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India’s Zebpay Shuts Down Exchange Activities

September 28, 2018 |

India’s Zebpay Shuts Down Exchange Activities

One of the largest cryptocurrency exchanges in India, Zebpay, is shutting down its exchange activities due to the crypto banking ban imposed by the country’s central bank. “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,” Zebpay wrote.

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

Zebpay Stops Exchange Activities

India’s Zebpay Shuts Down Exchange ActivitiesZebpay announced on Friday the shutdown of its popular crypto exchange, which according to its website has over three million users.

“Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain,” the exchange wrote. However, Zebpay admitted:

The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities.

The exchange is canceling all unexecuted crypto-to-crypto orders on Sept. 28 at 4pm (Indian time). Customers’ cryptocurrencies will be credited to their Zebpay wallets. “No new orders will be accepted until further notice,” the exchange clarified but noted:

Zebpay wallet will continue to work even after the exchange stops. You are free to deposit and withdraw coins / tokens into your wallet.

Effects of RBI Crypto Banking Ban

India’s Zebpay Shuts Down Exchange ActivitiesThe Reserve Bank of India (RBI) issued a circular on April 6 banning banks and financial institutions under its control from providing services to crypto businesses. The ban went into effect in July.

Shortly after the RBI issued its circular, Zebpay launched its crypto-to-crypto trading platform. In August, the exchange added trueusd trading.

However, the banking problem has been hurting Zebpay’s business. On Sept. 4, the exchange announced that it will return all users’ Indian rupees on deposit at the exchange. “We have been distressed at the raw deal crypto-traders are getting in India as a result of the banking problems,” the exchange described.

India’s Zebpay Shuts Down Exchange ActivitiesAccording to Unocoin, another major Indian exchange, “India’s biggest crypto population is not ready for the crypto-to-crypto trading,” CEO Sathvik Vishwanath told news.Bitcoin.com in September.

Meanwhile, a number of smaller exchanges have launched exchange-escrowed peer-to-peer (P2P) trading which they claim to have rapidly gained popularity since the RBI ban. Even the central bank has noticed the growth of P2P trading. In its annual report, the RBI wrote that “some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash.”

A number of petitions have been filed against the RBI ban and the supreme court has been trying to hear the case since Sept. 11. However, the case has been postponed repeatedly.

What do you think of Zebpay shutting down its exchange activities? Let us know in the comments section below.


Images courtesy of Shutterstock and Zebpay.


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The post India’s Zebpay Shuts Down Exchange Activities appeared first on Bitcoin News.

Bitcoin News

Crack in Beam Shuts Down New $2B Transit Terminal

September 26, 2018 |

San Francisco officials shut down the city’s celebrated new $ 2.2 billion transit terminal Tuesday after discovering a crack in a support beam under the center’s public roof garden. Coined the “Grand Central of the West,” the Salesforce Transit Center opened in August near the heart of downtown after nearly…
Newser

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Wants to Be President

September 13, 2018 |

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected President

In today’s edition of The Daily we cover stories about Shapeshift shutting down its decentralized portfolio platform Prism, the bitcoin-hating CEO of JP Morgan, Jamie Dimon, thinking he can be elected US President, an exchange expanding to 20 more states, and further censorship of bitcoin-related accounts on Chinese social media.

Also Read: 66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat

Shapeshift Shuts Down Prism

Shapeshift, which recently announced a shift to a mandatory membership model, is now also shutting down its decentralized portfolio platform, Prism. When it was launched last year, Prism promised the ability to secure a basket of cryptocurrencies without exposure to third party risk, meaning without leaving your funds on an exchange. It also featured some social trading capabilities, like displaying public performance leaderboards so users could learn from top traders and copy their portfolios.

Shapeshift didn’t indicate that the move is related to its recent change of model, instead stating it has been done to focus on developing its core product line. “With the work we’ve done over these past 18 months, it’s become clear to us that there is actually a different (and likely superior) product to be built with this underlying technology. It requires more than a pivot: a reimagining of the product itself…These reasons combined have led us to the conclusion that we should sunset the current Prism product, both in order to focus on our core platform, and to clear the pallet for a potential reimagining of what this technology can do later on.”

Bitcoin-Hating Banker Thinks He Can Be Elected President

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected PresidentJamie Dimon, the CEO of JP Morgan Chase and former director of the New York Fed, seemingly loves to stir up controversy in a way that will grant him maximum publicity before quickly retreating. After attacking bitcoin as a fraud and regretting it, he has now said he can be elected President of the United States – and then almost immediately took it back. Apparently the Wall Street banker thinks he can beat current president Donald Trump because “I’m as tough as he is, I’m smarter than he is.”

It would have been both entertaining and enlightening to discover just how much the American public love bankers in this ultimate popularity contest, but Dimon took his words back as soon as they were made public, proving he is neither as tough nor as smart as he imagines. “I should not have said it. I’m not running for president. Proves I wouldn’t make a good politician.”

Okcoin Expands to 20 More States

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected PresidentOkcoin exchange has announced an expansion into 20 new states with token-to-token only trading. These include: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. And the team have added they are in the process of applying for money transmittal licenses (MTL) in the remaining states for both token-to-token trading and fiat-to-token trading.

“In order for the cryptocurrency market to reach its full potential, exchanges like Okcoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities,” said CEO Tim Buyn. “Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”

Wechat Blocks Bitmain

According to reports from China, the dominant social network Wechat has blocked one of Bitmain’s accounts (“antminersale”). This comes after last month the network shut down the Wechat social media accounts of several local crypto news outlets, and the government blocked access to 124 foreign exchanges said to be targeting Chinese and banned hotels and other venues from hosting blockchain-related events. Considering these recent actions, some commentators see the move against the mining hardware producer as part of a new crackdown on the industry in China.

What do you think about today’s news tidbits? 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 The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Wants to Be President appeared first on Bitcoin News.

Bitcoin News

Village Voice shuts down after 63 years

September 1, 2018 |

A year after halting its print publications, the infamous weekly The Village Voice is folding due to financial woes, ending a 63-year run.
FOX News

Ivanka Trump shuts down her namesake clothing brand

July 24, 2018 |

Ivanka Trump, President Trump’s daughter, said Tuesday that she is shutting down her namesake fashion brand amid drooping sales and her desire to focus on her role as a White House senior advisor.

Her line of moderately priced women’s apparel, shoes, handbags and other goods initially sold well…


L.A. Times – Business

Ford temporarily shuts down F-series truck production due to fire at parts supplier

May 10, 2018 |

A fire at a Chinese-owned auto parts plant in Michigan has cut off supply of key components and disrupted production of crucial Ford Motor Co. and Daimler AG models, with the U.S. automaker already saying it’ll hurt profit in the second quarter.

Ford is shutting down F-150 truck production at its…


L.A. Times – Business

US State Shuts Down Cryptocurrency Mining Company

April 27, 2018 |

US State Shuts Down Cryptocurrency Mining Company

A U.S. state has issued a cease and desist order to a company purportedly engaged in cryptocurrency mining. This order follows a temporary cease and desist order to the company two months ago which it did not respond to.

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

Cease and Desist Order

The U.S. State of North Carolina issued a cease and desist order to Power Mining Pool (PMP) last week. After some investigation, the state’s Securities Division declared:

The Securities Division found that PMP is violating the Securities Act by: a. offering unregistered securities in the form of ‘mining pool shares;’ b. offering securities while it is not registered to do so; and c. making material misstatements when offering securities.

US State Shuts Down Cryptocurrency Mining CompanyThe order mandates the company and any person, employee, officer, director, entity, or independent contractor under its direction or control to permanently cease and desist from selling securities in the state until the security is registered or exempt.

They also must not act as a securities dealer, salesman, or agent unless registered with the state. Furthermore, they must not engage in fraud in connection with the offer or sale of any security, or violate other provisions and rules of the state.

This order follows a temporary cease and desist order issued by the same division on March 2. However, the company has neither responded to the order nor requested a hearing. Instead, its website, which is its principal place of business, went offline on March 6, the order revealed.

US State Shuts Down Cryptocurrency Mining Company

Questionable Operations

The State of North Carolina described PMP as an online business that is unregistered in any jurisdiction, without a physical place of business and “The individuals who managed PMP are not identified.”

The company represents that it owns and operates mining rigs capable of mining seven different cryptocurrencies 24 hours a day, 7 days a week. It also represents that these rigs track the profitability of each of the seven cryptos and automatically “switch resources away from less profitable coins.”

US State Shuts Down Cryptocurrency Mining CompanyPMP also offers mining pool shares to investors to mine on their behalf. “Investors who purchase mining pool shares must first purchase bitcoin with their fiat currency, such as the U.S. Dollar or Euro,” the order detailed. “Next, PMP directs investors to deposit their bitcoin into PMP’s bitcoin wallet in order to set up an account on the PMP website.” The company then claims to mine cryptocurrencies on investors’ behalf and purported to pay investors the fiat value of the coins mined.

Investors can also “trade the mined coins for bitcoin.” PMP claims that it will pay the investors “on any profits we make in the trading pool” every three hours.

The Secretary of State of North Carolina wrote:

The mining pool shares are securities and are not registered with the Administrator…PMP willfully fails to disclose material facts when offering the mining pool shares.

What do you think of North Carolina shutting down Power Mining Pool? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post US State Shuts Down Cryptocurrency Mining Company appeared first on Bitcoin News.

Bitcoin News

TMZ

Philly Prosecutors Want Meek Mill’s Gun Conviction Thrown Out, Judge Shuts Down

April 16, 2018 |

Prosecutors in Meek Mill’s case want his original drug conviction to be vacated, which would mean immediate freedom for the rapper — but, once again, the judge is refusing to bend. Philly’s D.A. Office made a rare move Monday morning in court ……

TMZ.com

CNN

Russia expels US diplomats and shuts consulate in tit-for-tat move

March 30, 2018 |

Russia will expel 60 US diplomats and close the US Consulate in St. Petersburg, Foreign Minister Sergey Lavrov said Thursday, in retaliation for a similar move by Washington.
CNN.com – RSS Channel – World

US Court Shuts Down Promoters of Three Deceptive Crypto Schemes

March 18, 2018 |

US Court Shuts Down Promoters of Three Deceptive Crypto Schemes

A U.S. federal court has placed a restraining order on and frozen the assets of four alleged promoters of deceptive schemes involving cryptocurrencies at the request of the country’s Federal Trade Commission.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

US Court’s Order

US Court Shuts Down Promoters of Three Deceptive Crypto SchemesThe U.S. Federal Trade Commission (FTC) announced on Friday that a federal court has shut down “promoters of deceptive cryptocurrency schemes” at its request. The FTC is an independent agency of the U.S. government. Its goal is to promote consumer protection and prevent anti-competitive business practices.

The U.S. District Court for the Southern District of Florida has “halted the activities of four individuals who allegedly promoted deceptive money-making schemes involving cryptocurrencies,” the agency wrote, adding that:

These schemes falsely promised that participants could earn large returns by paying cryptocurrency such as bitcoin or litecoin to enroll in the schemes.

Furthermore, the federal court has “issued a temporary restraining order and frozen the defendants’ assets pending trial,” also at the FTC’s request.

According to the agency’s complaint filed with the court, the defendants violated “the FTC Act’s prohibition against deceptive acts by misrepresenting the chain referral schemes as bona fide money-making opportunities and by falsely claiming that participants could earn substantial income by participating in the three schemes.”

Bitcoin Funding Team and My7network

Three of the four defendants allegedly “promoted chain referral schemes known as Bitcoin Funding Team and My7network,” the FTC detailed. Thomas Dluca, Louis Gatto, and Eric Pinkston allegedly used websites, Youtube videos, social media and conference calls to promise “big rewards for a small payment of bitcoin or litecoin,” the agency noted, adding:

The defendants claimed that Bitcoin Funding Team could turn a payment of the equivalent of just over $ 100 into $ 80,000 in monthly income.

US Court Shuts Down Promoters of Three Deceptive Crypto SchemesHowever, the FTC asserted that this setup would benefit only a few participants while the majority of them would fail to even recoup their initial investments. Furthermore, the two schemes’ participants “could only generate revenue by recruiting new participants and convincing them to also pay cryptocurrency.”

In Bitcoin Funding Team, participants must pay an initial bitcoin payment to an earlier participant and a fee to the scheme to be eligible to recruit new member and receive payments from them. In addition, “Promoters claimed participants could earn bigger rewards if they paid additional bitcoins,” the FTC described. Acting Director of the FTC’s Bureau of Consumer Protection, Tom Pahl, commented:

This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform – or currency used…The schemes the defendants promoted were designed to enrich those at the top at the expense of everyone else.

Jetcoin

The fourth defendant, Scott Chandler, promoted Bitcoin Funding Team “and another deceptive cryptocurrency scheme, Jetcoin,” the FTC alleged. This scheme “promised investors a fixed rate of return on their initial bitcoin investments as a result of bitcoin trading” in addition to a recruitment scheme, the FTC described, adding:

In a series of promotional calls, Chandler claimed Jetcoin participants could double their investment in 50 days. In reality, the FTC complaint alleges, the scheme failed to deliver on these claims and ceased operation within two months of launching.

What do you think of the federal court shutting down promoters of deceptive schemes involving cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock and the FTC.


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

The post US Court Shuts Down Promoters of Three Deceptive Crypto Schemes appeared first on Bitcoin News.

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