Search by "exchange" tag

Coincheck earned $490 million before being hacked

Japan-based cryptocurrency exchange Coincheck, infamous for the enormous heist earlier this year, had earned 53.2 billion yen ($490 million) in the period between April 2017 and January, when the hack occurred. 

Yet, in February and March, the exchange made a profit of 500 yen. The case illustrates how lucrative can operating a cryptocurrency exchange be. This April a Japanese retail brokerage Monex bought Coincheck for 3.6 billion yen and will be splitting the profit with the previous shareholders for the next 3 years.

Anonymity Is No Longer Welcome In Europe

Crypto Exchange Poloniex has toughened its policy concerning users’ privacy, who are now unable to trade before their accounts are verified. The KYC (Know Your Customer) procedure was announced in December 2017, yet not all users paid proper attention to the exchange’s recommendation to withdrawal their resources. From now the withdrawal limit is $2000 per day read more

6 Fraudulent Crypto Exchanges In Ukraine

6 Fraudulent Crypto Exchanges In Ukraine

4 Ukrainian citizens suspected of operating at least 6 fraudulent cryptocurrency exchanges have been arrested on June 16. The men created platforms that imitated legitimate cryptocurrency exchanges, thus offering scam trading services. The victims were investors interested in buying tokens, who were asked to transfer money into digital wallets registered under forged identification documents through the fake trading sites, according to the press release. The uncovered crime group consisting of skilled programmers set up their own CMS-system to manage their networks. After police were informed of the fraudulent activity, all devices, including computers, mobile phones, hard drives and bank cards, used by the swindlers, were confiscated for a further investigation.

The police have opened criminal proceedings against them under Section 3 of Article 190 (Fraud) of Ukraine’s Criminal Code, but the total amount stolen still isn’t established.

 

 

McAfee Introduces His Own Fiat Currency And It’s Not A Hoax

The businessman and crypto attorney shook Twitter with his announcement of “McAfee Coin” – a collectible fiat currency with his face on it. On May 29 McAfee posted a “fake dollar” created by SmartPayMint, a cryptocurrency exchange, and declared that it was an odd coincidence since the next day he was going to announce the issuance of his currency read more

Upbit has faked its balance sheets – or has not.

The fourth largest crypto exchange from South Korea Upbit is being investigated by police: it is accused of having faked its balance sheets and deceiving investors. This morning South Korea’s Financial Supervisory Commission (FSC) sent 10 investigators to the exchange’s head offices in Seoul to audit its virtual currency holdings. 

This spring multiple crypto exchanges had attracted the attention of South Korean authorities that announced citing anti-money laundering and investigating into exchanges’ corporate bank accounts.

Coinbase Launches a Custody Service

Coinbase Launches a Custody Service

Crypto exchange Coinbase announced new Custody Service made for hedge funds, exchanges, ICO teams and private clients capable of depositing at least $10 million. The service has begun to operate last week. At the moment, the exchange holds around $20 billion in crypto and hopes to bring in $10 more million with Custody. According to the first announcement in November 2017, clients will be obligated to pay $100,000 as a set-up fee and a 10 basis point fee-per-month on the assets held. Currently the service is only available for clients in the United States and Europe, but by the end of 2018 Coinbase promises to open up for Asia, too.

Regulators in Philippines to Present ICO and Crypto Exchange Rules

Regulators in Philippines to Present ICO and Crypto Exchange Rules

Crypto regulators in the Philippines intend to publish draft cryptocurrency regulation before September ends, The Manila Times announced Monday, September 3. 

Regulating Crypto Exchanges 

Referring to Ephyro Luis Amatong, executive of the country’s Securities and Exchange Commission (SEC), the local news outlet reported that cryptocurrency exchanges should be considered as conventional "trading platforms." 

read more

Bitfinex Holding the Line to Defend Against Rumors

Bitfinex Holding the Line to Defend Against Rumors

Cryptocurrency exchange Bitfinex has been accused of being insolvent in a series of articles on Medium. In Sunday’s blog post, the company denied the rumors by providing counter-arguments.   

It’s All Good

Bitfinex stated that it is not insolvent, and “as one of only a very few exchanges operating since 2013, with a small team and low operating costs,” they do not understand the accusation, which, in their opinion, is unfounded. 

read more

The CEO of Bitcoin.com Revealed a Plan to Open a Cryptocurrency Exchange

The CEO of Bitcoin.com Revealed a Plan to Open a Cryptocurrency Exchange

You can call him Bitcoin Jesus or Bitcoin Judas – depends on your attitude to the August scaling debate 2017. Nevertheless, Roger Ver is going to launch a crypto exchange platform.

read more

Binance Has Opened Fiat-to-Crypto Exchange in Africa

Binance Has Opened Fiat-to-Crypto Exchange in Africa

The largest cryptocurrency exchange Binance is opening a branch in Uganda this week, as was announced on the official website today, October 15.

Maintaining the Economy

According to the release, the exchange in Uganda has already begun the know-your-customer (KYC) procedures, and will start accepting deposits and withdrawals of the local currency, Ugandan shillings (UGX), in two days. Initially, the branch will support only Bitcoin (BTC) and Ethereum (ETH), but other currency pairs will be added in time. 

read more

Coinbase Goes to Ireland

Coinbase Goes to Ireland

Coinbase Vice president of operations and technology, Tina Bhatnagar, announced the launch of a new office in the capital of Ireland. The reason is an increased number of European users. 

read more