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| December 12, 2018

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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


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

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Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH

August 6, 2018 |

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCH

A cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline.

Also Read: P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

First Chinese Lawsuit Pertaining to Bitcoin Fork Filed Against Okcoin

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHA Chinese bitcoin investor has filed a lawsuit against Okcoin in what Legalweekly has described as the first Chinese suit pertaining to last year’s bitcoin fork.

According to the publication, the plaintiff, who is known by the pseudonym Feng Bin, alleges that “at the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.”

Plaintiff Claims No Deadline Was Given for Okcoin Users to Claim BCH

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHFeng Bin claims that after contacting the company to report the issue, Okcoin responded by stating that “The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal,” despite the company’s announcement on August 1st, 2017, stating: “If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.”

“I have been paying attention to the announcement of the Okcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program,” Feng stated.

Plaintiff Seeks Reparations for Inability to Sell BCH During Price Peak

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHMr. Feng is also seeking reparations for the “losses” caused as a result of being unable to sell his BCH at peak prices. As such, the plaintiff is seeking 169,969.22 yuan (approximately $ 25,000 USD in total).

Okcoin has reportedly questioned the legitimacy of Mr. Feng’s claim to the holdings, purportedly describing the lack of trading activity conducted by the account during 2017 as “not normal” given the market conditions of last year.

What is your response to the lawsuit against Okcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH appeared first on Bitcoin News.

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