Scam Victim Loses $48,000 Claim Against Canadian Bitcoin ATM Firm

Scam Victim Loses $48,000 Claim Against Canadian Bitcoin ATM Firm

A woman suing for 62,500 Canadian dollars ($48,125) sent to a phone scammer over a bitcoin ATM has lost her court case, local media reported. On Friday, Charlottetown Provincial Court chief judge Nancy Orr ruled that the fiat money deposited by the woman into the teller machine belonged to Instacoin ATM Canada Inc., owners of the digital cash dispensing unit.

Also read: Funny New Advert Shows Bitcoin Is on Google’s Mind

‘Unfortunate Victim of Sophisticated Fraud’

“It’s most unfortunate that she was victim of such a sophisticated fraud,” judge Orr is quoted as saying, when she handed down her decision. However, she added that “It’s up to the bitcoin purchaser to know what they’re doing.”

Scam Victim Loses $48,000 Claim Against Canadian Bitcoin ATM Firm

The woman, unnamed for security reasons, deposited 62,500 Canadian dollars into a bitcoin automated teller machine believing she owed taxes. It was a fraud. A man claiming to represent the Canada Revenue Agency called her, threatening the new immigrant with arrest and deportation for tax default.

According to a report by CBC News, the case centered on who legally owned the money she deposited into the ATM, later seized by police in cash. In court, the woman spoke of how the scammer had her on speed dial, and of the intimate detail he held about her family. She testified that as a new immigrant, she believed the threats of arrest and deportation and that this could be avoided by sending the large sum of money demanded.

Over two days in February, the woman made a series of withdrawals from her bank, which she deposited into a bitcoin machine at a restaurant in Charlottetown, said the article. She transferred the money to a bitcoin address supplied to her by the unknown man on the phone.

“It’s really hard. I need that money back,” the woman told local media, tearfully. “I want other people to know what happened to me, so it doesn’t happen to them,” she sobbed.

Bitcoin ATM Fraud Rising in Canada

Incidences of bitcoin scams are on the rise in Canada. In November last year, police said more than 40 people had lost 300,000 Canadian dollars to phone scammers, who compel victims to make bitcoin ATM deposits on the threat of arrest for tax default.

Scam Victim Loses $48,000 Claim Against Canadian Bitcoin ATM Firm

In Charlottetown, lawyer Michael Drake, representing Instacoin ATM Canada Inc., “argued that the company merely provided a financial service to the woman, by converting cash to bitcoin currency, and sending it to the computer address she provided,” the report said. The woman supplied the bitcoin address of an unknown telephone fraudster, in this case, it detailed.

Jonathan Coady, the woman’s legal counsel, argued that at the time of the ATM deposit, the woman acted “under duress.” The judge wouldn’t have it. “Both sides involved in this case are completely sympathetic to the woman…but Instacoin did not put her under duress,” said judge Orr, adding that while anonymity was a key feature of cryptocurrency, it was also its weakness where cases of fraud are concerned.

What do you think about the outcome of this case? Let us know in the comments section below.


Images courtesy of Shutterstock and Instacoin.


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Quadrigacx Battles Bank Over $21.6M in Frozen Funds

Quadrigaxc Battles Bank Over $21.6m in Frozen Funds

Cryptocurrency exchange Quadrigacx has blamed an ongoing legal dispute over $21.6 million worth of funds that were frozen by the Canadian Imperial Bank of Commerce (CIBC) in January for delays experienced by some of its customers when requesting fiat currency withdrawals.

Also Read: Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency

Quadrigacx Blames Court Dispute With
Bank for Fiat Withdrawal Delays

The Vancouver-based exchange has blamed a legal dispute between it and CIBC as the reason for delays experienced by some of its customers when trying to withdraw fiat currency.

The Globe and Mail reports that court documents show Quadrigacx has been unable to access 28 million Canadian dollars (approximately $21.6 million) since January after CIBC froze multiple bank accounts owned by Quadrigacx’s payment processor, Costodian Inc., and its owner, Jose Reyes.

CIBC Asks Court to Determine
Rightful Owner of Frozen Funds

While CIBC has declined requests for comment from the media, a factum filed with the Ontario Superior Court of Justice states that the bank froze the accounts after it was unable to identify the owner of the funds held in the accounts.

CIBC is requesting that the court take possession of the funds in question and determine whether the money is owned by Costodian, Quadrigacx or the 388 people who directly deposited the funds into the accounts for the purpose of cryptocurrency investment.

Quadrigacx Claims Unfair Treatment

Quadrigaxc Battles Bank Over $21.6m in Frozen FundsQuadrigacx, on the other hand, claims that the bank was wrong to freeze the money, and argues that it is the undisputed owner of the majority of the funds, excluding one wire recall of 99,985 Canadian dollars. Quadrigacx’s factum also states that the exchange had already credited the accounts of the depositors with virtual currency, and that Quadrigacx believes that it is being unfairly targeted due to the mainstream stigma associated with cryptocurrency.

“This court should not succumb to the bank’s unsubstantiated and highly offensive speculation that there must be shady dealings afoot because Quadrigacx’s business is a trading platform for individuals trading in cryptocurrencies,” the court filing reads. “CIBC ‘has been holding the respondents’ funds hostage since Jan. 8, 2018, while it hopelessly attempts to find an ex-post facto justification for wrongfully freezing and continuing to freeze the accounts in the first place.”

Quadrigacx’s lawyer, Margaret Waddell, has indicated that the court heard the case during the summer, and that the judge has reserved decision.

What is your reaction to the ongoing dispute between Quadrigaxc and CIBC? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Court Authorizes Cryptocurrency Firm to Reclaim 530 ETH Sent to Wrong Address

ethereum cryptocurrency lawThe Supreme Court of British Columbia has issued a major ruling in a case stemming from a dispute over ethereum (ETH) tokens mistakenly sent to an initial coin offering (ICO) investor, and it could have implications for cryptocurrency users or exchanges outside of the litigants involved in the case. The ruling, which was issued by … Continued

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The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to Miners

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to Miners

Cryptocurrency exchange Coinsquare has reached a partnership agreement with a major Canadian bank and we’ve covered the announcement in The Daily. Also in Canada, a large bitcoin farm may be cut off from the grid by a mayor concerned about electricity consumption, and elections in Québec are likely to change the game for mining companies. In China, a bitcoin billionaire turns back on the industry; the government crackdown may have played a role.  

Also read: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption

Coinsquare in Agreement With Leading Canadian Bank

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersCanadian crypto exchange Coinsquare has managed to secure a partnership agreement with one of Canada’s leading banks. The deal will help the trading platform streamline the process of depositing and withdrawing funds for its users. According to a press release, the relationship with a Big 5 Canadian bank, which has not been identified yet, will also serve as a foundation for the firm’s global growth. The Ontario-based company has previously announced plans to expand its operations in Europe by the end of this year and launch an exchange in Japan.

Coinsquare CEO Cole Diamond described the agreement as a “tremendous boost” not only for Coinsquare but for the entire Canadian cryptocurrency industry. Quoted by Prnewswire, he said: “This announcement is one of many examples of how institutional third party partners put their faith in our approach to the cryptocurrency business. We’re thrilled to start a relationship with a major Canadian bank and we’re excited for what it means for our users.”

The announcement comes after Coinsquare recently completed a third-party consolidated financial audit which concluded that its financial statements are “free from material misinformation.” According to its Chief Financial Officer Ken Tsang, both developments are part of the efforts of the Canadian crypto company to be regarded as a trusted cryptocurrency trading platform.

Large Bitcoin Farm Under Threat in Canada

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersHut 8 Mining Corp. has spent more than $100 million to build its bitcoin mining farm in Medicine Hat, Canada, but its future is far from guaranteed. Local authorities are not happy with the mining facility, as it burns more electricity than the whole population of the city and several industrial plants working there.

The farm occupies 4.5 ha of land where more than 50 containers with 180 servers employed in mining cryptocurrency are located. Its energy needs are satisfied by a gas-powered electrical station and four wind turbines. The company is taking advantage of the low electricity rates in Medicine Hat where it has hired 40 people so far.

Despite the sizeable investment in the local economy and the positive effect on employment, Medicine Hat’s mayor has warned Hut 8 that the farm may be cut off from the grid if it gets overloaded. City authorities have also been pressured by environmental activists. A Greenpeace representative recently suggested that cryptocurrency mining should be banned unless it’s using renewable sources.

Québec Elections Said to Determine the Future of Mining

Bitcoin is in a way detached from traditional politics, soldiering on regardless of political developments here and there. However, it’s been claimed by mainstream media that one particular election is likely to affect it, at least on a regional scale and in one particular aspect – mining. The case concerns the recent parliamentary vote in the French-Canadian province of Québec.

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersThe general elections are the province’s first since tensions arose earlier this year over electricity allocation for bitcoin mining, Forbes wrote in an article devoted to the subject. The increased demand from crypto miners this year forced the provincial government headed by Parti Liberal du Québec to order the state-controlled electric utility, Hydro-Québec, to restrict the supply and introduce higher tariffs for miners, the outlet notes.

According to preliminary results quoted by Canadian media, Monday’s election has been won by the center-right pro-business party Coalition Avenir Québec (CAQ), which will have a majority in the provincial legislature and form the new government. And while neither the outgoing liberals nor the winners have so far adopted an official stance on bitcoin mining, representatives of the nascent industry claim CAQ has demonstrated some support for the miners during the moratorium on energy supplies in Québec this summer.

The coalition’s leader François Legault has previously indicated his intention to make Hydro-Québec more profitable by fulfilling its potential. The utility company is one of the largest hydropower producers in the world.

Bitcoin Tycoon Li Xiaolai to Leave the Industry

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersChinese billionaire and bitcoin investor Li Xiaolai is reportedly leaving the crypto industry amid a continuing government crackdown on the sector in the People’s Republic. Often called a bitcoin tycoon, Xiaolai is the founder of cryptocurrency venture capital firm Bitfund, which has become one of the largest and most influential crypto investment firms in China since its establishment five years ago.

“From this day on, I, Li Xiaolai, will personally not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it,” Xiaolai recently said in a post quoted by Sludgefeed. His statement was published on the Chinese microblogging platform Weibo.

The prominent crypto investor has not explicitly stated the reason for his decision but the announcement coincides with an escalating Beijing offensive against businesses in the space. Li Xiaolai notes his intentions to explore different opportunities but also admits he is still optimistic about the long-term viability of crypto technology.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Coinsquare.


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Squire Mining Discloses Next-Generation ASIC Chips Will Be Made by Samsung

Squire Mining Discloses Next-Generation ASIC Chips Will Be Made by Samsung

This week the firm Squire Mining, a company that plans to offer next-generation 10nm ASIC chips, has revealed it is working with Samsung Electronics as its foundry partner. With help from Samsung’s foundry, Squire, and a company called Gaonchips, plan to complete its ASIC chip FPGA prototype by September 30, 2018.

Also read: Ebang Announces 44 Terahash E-11 Miners With 10nm Chips

Squire Mining Announces New ASICs Will Use Samsung Semiconductors

Squire Mining Discloses Next-Generation ASIC Chips Will Be Made by SamsungOn Tuesday the company Squire Mining Ltd., (CSE: SQR), has announced the business partnered with two leading firms from Southeast Asia, Gaonchips and Samsung Electronics. According to the Canada-based Squire, the collaboration will focus on producing next-generation 10nm ASIC chips for bitcoin mining. Gaonchips will be used for Squire’s semiconductor design house and Samsung will manufacture the ASIC chips in Korea.

Squire explains during the firm’s partnership announcement on September 25 stating:  

Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the company’s initial ASIC chip to mine Bitcoin Cash, Bitcoin, and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.

Squire Mining Discloses Next-Generation ASIC Chips Will Be Made by Samsung

Squire Closes $19.5M Private Equity Financing, Alongside a Partnership With Coingeek

Squire has been making a lot of moves within the cryptocurrency industry lately. Back in August Squire closed its non-brokered private placement equity financing of $25,500,000 CAD ($19.5 million USD). During the same week in August, the blockchain company and mining pool Coingeek revealed it was partnering with Squire. Coingeek explained that it would be using Squire’s 10nm chips but would be allowed to use the Coingeek brand. Coingeek explained it would be “granted the exclusive right to market, promote, solicit, sell and distribute Squire’s new ASIC chips and mining rigs” for bitcoin cash (BCH) mining.

Bitcoin Mining Bolsters Samsung and TSMC to Provide the Next Generation Chip Technology

Samsung has been quietly entering the ASIC mining industry with stealth in 2018. It seems Samsung has also allegedly made chips for a few other mining manufacturers this year for mining rig producers like Innosilicon. Halong Miners claimed to use Samsung 10nm chips this year, but the firm has been accused of being a mock-up company who quickly sold a batch of rebranded Innosilicon miners. Still, the Innosilicon T2 and T2 Turbos do have Samsung 10nm chip technology. Furthermore, we reported that Samsung and TSMC would be the lone manufacturers this year because Globalfoundries has canceled the firm’s next-generation 7nm semiconductor production.

Samsung and TSMC have stated record earnings in 2018 have been attributed to ASIC semiconductor manufacturing. Further, a slew of new mining rigs have been announced over the past few weeks like Ebang’s E-11 series with 10nm chips. However, Ebang, Canaan, and a few other manufacturers using 10nm technology have not revealed which foundry their new 10nm architecture derives from. Earlier this week a Bitmain representative told news.Bitcoin.com that the new BM1391 ASIC 7nm chip stemmed from TSMC foundry.

What do you think about Squire’s recent partnership announcement with Samsung and Gaonchips? Let us know what you think about this subject in the comment section below. 


Images via Shutterstock, Samsung, SQR Mining, and Pixabay


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Bitcoin Mutual Fund CEO Explains Why Canada is More Blockchain-Friendly than the U.S.

Canada has set the pace as the first government to ever approve an exclusive bitcoin mutual fund. This builds upon its reputation as a friendly environment for emerging technologies. The atmosphere in Canada seems to be freer and more conducive to innovation in this field, based on the numerous developments that the industry has experienced … Continued

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Canada to Study Cannabis Cryptomarkets Ahead of Recreational Marijuana Legalization

As Canada prepares to legalize recreational marijuana next month, the impact this will have on online drug marketplaces has remained unclear. Consequently, the Department of Public Safety Canada is looking to commission a study that will shed light on the cryptomarkets – online drug marketplaces that rely on the TOR browser and cryptocurrencies – with … Continued

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The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

Wirex, the popular European crypto card provider, has announced it’s expanding to Canada and we have the details covered in The Daily. Also in the rubric, the Coin Stats mobile app now synchronizes transactions from several exchanges, a coin claiming to have AML and KYC features is listed on a major exchange, and the UK government is asked about its assessment of recent crypto market developments.    

Also read: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms

Wirex Offers Crypto Wallets in Canada, Cards on the Way

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsUK-based crypto card issuer Wirex is expanding its operations to North America. In August, the company was awarded a Fintrac and Money Service Business registration by regulators in Canada where users can already take advantage of its wallet supporting several cryptocurrencies: bitcoin core (BTC), litecoin (LTC), ripple (XRP), and ethereum (ETH).

According to a blog post published recently, the company intends to next introduce traditional currency accounts and contactless Visa cards. Wirex plastics allow their holders to convert and spend cryptocurrency just like fiat money, both in shops and online. Their users can also benefit from the platform’s reward program offering 0.5% cashback in BTC on all in-store purchases.

The Wirex team notes that although the UK and the US are ahead in the rankings for traditional blockchain adoption, Canada leads the way when it comes to Ethereum technology implementation. They also point out that the country is currently second only to the US in terms of the number of operational bitcoin ATMs – more than 600 across the country.

Coin Stats Now Syncs Transactions From Binance, Bittrex and Kucoin

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsCryptocurrency portfolio management software Coin Stats has announced the release of new updates for its Android and iOS apps, available in Google Play and Apple Store. The main changes include the option to synchronize past transactions from several exchanges. Support for Binance, Bittrex and Kucoin is currently provided and developers promise to expand the list in the future. Coin Stats also comes as a web-based application.

According to a post on Medium detailing the updates in the app, “You can make it sync your past transactions of all of your portfolios by enabling the toggle in the update popup below. Please note, your Profit/Loss will most probably change but it will become more precise.” Another novelty is that the detail pages of some coins are now styled with the brand colors of the respective project.

AML Bitcoin Listed on Hitbtc

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsAML Bitcoin (ABTC), a cryptocurrency advertised as the coin with anti-money laundering (AML) and know-your-customer (KYC) technology built into its code, has been listed on Hitbtc, currently the sixth largest crypto exchange by daily trading volume. According to Marcus Andrade, Chief Executive Officer of NAC Foundation and creator of the crypto, “The tectonic shift by the world’s governments in the past year shows the urgent need for a digital currency that can both attract the crypto community and be used in commercial and governmental transactions. We are that coin!”

The US-headquartered NAC Foundation, which is the developer of ABTC, also claims the coin boasts some theft-resistant properties. The team behind the project insists AML Bitcoin is compliant with all major national security and financial protection laws and regulations, including the USA Patriot Act and the Bank Secrecy Act.

British Government Questioned About Recent Crypto Swings

The executive power in London has been facing a lot of questions pertaining to cryptocurrencies, with the latest one coming from Lord Taylor of Warwick, who asked Her Majesty’s Government about their assessment of the reports that “the value of cryptocurrencies in the United States is falling” as well as “the potential effects that such a decline might have on the UK blockchain industry.” It turns out not much has been done in that direction.

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions“The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market,” Lord Bates, Minister of State at the Department for International Development, said in a response quoted by Finance Feeds.

The exchange comes while the British public is awaiting a report this fall from the Cryptoassets Taskforce, formed in March by the Chancellor of the Exchequer to evaluate the risks and potential benefits of cryptoassets and other applications of the underlying distributed ledger technology in financial services in the United Kingdom. The body is also charged with determining whether and what kind of regulatory approach is needed to address the developments in the crypto space.

Prices across crypto markets have recently experienced a short term recovery after plunging between 10 and 20 percent for most digital coins last week. Check our latest Markets Update to get more details on the latest developments.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


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This Canadian Town is Coughing Up Bitcoin After Ransomware Attack

A town in the Ontario Province of Canada has decided to pay hackers the ransom they are demanding in bitcoin in order to get its computer network working again. Midland, which has a population of over 16,000, had its computer systems breached and infected with ransom malware that encrypted files at the beginning of the … Continued

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Exchanges Roundup: Startup Targets Crypto Micro-Investments, Kraken Denies Halifax Closure

Exchanges Round-Up: Aus Start-Up Targets Crypto Micro-Investments, Kraken Denies Halifax Closure

In recent news pertaining to cryptocurrency exchanges, Perth-based Bamboo has announced it will launch an app designed to easily facilitate micro-investments in cryptocurrencies, Kraken has rejected an internet rumor that claimed the company had closed a Canadian facility amid security concerns, and Roboforex has increased the leverage available on its cryptocurrency markets to 1:50.

Also Read: Kucoin Expands Into Australia After $3M Bitcoin Australia Deal

Australian Startup to Facilitate Micro-Investments in Crypto Markets

Exchanges Round-Up: Aus Start-Up Targets Crypto Micro-Investments, Kraken Denies Halifax ClosureBamboo, a Perth-based startup, has announced its intention to facilitate micro-transactions into cryptocurrencies through its app. The company plans on launching in Australia and the United States later this year.

Phil George, the chief executive and co-founder of Bamboo, stated: “Our platform aims to provide access to different investment opportunities like cryptocurrencies,” adding: “We wanted to build product and tools that made it easy for anyone to get involved [with cryptocurrencies]. We call it democratizing finance. […] Robinhood is an application that makes it easier to trade shares in a way that’s as powerful as platforms that you needed $100,000 just to trade on. Now you can do it with just $5.”

Mr. George also indicated that Bamboo intends to expand to target emerging markets in the future, stating: “A lot of the third-world nations are as eager, if not more eager, because the barrier to entry is so low with the app that everyone feels like they have an opportunity to be a part of it, and they do. […] I guess what’s next is how aggressively can we launch into new markets that maybe others have overlooked because they don’t have a huge disposable income and they don’t have a huge amount of individual wealth. That doesn’t mean that they shouldn’t be afforded the same opportunity.”

Kraken Denies Rumored Office Closure in Canada

Exchanges Round-Up: Aus Start-Up Targets Crypto Micro-Investments, Kraken Denies Halifax ClosureMajor United States-based cryptocurrency exchange, Kraken, has denied recent rumors circulating on social media claiming that the exchange would be ceasing operations at a service center facility in Halifax, Canada due to a security concern.

The rumor is believed to have originated from a post on Reddit stating: “Kraken Currency exchange in Halifax unit 102 at 60 Highfield park drive has just laid off hundreds of people in response to a security breach.” Furthermore, the post alleged there was “a giant commotion happening” with “private security […] escorting people off the premises after making them sign voluntary quit forms.” A comment from a now-deleted user sought to corroborate the accusations, claiming to be an employee who had been forced to accept a voluntary resignation, adding “Security everywhere, required to hand in door fobs. Sitting in lunchroom, get told that due to volumes being down (both trading and support ticket), and in light of the opening of a new office in Asia, we need to reduce costs, and layoff of recently hired (<3 months, approx 57 people) was not enough.”

In response to a question pertaining to allegations posted on the Twitter account for Kraken Support, the exchange stated: “We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure.”

Roboforex Ups Leverage to 50x

Exchanges Round-Up: Aus Start-Up Targets Crypto Micro-Investments, Kraken Denies Halifax ClosureRoboforex, the Belize-based subsidiary of Roboforex Group, has announced an increase in the leverage value available for trading operations pertaining to the company’s cryptocurrency markets.

As of this month, Roboforex’s customers will be able to trade bitcoin cash, bitcoin core, dash, EOS, ethereum, litecoin, and ripple using leverage of up to 1:50 – up from the previous margin limit of 1:10.

Chief Marketing Officer at Roboforex, Denis Golomedov, stated: “Many of our clients trade cryptocurrencies. It’s really important for them to cooperate with the broker which provides the most comfortable trading conditions and highest security level when they trade these instruments. The increased leverage will allow our clients to implement a wider range of trading strategies and significantly increase their trading volume.”

Do you believe there is significant demand for micro-investments in cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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.

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The Daily: Revolut to Launch in North America, US Startup Presents Telegram Alternative

The Daily: Revolut to Launch in North America, US Startup Presents Telegram Alternative

Digital bank Revolut is planning to expand its operations in America and Russia. Also, payment card provider Fuzex signs an agreement with Dash, a US-based startup offers an alternative to Telegram, and crypto firm Smart Valor receives approval as a financial operator in Switzerland.

Also read: Robinhood Aiming for IPO, Dodgers to Give Away Crypto Tokens

Revolut Enters Markets in America, Canada, Russia

The Daily: Revolut to Launch in North America, US Startup Presents Telegram AlternativeUK-based online bank Revolut has some serious plans for expansion this year which include North America and the Russian Federation. Its cofounder and CEO Nikolay Storonsky recently revealed that the waiting list in the US now numbers 60,000 potential customers. Storonsky announced the plans to launch in the United States and Canada during the Techcrunch Disrupt conference noting that his company intends to start issuing its cards no later than December.

Besides the debit card, Revolut offers through its app a checking account and the ability to transfer and spend fiat money globally using an exchange rate excluding forex fees. The service also features a crypto wallet and supports buying, holding and selling cryptocurrencies. The company claims the assets are kept offline, in a cold storage. In August, the digital bank launched a contactless card, Revolut Metal, which comes with higher withdrawal limits and offers cryptocurrency cash back on purchases.

Earlier this summer, this British startup with Russian roots announced its intentions to enter the Russian market, promising to issue multicurrency cards and offer low-cost, bank-free services by the end of 2018. The company plans to use the platform of the Russian payments processor Qiwi and abide by the local law which requires implementing identity verification procedures (KYC). According to media reports, Revolut’s Russian card will support payments and transfers in 130 currencies and worldwide ATM withdrawals.

Fuzex to Add Support for Dash

FuzexThe Daily: Revolut to Launch in North America, US Startup Presents Telegram Alternative, the payment card project which chose bitcoin cash (BCH) as its base currency, has recently signed a Memorandum of Understanding with the Dash Core Group that will lead to the integration of the coin into its platform. The new Fuzex card supporting dash payments is expected in the fourth quarter of this year. Commenting on the agreement, the chief executive of Fuzex Jae-Hun Bae said:

Our goal is to grow the Fuzex ecosystem by adding various kinds of cryptocurrency, especially those with the most consistent usability as a currency. By partnering with Dash, we are pleased to offer benefits to the users of the Fuzex card and ecosystem.

Fuzex cards will come equipped with a chip, a magnetic strip, and will also feature an e-paper screen that allows holders to check their balances and switch between up to 30 credit, debit, reward and cryptocurrency accounts. The platform supports a mobile application as well, which allows users to move funds between various accounts.

American Startup Offers Telegram Analogue

The Daily: Revolut to Launch in North America, US Startup Presents Telegram AlternativeA US-based company has presented a new messaging service that offers an alternative to the popular app Telegram. The new messenger is called Stealthy and it was announced during the Disrupt SF 2018 conference in San Francisco. It’s based on the blockchain platform Blockstack. Its users are offered the opportunity to choose the cloud hosting service they want to use to store their encoded messages which are decrypted by the software installed on their devices.

According to its developers, besides allowing encrypted communication, the product can also serve as a platform for decentralized apps. The free application is already available for iOS and Android users. A paid version of the messenger will be offered in the future. It’s worth noting that the Stealthy logo, depicting a white paper plane on a light blue background, strongly resembles that of Telegram.

Crypto Firm Smart Valor Approved as Financial Operator in Switzerland

The Daily: Revolut to Launch in North America, US Startup Presents Telegram AlternativeSmart Valor, a Switzerland-based crypto and blockchain startup, has received approval from the country’s regulators to operate in the Swiss financial market, Reuters reported. The decision will allow the company to launch its own online platform supporting investments in tokenized digital assets by the end of this year. The firm also intends to apply for a banking license in early 2019 as part of plans to expand its offerings to include securities investments.

The approval of Smart Valor as a financial intermediary means the group will be supervised for compliance with Switzerland’s anti-money laundering (AML) rules and regulations. However, it will not be directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) but by the Financial Services Standards Association (VQF), a self-regulatory organization approved by the watchdog to deal with AML compliance. Smart Valor is already a member of the association.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Revolut, Stealthy.


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Kucoin Expands Into Australia After $3M Bitcoin Australia Deal

Ku Coin Expands Into Australia After $3M Bitcoin Australia Deal

Kucoin is expanding into Australia after it agreed to invest $3 million in Bitcoin Australia. The deal is seen as a win-win for both cryptocurrency exchanges, each seeking to expand into its own direction – Kucoin establishing a niche in the rapidly growing Australian market. Bitcoin Australia is targeting the UK next.  

Also read: As Zimbabweans Struggle For Cash, Even The Country’s Only Bitcoin ATM Has Run Dry

Kucoin Gets Leg Up In Australia

Ku Coin Expands Into Australia After $3M Bitcoin Australia Deal
Mr. Gan

Kucoin chief executive Michael Gan on Sunday announced the Singapore cryptocurrency exchange had injected $3 million into Bitcoin Australia in a deal that is expected to grow its footprint in Australia.

“Now, I would like to inform you about our latest key partnership,” Gan said in an update on Twitter. “I have been told that some users noted that Kucoin has accomplished investing in Bitcoin Australia, a leading Australian cryptocurrency exchange. I want to confirm that this is true,” he said.

Earlier, Rupert Hackett, Bitcoin Australia’s chief executive, told the Australian Financial Review that the cash injection will help Bitcoin Australia expand operations into 27 new markets in the next two years. The company currently operates only in Australia, the Netherlands and Canada.

UK is Next Target

Hackett said the deal will result in increased demand for cryptocurrency from both Australian and international investors.

Ku Coin Expands Into Australia After $3M Bitcoin Australia Deal

“It will effectively create an exchange for intermediate and advanced traders,” he was quoted as saying. “The UK is our next primary target. We want it to be seamless with the payment infrastructure in the UK and build up the brand,” Hackett said. He added that Bitcoin Australia presently offers the ability to purchase cryptocurrency, and wants to diversify to include a bespoke experience.

Kucoin has more than four million users on its books and transacts over half a billion United States dollars per month. In the 24 hours to press time, about $13.1 million worth of bitcoin had changed hands on the exchange. “This (deal) is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow,” said Gan, Kucoin chief executive.

Threats Of Harm

Last week, Australian financial markets regulator, the Australian Securities and Investments Commission (ASIC), said it will tighten control of cryptocurrency exchanges and token sales to eliminate “potential harm” from emerging technologies. In its “Corporate Plan” plan for the next four years, ASIC revealed: “We will continue to focus on monitoring threats of harm from emerging products, cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”

Ku Coin Expands Into Australia After $3M Bitcoin Australia Deal

Hackett, the Bitcoin Australia chief executive, was not particularly perturbed by the state of regulation in the Pacific nation. He told the Australian Financial Review that the country’s regulatory environment was “very progressive based on the global climate.” He hopes that “because we’re a regulated cryptocurrency exchange, we can leverage that in these international markets and foster business relations on that foundation.”

Australia is booming as a market for cryptocurrency, both as means of payment and as a store of value. About 14 percent of Australians now own a cryptocurrency of one sort or another, according to a report by Hive Ex, and payments are increasingly being settled in bitcoin.

Do you think Kucoin in Australia is a good venture for the company? Let us know what you think in the comments section below.


Images via Shutterstock.


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