

What do you think of Ceza licensing all these companies to operate crypto exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock and Ceza.


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

The post 19 Companies Licensed to Operate Crypto Exchanges in Philippine Economic Zone appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

October 11, 2018 |

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Glen Oaks Escrow Supports Crypto, Binance to Delist 4 Altcoins

October 10, 2018 |

Exchanges Roundup: Glen Oaks Escrow Supports Crypto, Binance to Delist Four Altcoins

In recent news pertaining to cryptocurrency exchanges, Glen Oaks Escrow has announced that it has partnered with Bitpay to support cryptocurrency payments and Binance has revealed that it will delist bytecoin, chatcoin, iconomi and triggers next month. Etoro, meanwhile, has announced a “significant cut” in the spreads on cryptocurrency markets on its platform.

Also Read: Korean Crypto Exchange Sued for Controversial Token Schemes 

Glen Oaks Escrow to Back Crypto
Payments Through Bitpay

California-based escrow company, Glen Oaks Escrow, has announced that it now supports cryptocurrencies under a new partnership with Bitpay. The company states that the increased prevalence of real estate listings that accept cryptocurrency as payment as the principal motivation behind the decision.

Joe Curtis, Glen Oaks’ chief operating officer, stated: “Increasingly, blockchain and cryptocurrencies have the potential to become a bigger part of real estate transactions, and this is one step to be ahead of the curve and enable transactions to happen through this vehicle (…) It’s still a young technology in our space, but we are committed to being at the forefront to enable transactions in this way.”

The partnership will see Bitpay convert escrowed cryptocurrencies into cash, before wiring funds into escrow accounts, meaning that the seller in a transaction will not handle any cryptocurrencies.

Binance Delists BCN, CHAT, ICN and TRIG

Binance has announced that it will soon delist bytecoin (BCN), chatcoin (Chat), iconomi (ICN) and triggers (TRG) at 10 a.m. UTC on Nov. 12.

The announcement states that said altcoins have failed to meet the exchange’s criteria for continued support, including the “commitment of (a) team to (its) project,” the “quality and level of development activity,” “network/smart contract stability,” the “level of public communication and activity,” the “responsiveness (of the team) to (Binance’s) periodic due diligence,” whether a coin “contribut(es) to a healthy and sustainable crypto ecosystem,” and whether a coin evidences “unethical/fraudulent conduct.”

Etoro Reduces Crypto Spreads

Etoro, an asset brokerage and social trading platform, has announced a “significant cut in (the) spread on cryptoassets,” describing the move as “part of its ongoing efforts to increase awareness of the potential of crypto and blockchain broadly.” The company claims that the spreads on BTC have been “cut by more than half.”

The co-founder and chief executive officer of Etoro, Yoni Assia, stated: “We are also committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it. This includes sponsorship, advertising, speaking at events and producing educational material. Yes, crypto is highly volatile and not appropriate for all investors, but we also believe that for many it can have a role to play as part of a diversified long-term portfolio.”

Assia continued: “Over and over again we see headlines announcing the end of crypto, yet in reality we continue to see interest in and demand for these assets. The huge price rally at the end of 2017 brought crypto to the attention of the masses and thrust these infant tech companies into the spotlight. Since then prices have stabilized and the crypto industry has had the chance to catch its breath. It has used this opportunity to engage with and educate regulators and participants across traditional finance services as to the opportunities offered by crypto and blockchain more broadly. At eToro, we welcome appropriate regulation for crypto and believe that it will accelerate mass adoption.”

“Crypto is here to stay. We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey,” he concluded.

Do you think that more escrow companies will soon support cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Glen Oaks Escrow, Etoro


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Roundup: Glen Oaks Escrow Supports Crypto, Binance to Delist 4 Altcoins appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most Staff

October 9, 2018 |

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of Staff

Recent updates show that with the cryptocurrency markets performing far from how they did a year ago, some exchanges have failed to adapt to the current situation. For example, one U.K. firm is reportedly set to fire most of its employees. Yet other exchanges are still going strong, breaking into new territories and adding new trading instruments.

Also Read: The Daily: Crypto Funds Team up With New Startup Hub, FX Broker Adds BCH/BTC

Weak Quarterly Trading Volumes

Diar, an analysis service for the global digital currency industry, has issued a report highlighting the extremely weak performance of popular crypto exchanges during the third quarter of the year. For example, total USD trading volumes on Coinbase reached their lowest point in a year and total USDT trading volumes on Binance fell from $ 235 billion in the first quarter to just $ 106 billion.

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of Staff

As the report shows, one way the exchanges are looking to secure growth for the future is by moving toward tokenized securities.

“Having made bank on the trading bonanza in the past year, cryptocurrency exchanges are also acutely aware that, for the most part, the tokens they list don’t currently satisfy a utility purpose,” Diar explained. “Diving into deep pockets, exchanges are diversifying their portfolio by investing in various parts of the ecosystem to support the long-term growth of an industry stuck in development. But most notably, exchanges have amped up their investment interest for the possible issuing and trading of tokenized securities.”

Coinfloor to Fire Over Half its Employees

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffCoinfloor is in the process of firing most of its staff, according to a report by the Financial News, citing two people familiar with the matter. Founded in 2013 with backing from Transfer Wise founder Taavet Hinrikus, venture capital firm Passion Capital and Adam Knight, Coinfloor was estimated to employ about 40 people before the newly planned cuts.

Coinfloor CEO Obi Nwosu told the London-based newspaper that the company has “seen significant change in trade volume across the market.” He also stated that: “Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”

Israeli Exchange Looks Abroad

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffAccording to Israeli media reports, Tel Aviv-based exchange Bit2c is looking to offer its services into foreign markets. The exchange has reportedly acquired a Gibraltar-based firm, Eyos, that is said to be in advanced phases of receiving a distributed ledger technology (DLT) license from the local regulatory authorities that can be used to accept clients from across the EU.

“This is a significant breakthrough in making unique Israeli technology more accessible while providing a professional and experienced service to the whole of Europe, and all in the framework of a license that will enable a range of trading activities, payment options and cooperations with traditional financial institutions such as banks, credit companies and insurance companies,” Bit2c CEO Eli Bejerano said. “We continue to examine other markets, and in the future we will act to get additional licenses around the world.”

Bequant Launches EUR Stablecoin

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffBequant, a London-based global exchange, has announced the launch of Stasis’ stablecoin EURS. The company explains that the launch of the token, meant to be backed 1-for-1 by the euro, will allow safe investing for its European institutional investors in a reliable asset.

“The cryptocurrency sector is constantly striving for ways to encourage transparency, reliability and trust from investors — both institutional and individuals. Doing so not only builds trust within the industry, but also establishes clear regulation and controls that make crypto-assets a desirable choice for any investor’s portfolio. Stablecoins hold huge advantages in making this goal possible, tying themselves to a more traditional asset,” said CEO George Zarya.

“STASIS EUR’s work in creating a more reliable asset will help build the credibility of cryptocurrency in the wider financial market through its improved processes aimed at providing a more secure asset for investment. Its listing on BeQuant presents a huge opportunity for investors to get involved with a currency that is already giving previously cautious investors access to the world of crypto.”

Should we expect more exchanges to cut staff as trading volumes drop? 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 Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most Staff appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists Altcoins

October 8, 2018 |

Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists Altcoins

In recent news pertaining to cryptocurrency exchanges, images circulating online show Pantera Capital’s Digital Asset Fund had a lifetime-to-date performance of minus 40% as of the end of August, Bittrex has announced the delisting of Bitshares, Bitcoin Gold, and Bitcoin Private, and Indian cryptocurrency exchange, Bitbns, has been accused of falsifying its trade volume.

Also Read: Rapper Soulja Boy Releases New Single Titled ‘Bitcoin’

Pantera Digital Asset Fund Posts 40% Lifetime Loss So Far

Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists AltcoinsA post circulating on Twitter detailing the “August performance” of Pantera Capital’s Digital Asset Fund shows that the fund’s life-to-date losses were 40.8% as of the start of September.

The post also shows that the fund lost 22.3% in August alone, and is down 72.7% from the all-time highs posted by the fund in January.

Earlier this month, Bloomberg reported that the Grayscale Bitcoin Investment Trust has lost 80% of its value when compared with the fund’s December 2017 all-time highs after it recently established a new for 2018, signifying that the bearish performance of cryptocurrencies has fueled losses across numerous virtual currency funds.

Bittrex Delists BTS, BTG, and BTCP

Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists AltcoinsBittrex, the thirty-fifth largest cryptocurrency exchange by trade volume according to Coinmarketcap’s adjusted volume rankings, has delisted Bitshares (BTS), and Bitcoin Gold (BTG), and scheduled the delisting of Bitcoin Private (BTCP) for November 5th – citing low volume.

As of this writing, BTG has a 24-hour trade volume of nearly $ 4.7 million despite the Bittrex delisting, whilst approximately $ 3 million worth of BTS, and nearly $ 155,000 worth of BTCP has changed hands in the last day.

It total, Bittrex facilitated nearly $ 40.1 million worth of trade in the last 24 hours as of this writing.

Bitbns Accused of Faking Trade Volume

Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists AltcoinsA post authored by Indian cryptocurrency trader Karthik Varma has accused Bitbns of consistently faking its reported volume.

The author asserts that after launching in December, the exchange went on a listing spree in order to attract traders and liquidity, adding that the exchange was accused of faking volume in March following abnormalities in the trade volume of ETN – to which the exchange responded by stating that a bug in the company’s system was causing incorrect volume calculations.

In July 2018, the author asserts that Bitbns maintained strong volume despite trading activity on “most of the Indian exchanges […] decreasing drastically,” prompting analysis of Bitbns’ trade logs on the part of Mr. Varma.

According to Mr. Varma’s analysis, ”The volume reported” by Coinmarketcap for XRP pairings on Bitbns is “more than 500% than the actual volume,” and that the reported volume for BTC on the exchange is “668% than the actual volume.”

Do you think that the practice of falsifying trade volume is common among cryptocurrency exchange? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Exchanges Roundup: Pantera Fund Down 40%, Bittrex Delists Altcoins appeared first on Bitcoin News.

Bitcoin News