Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of Japan’s most popular chat app, has added crypto price quotes to its Clova AI assistant and has launched a token fund. In addition, human consultants are now available to answer questions about bitcoin for free from within the Line chat app.

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

Forside Expands Mining Operation

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token FundA Tokyo Stock Exchange-listed company in the content and real estate-related businesses, Forside Co. Ltd. (TYO:2330), announced last week developments of its mining operation.

“Forside Financial Services Co. Ltd., a consolidated subsidiary of Forside Co. Ltd., received OEM from LC Mining (GPU mining machines) developed by Lucky Cue Co. Ltd.,” the Zaikei Shimbun described, adding that the company will start selling these mining rigs under its brand name, FFSM.

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
Picture of mining equipment provided by Forside.

Forside Financial Services has already started a mining operation in Canada. Its parent company says that the mining rig sale is “one of the efforts aimed at realizing the growth strategy development of the virtual currency mining business” at the subsidiary.

Furthermore, Forside announced:

In the future, our subsidiary will use semiconductor chips (mining chips) utilizing state-of-the-art 7nm process technology on its own mining [operation]…[and] selling ‘Next Generation Mining Board’ equipped with the chips.

While Forside did not reveal the supplier of its 7nm mining chips, in Japan, GMO Internet recently started selling 7nm mining rigs with a plan to sell its “Next Generation Mining Board.”

Fasteps Plans Exchange Launch in Singapore

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token FundAnother Tokyo Stock Exchange-listed company, Fasteps Co. Ltd. (TYO:2338), recently announced that its Singaporean subsidiary plans to launch a crypto exchange in Singapore. The company mainly engages in system solution, media solution, and cost management businesses.

In June, Fasteps opened an exchange in Hong Kong called Bitone. It currently offers trading in three markets, with 11 BTC trading pairs, 10 ETH trading pairs, and 5 USDT trading pairs.

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Line Launches Token Fund, Adds Prices to Clova

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
Line Clova AI assistant.

Line Corporation (TYO:3938), the operator of Japan’s most popular chat app, has added crypto price quotes to its Clova AI assistant for Android and iOS operating systems. Crypto prices are provided by Kraken exchange.

The company also announced last week that its subsidiary, unblock corporation, has established a corporate token venture fund in Hong Kong called “unblock ventures ltd.”

With LVC Corporation, the subsidiary that operates the group’s cryptocurrency and blockchain businesses, as its sole investor, “unblock ventures focuses on token investments and has a capital commitment of USD10 million,” Line explained, adding:

By launching this new corporate token fund, Line is aiming to boost the development and adoption of cryptocurrencies and blockchain technology.

Meanwhile, Tokyo-based consulting center Bitcoin no Madoguchi is offering free consultation via the Line chat app. Users can add the company as a friend inside Line and start asking questions. According to Coinchoice publication, once a question is submitted, an answer will be delivered from a person working at the Bitcoin no Madoguchi office between 30 minutes and 7 hours.

What do you think of these Japanese public companies’ crypto operations? Let us know in the comments section below.


Images courtesy of Shutterstock, Forside, Farsteps, Line Corp.


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Binance CEO Changpeng Zhao: With Tether ‘Concern is Always There’

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

During a recent conference in South Korea, Binance CEO Changpeng Zhao responded to questions about the company’s relationship with controversial stablecoin Tether. He acknowledged that “concern is always there,” according to regional reporting. Binance is one of the largest holders of Tether.

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Binance CEO Voices Concern Over Tether

According to Anca Faget of Romania-based Coindoo, the CEO of Binance, Changpeng Zhao, responded to questions about the company’s relationship with controversial stablecoin Tether. One question came from Ran Neu-Ner who asked about the impact a Tether crash would have on Binance.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'
Mr. Zhao

Mr. Zhao answered, “We have seen fiat currencies go down in history a lot. Probably more times than they have been in cryptocurrencies. So yes, the concern is always there and that’s also why we’re listing other stable coins as well, so we actively promote other stable coins including True USD and others.”

Binance launched in the summer of last year with an initial coin offering that raised around $15 million. It’s a cryptocurrency exchange, catering to a multi-language, international clientele. This year has been a busy one for the exchange. On its way to a very ambitious goal of earning $1 billion this year, Binance invested in a Maltese bank, is attempting to conquer the South Korean market, and recently teamed up with Libra Credit.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

Tether and Bitfinex 

Mr. Neu-Her also asked about the connection between Tether and Bitfinex. Many in the ecosystem have long accused both of bitcoin price manipulation, with some actually attributing the entire price run-up of 2017 to Tether’s inflation (another study, however, came to the opposite conclusion).

“I haven’t personally seen their bank accounts,” Mr. Zhao assured, “but from a logical point of view they have so many profits from their regular exchange business, they don’t need to do anything crazy about the Tethering. I think the reason they cannot release their bank account details is because if they release whichever bank they’re using, then the bank account gets shut down,” the CEO said at a Korea Blockchain event.

Binance CEO Changpeng Zhao: With Tether 'Concern is Always There'

Ironically, accusations against Tether have slowed toward the middle of this year. When yet another study suggests a Tether collusion, this time between it and Kraken, the exchange took to its blog and blasted journalists whom it felt understood little how its business works. Last month Tether brought in an establishment figure to head its compliance division, perhaps in an effort to assuage future fears.

How important is Tether to the ecosystem? Let us know in the comments section below.


Images via Pixabay, Binance, and Tether.


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How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

Bitforex, a cryptocurrency exchange that scarcely scraped the top 100 by trading volume until recently, has been accused of generating false trades on a mammoth scale. Crypto Exchange Ranks, which pulls in open source data from exchange APIs, has published a report in which it accuses Bitforex of creating fake volume and Coinmarketcap (CMC) of being complicit in the scam.

Also read: Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

Bitforex, Coinmarketcap and the Case of the Fake Volume

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume
Everything about Bitforex looks off – including its logo

Fake trading volume, defined as buy and sell orders designed to artificially create the impression of demand, are a running motif in the cryptocurrency world. For as long as anyone can remember, various exchanges have been accused of wash trading and inflating their volume. It’s the equivalent of a half-empty airliner placing its passengers in window seats to give the impression that the plane is full. Creating fake volume may sound like a relatively minor transgression, but it can have major ramifications for traders.

“Cooking the books” by falsifying activity lures traders into signing up for an exchange that may be untrustworthy, insecure, and far less liquid than it looks. Any exchange that is willing to create false volume may have few qualms about committing more egregious crimes against its users. Until recently, Bitforex was a little-known exchange, languishing around 70th in the world by trade volume. It now stands at 12th according to data provided by Coinmarketcap, with 24-hour volume of $227 million.

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume

Crypto Exchange Ranks calls out Bitforex

In a detailed and compelling blog post, Crypto Exchange Ranks outlines its case for Bitforex having generated fake volume. Aside from the fact that Bitforex’ trade volume has multiplied by almost 100x in recent weeks, and now stands at more than 10x that of established exchanges like Kraken and Kucoin, there’s its modest social media presence that includes less than 2,000 Twitter followers. The Singapore-based exchange does have 65,000 Telegram followers, but much of this can be attributed to the usual spate of bots coupled with airdrop token chasers.

How Coinmarketcap Incentivizes Exchanges to Report Fake Volume
Bitforex’ claimed trade volume according to its website

Bitforex claims in its Twitter bio to be licensed in the EU, but there is no evidence to support this; in fact its website states that the platform is licensed in the Seychelles and Philippines. The site also includes such bold claims as having 1.8 million users, to be attracting 15,000 new users a day, and to have amassed $1.5 billion of trade volume, taking it as high as number five on Coinmarketcap’s exchange rankings.

Bit Who?

Crypto Exchange Ranks isn’t buying Bitforex’ claims, writing “We see that the number of UU [unique users] of BitForex is 29K. In turn, Kucoin has 889K unique users. Kraken has 666K unique users. KuCoin’s number of UU is 30 times higher than that of BitForex, Kraken’s number of UU is higher by 23 times.” It concludes:

As we have already discovered through SimilarWeb, the exchange receives the bulk of the new traffic through the referral source — CoinMarketCap; thus, the platform immediately attracts attention. Here’s the explanation: creating and implementing marketing and communication strategies and building a community in an organic way is more expensive than forging trade volumes.

While CMC is unlikely to be abetting Bitforex, in publishing the exchange’s figures without question, it is unwittingly complicit in the deception. Other crypto comparison sites have been less eager to report the sort of inflated figures produced by the likes of Bitforex, regardless of what the data pulled by API might say. With its shoddy web design, poor English, and almost certain fake volume, Bitforex does not inspire confidence. But until Coinmarketcap makes a stand against blatantly falsified volume, exchanges will be incentivized to cheat the system and lure in gullible traders eager to try out the next big platform.

Do you think Bitforex’ trading volume is real? Let us know in the comments section below.


Images courtesy of Shutterstock, Coinmarketcap, and Bitforex.


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Kraken Mocks Coinbase, Sarcastically Claims it is Listing 1,600 Cryptocurrencies

Major crypto exchange Kraken recently released a sarcastic statement in response to the unforeseen decision of Coinbase to list five new digital currencies. As CCN reported, on July 14, Coinbase, the world’s largest crypto exchange and brokerage, announced its finalized plan to integrate Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and

The post Kraken Mocks Coinbase, Sarcastically Claims it is Listing 1,600 Cryptocurrencies appeared first on CCN

Kraken Strikes Back at Tether Price Manipulation Claims

Cryptocurrency exchange Kraken is calling foul on allegations that its tether (USDT) markets are frequently characterized by trading activity commonly associated with wash trading and other forms of market manipulation. Last week, Bloomberg published an investigative report examining trades involving tether, a “stablecoin” allegedly backed by physical U.S. dollars at a 1:1 ratio. Controversy has … Continued

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Kraken Goes Savage Against Tether Manipulation Allegations

Kraken Goes Savage Against Tether Manipulation Allegations

Following a Bloomberg News expose, alleging market manipulation of controversial alternative token Tether (USDT) on its exchange, Kraken fires off a savage blog post mocking journalists and defending their business’ integrity.

Also read: Red Flag Waved in Tether’s Relationship with Kraken Exchange

Kraken Goes Savage On Bloomberg

On Tether: Journalists Defy Logic, Raising Red Flags reveals the San Francisco-based cryptocurrency exchange is having exactly none of it. A journalist “covering market structure for Bloomberg News inexplicably fails to comprehend basic market concepts such as arbitrage, order books and currency pegs.  More troubling, however, was the applause from other ‘journalist’ lemmings as they followed in walking their reputations off a cliff.  It defies logic.”

Kraken Goes Savage Against Tether Manipulation Allegations

Kraken is a scrappier exchange in the crypto world, and if the present rebuttal doesn’t convince readers of that fact, remembering back to its verbal joust with no less than the New York Attorney General would suffice. The AG issued its notorious Virtual Markets Integrity Initiative Questionnaire to leading cryptocurrency exchanges throughout the United States, and then, as now, Kraken went savage. CEO Jesse Powell shot back, referring to the AG’s request directly, “When I saw this 34-point demand, with a deadline 2 weeks out, I immediately thought ‘The audacity of these guys — the entitlement, the disrespect for our business, our time!’” 

Kraken Goes Savage Against Tether Manipulation Allegations
Matt Leising

True too is the fact it has been one hell of a week for Kraken’s current object of scorn and derision, journalist Matt Leising. Not only was he principal author in the offending Tether story, he also released viral speculation about Satoshi Nakamoto’s reemergence via new writings. For Kraken, however, “The would-be Tether takedown was indefensible and handily dismantled by the community.  Each comment a prelude to a thorough evisceration,” and nearly half a dozen scathing Tweets follow. Mr. Leising has since announced he is “off Twitter until July 9. Go yell at someone else.”

For the exchange, the need to push back on Mr. Leising’s work in this manner comes down to the presumption “lawmakers are reading this stuff. The title sure was sensational, and it undoubtedly grabbed eyeballs but what of the readers who are not following the outrage on Reddit and Twitter? What of those who rely on the journalistic integrity and expertise of their news sources? If we are to take up our pitchforks against market manipulation, guide your torches toward this illumination: the Bloomberg News piece was published on June 29th, the last business day of trading for Q2, and expiration date of numerous futures contracts. It raises red flags,” the post chastised at Mr. Leising’s methodology.

Kraken Goes Savage Against Tether Manipulation Allegations
“Taking a look at a snapshot of the order book, we see that there is well over $1 million dollars of resting buy and sell orders within a very close range around a price level of $1 US dollar. As a result, price changes in USDT are typically very small.”

Tether’s Price is Not Being Manipulated by Kraken

After explaining USDT’s price stability is a function of the token’s inherent design and rather banal arbitrage, the exchange turns to its overall influence on the tether market at large. “As much as we pride ourselves on the level of recognition we enjoy in the industry,” Kraken explains, “we sadly cannot claim to be the arbiters of the price of USDT.  It is more likely determined by the billions of USDT traded over markets like BTC/USDT or ETH/USDT on other platforms. If 1 BTC trades for ~6,350 USDT on one platform and ~$6,350 US dollars on Kraken, then the implied price of each USDT is logically $1 US dollar. This level of USDT price discovery happens on markets with hundreds of millions of dollars of volume, not on Kraken’s USDT/USD market, which has currently traded less than $1 million in the last 24 hours.” They further invite anyone to check their logic against publicly available data.

The exchange bills itself in terms of euro liquidity and volume “the world’s largest bitcoin exchange.” It operates in the United States, European Union, Canada, and Japan. Owned by Payward Inc., ironically it provides bitcoin core (BTC) pricing to the Bloomberg Terminal. It was founded largely in the wake of the Mt. Gox implosion, and established itself as a viable alternative. It was launched by Mr. Powell in Fall of 2013, and, with some noted hiccups, has been an ecosystem staple.

Kraken Goes Savage Against Tether Manipulation Allegations
“For a real-world historical picture of a massive pegged market, take a look at USD/CNY in 2004,” above.

“We take allegations of manipulation very seriously,” the exchange insisted. “We strive to operate a platform that is open and fair to all of our users.” Nevertheless, “After reading the Bloomberg article, we scratched our heads, questioning just what type of manipulation was being claimed.” Rhetorically, it asks, “Is it so hard to believe that an asset-backed stablecoin could trade, well… with so much stability?  As we discussed previously, one need only take a look at the order book to understand why trades of different sizes result in little-to-no change in price levels. If an order book is too hard a concept to grasp, think about stock at your grocery store.  Why doesn’t the price on avocados change every time you put one in your basket?”

As for the charge of wash trading, “If you’re looking around for potential wash trading in USDT, we recommend you look elsewhere.  That said, it’s not clear what harm could come from wash trading of a pegged asset against its peg. In Kraken’s case, USDT is only traded against its peg, USD, which itself is an explicitly manipulated asset.” And that pesky 13,076.389 number thought to be so very maniacal? They “asked the botter responsible for the mysterious 13076.389 orders. The answer: ‘literally randomly selected.’ So, there you have it,” they conclude.

Is tether’s price being manipulated? Let us know in the comments. 


Images via the Pixabay, Twitter.


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.

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Red Flag Waved in Tether’s Relationship with Kraken Exchange

Red Flag Waved in Tether’s Relationship with Kraken Exchange

This summer, over 50,000 trades on popular crypto exchange Kraken, concerning the very controversial alternative coin tether (USDT), were analyzed by journalists, an academic, and a former US Federal Reserve regulator. They describe activity monitored as highly unusual in that larger orders of tether failed “to sway prices much.” Red flags were raised due to none of the three analysts having ever “seen a market behave like Kraken.” Is it a case of blatant manipulation or a giant nothing burger?

Also read: 27% of England’s Male Millennials Say Bitcoin Better Investment Than Property

Tether on Kraken is a Strange Phenomenon

Give it a minute, and Tether will be involved in yet another controversy. Intrepid reporters, Matthew Leising, et al., have once again dived deeply into the ongoing USDT mystery. This time, it’s the concept of ‘wash’ trading, where substantial positions basically trade with themselves to pressure an asset’s price.

Between May 1st through June 22nd of the present year, 56,000 USDT orders on Kraken were monitored. For researchers, even massive trades seemed to not impact tether’s price. In fact, larger trades were indistinguishable in this regard from smaller. The sum of 13,076.389 USDT was one exact anomaly, repeating often enough for analysts to conclude something like bots were active on the exchange.

Red Flag Waved in Tether’s Relationship with Kraken Exchange

Tether occupies a curious space in ecosystem imagination. It evolved from Realcoin, and has been around for about four years in its present incarnation. Its governing company or outfit appears to have ties to Switzerland and Hong Kong. Last year, publication of the Paradise Papers assumed USDT was birthed by huge crypto exchange Bitfinex, a charge answered by insisting the market maker and Tether Holdings Limited were separated, independent.

In more recent months, USDT has been the subject of attempts to link it to price manipulation, including the notion Bitfinex possibly accounted for half the price runup of late 2017 by trading and inflating tether. Even the US Commodities and Futures Trading Commission (CFTC) is rumored to be investigating both Bitfinex and Tether. The token’s scandalous reputation goes to its heart: each USDT is backed by one United States dollar, or so it is claimed. An audit proved equally controversial, leaving no one satisfied. Nevertheless, it remains consistently in the top 20 most valuable coins by market cap.

The Case for Manipulation

Bloomberg recently suggested tether trading red flags. Enlisting former Fed regulator Mark Williams and NYU’s Rosa Abrantes-Metz, Mr. Leising and his collaborators examined USDT activity on Kraken, finding “oddly specific order sizes—many going out to five decimal points, with some repeating frequently.” Trading bots, if that is what this is, are rather par for the course these days, and hardly controversial. It’s USDT’s lack of responsiveness that has this group searching for explanation. Bitcoin core (BTC), again assuming tether inflation as the cause, jerks and pulls seemingly according to tether dumps, which most would term “normal.” Tether lingers, unresponsive.  

The theory goes that with increased demand, an asset’s price should correspondingly increase. One trade, of 75 tether, for example, managed to move the price three naughts and a one after a decimal point, basically nothing. And USDT price should’ve gone up at various other stages, along with pumping the gas with still more tether to bring it to settle. That didn’t happen either. Again, what should be a natural search for equalization through supply is instead, seemingly, being controlled by bots.

Red Flag Waved in Tether’s Relationship with Kraken Exchange

Some immediately believe this to be textbook manipulation, but more substantive information is needed before making such an accusation. Still, researchers maintain these kinds of irregularities “would be akin to defying gravity.” The manipulation question first came from a renowned poker player, Andrew Rennhack. He scrubbed data from Kraken, and published his musings. He was one of the first to openly suggest something was amiss.

Later, researchers noticed those oddly specific numbers, such as the 13,076.389 tether, lead them to “suspect that such numbers could be signals to cheaters’ automated trading programs. One possible explanation: The software would look for orders with a unique size, and trade against that.” Taking both sides of a coin gives off the impression of a kind of momentum, and government regulators have seen fit to make doing so illegal. No evidence that Kraken itself is involved in any manipulation has emerged. Kraken CEO Jesse Powell responded, “Nothing looks out of place to us in our publicly available data feed. We have not verified the legitimacy of the data set [researchers] asked us to review.”   

Is tether’s price being manipulated? Let us know in the comments. 


Images via the Pixabay.


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.

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New Millennial Trading App White Shark Launches with High Demand Engaging Users as they Realize Profits Right Before their Eyes

White Shark

FinTech apps like White Shark that engage millennials have achieved multiple billion dollar valuations

Newport Beach, CA June 14,  2018 — White Shark Fintech, Inc. (the “Company”) a revolutionary free artificial intelligence based trading platform that flourishes in volatility and allows its users to better control their assets, including crypto-currencies, launched today in Los Angeles. A popular tool among young traders looking for simple ways to buy and sell crypto-currencies, the app has created a waiting list to manage user demand.  

The free-to-use app takes speculation out of trading by employing high-performance algorithms that ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

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CFTC Subpoenas Leading Exchanges for Trading Data

CFTC Subpoenas Leading Exchanges for Trading Data

According to anonymous sources cited by The Wall Street Journal, The United States Commodity Futures Trading Commission (CFTC) is coordinating with the U.S. Justice Department in conducting investigations into price manipulation in the spot BTC markets. The report claims that the CFTC launched a criminal probe into BTC price manipulation after several cryptocurrency exchanges rejected a request from Chicago Mercantile Exchange (CME) for the exchanges to share trading data CME.

Also Read: US Justice Department Investigates Price Manipulation in Bitcoin Market

CFTC Purportedly Conducting Criminal Investigation Into Bitcoin Price Manipulation

CFTC Subpoenas Leading Exchanges for Trading DataLast month, it was reported that the U.S Justice Department had launched a criminal probe into whether the bitcoin and cryptocurrency markets the subject of manipulation and misconduct, citing “four people familiar with the matter.”

According to a report recently published by The Wall Street Journal, again citing “people familiar with the matter,” the CFTC has “open[ed] an investigation into whether traders have colluded to manipulate bitcoin prices.

The report adds that “The CFTC is coordinating with the U.S Justice Department” in its investigations.

CFTC Investigation Spurred by Lack of Trading Data Provided to CME by Exchanges

CFTC Subpoenas Leading Exchanges for Trading DataThe Wall Street Journal claims that the CFTC’s investigation was spurred by a lack of responsiveness to requests from CME that Bitstamp, Coinbase, Itbit, and Kraken to provide trading data back in January. In response to the requests, several exchanges reportedly initially “declined to comply,” before “provid[ing] some data” after CME reduced the request to just several hours of trading activity, rather than a full day. The report adds that the data provided only included information “restricted to “a few market participants.”

The CFTC, the regulatory authority tasked with overseeing CME’s bitcoin futures markets, reportedly subpoenaed the exchanges for the data in response to the dispute. The report describes the “fight over access to bitcoin trading data” as having comprised a significant factor in the CFTC’s decision to launch an investigation into price manipulation in the BTC markets.

Regulated Futures Markets Grants CFTC Oversight of Underlying Spot BTC Markets

CFTC Subpoenas Leading Exchanges for Trading DataThe investigation is legitimated by bitcoin’s designation as a commodity, juridically granting the CFTC jurisdiction over the commodity markets underscoring derivative markets overseen by the regulator. CME spokeswoman, Laurie Bischel, stated: “All participating exchanges are required to share information, including cooperation with inquiries and investigations.”

Jesse Powell, the chief executive officer of Kraken, has criticised the subpoena, stating that the “newly declared oversight” of the CFTC “has the spot exchanges questioning the value and cost of their index participation.” Charles Cascarilla, the chief executive officer of Paxos, the company that operates Itbit, stated: “We have definitely entered an unknown area where it is clear there is a desire for tightened oversight.” As of this writing, Bitstamp and Coinbase are yet to address the alleged subpoenas.

What is your response to the investigations into BTC price manipulation? Share your thoughts in the comments section below!


Images courtesy of Shuttestock, CME Group


Why not keep track of the price with one of Bitcoin.com’s widget services.

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Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Hitbtc has suspended its services for Japanese residents to avoid any trouble with the country’s financial regulator since it is not authorized to operate in Japan. Users with Japanese IP addresses will be asked to provide their residency information within the exchange’s know-your-customer (KYC) procedure to prove they are not residents of Japan.

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

Suspending Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHitbtc, the world’s eighth largest crypto exchange according to Coinmarketcap, has announced a service suspension for Japanese residents.

On its website, the Hong Kong-based exchange added a new section called Service Restriction to the Legal Information page of its Terms of Service. “You shall not use our services and immediately cease using those if you are a resident or become a resident at any time of the state or region where Hitbtc is not authorized to act,” the exchange wrote, adding:

For the avoidance of any doubt and in accordance with the Japan Payment Services Act, Hitbtc has temporarily suspended providing virtual (crypto) currency exchange services to residents of Japan.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanThe exchange elaborated, “In case our technology detects that you use our services from an IP address registered in Japan, or any other services registered in Japan, you would be asked to confirm that you are not a resident of Japan by providing information on your residency within KYC procedure.”

The exchange subsequently posted a notice on its website on Sunday confirming the suspension, reiterating that it “will apply only to those living in the country.”

Hit Solution Ltd provides access to crypto assets exchange platform under the registered trademark Hitbtc. Since 2013, the platform “has been providing markets for bitcoin, ethereum, litecoin, dogecoin, monero, USDT, and more than 300 cryptocurrencies in total,” its website details. The exchange’s 24-hour trading volume at the time of this writing is $281,395,577.

Avoiding Trouble with the Regulator

The Japanese Payment Services Act that Hitbtc refers to went into effect in April last year, legalizing cryptocurrency as a means of payments.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHowever, it also mandates any crypto exchanges operating in the country to register with the country’s financial authority, the Financial Services Agency (FSA). So far, 16 crypto exchanges have been granted a license to operate and the same number were allowed to operate while their applications are pending. Out of the latter 16, the FSA recently revealed that 8 have indicated that they are withdrawing their applications.

The agency has also warned some exchanges that have been operating in Japan without a license. Among them was Binance, the exchange whose 24-hour trading volume often tops the list of the world’s largest. On May 23, the agency sent a letter to Binance and its representative, CEO Changpeng Zhao, warning them about operating in Japan without a license. In April, crypto exchange Kraken announced its withdrawal from the Japanese market, citing high costs to comply with the FSA rules, which became stricter following the hack of Coincheck in January.

In Sunday’s announcement, Hitbtc revealed that it has been working with a Japanese law firm with the aim “to get Hitbtc through the local subsidiary setup and licensing procedure to resume its services” for Japanese residents, adding:

The company is actively hiring for the local office and exploring M&A opportunities to expedite the launch of the Japanese operations in Q3 2018.

What do you think of Hitbtc’s strategy in Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, FSA, and Hitbtc.


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The Most Popular Crypto Exchanges: What Exchange Should You Use?

popular crypto exchanges

What are the most popular crypto exchanges? Are you missing out on the best?

When it comes to crypto exchanges, there are a lot of options out there. You need to choose the one that works best for you. To do this, you need to know what you want. Do you want to be able to exchange cryptocurrency for fiat currency? Do you want a specific crypto trading pair?

Knowing what you want will help you to choose the right cryptocurrency exchange for your needs. We’ve created a list of some of the most ...

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80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced

80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced

In the fast-paced world of cryptocurrency, 2016 feels like a lifetime ago. For many of the top cryptocurrency exchanges at the time it effectively was; several have fallen by the wayside and eight out of the top ten platforms by trading volume have lost their spot. It’s not just vintage altcoins that time has been unkind to: the same holds true for many of the exchanges that once listed them.

Also read: Faast Platform Connects With Popular Wallets Offering Cross-Chain Swaps

8/10 of the Top Cryptocurrency Exchanges Have Lost Their Place

80% of the Top Cryptocurrency Exchanges From 2016 Have Been ReplacedOver the past two years, the makeup of the top cryptocurrency exchanges has changed dramatically – and so has the volumes traded. In August 2016, Coinmarketcap records the top exchange as being Okcoin.cn, with a 24-hour volume of $440 million. Today, it’s ranked 188th, with a trading volume of just $17,000. Then, as now, BTC  and LTC were the top traded pairs.

Second on the list for trade volume in 2016 was Btctrade, with 24-hour volume of $218 million. Today, it sits in 54th place with volume of just $23 million. BTC and Ybcoin were its top traded pairs back then, the latter a Chinese coin which died in 2017. Today, Btctrade’s top pairs are BCH and ETH. Of the entire top 10 from 2016, just two exchanges remain there – Huobi and Kraken. Huobi occupied third place then and it lies in fourth spot today, despite its 24-hour volume having grown from $165 million to $1.3 billion. This is naturally a reflection of the increase in value that digital assets such as bitcoin have enjoyed in this period.

80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced
The top three exchanges in August 2016

A Lot Can Happen in Two Years

Here’s how the top ten cryptocurrency exchanges looked two years ago and today:

1. Okcoin.cn (188th now). Today: Bitmex

2. Btctrade (54th now). Today: Okex

3. Huobi (4th now). Today: Binance

4. CHBTC (dead now). Today: Huobi

5. BTCC (38th now). Today: Bitfinex

6. Poloniex (29th now). Today: Upbit

7. BTC100 (dead now). Today: Bithumb

8. Btcbox (25th now). Today: Hitbtc

9. Itbit (39th now). Today: GDAX

10. Kraken. Today: Kraken

Many people write altcoins off as having no permanency and predict that the majority of cryptos will die a slow death. They may well be right, but as a look at the dominant cryptocurrency exchanges from 2016 shows, few enterprises live long. The churn rate for exchanges exceeds even that of the coins themselves. Coinmarketcap listed 105 exchanges in 2016, versus 213 today, though only 60% of the listed exchanges back then had any sort of meaningful volume of over $10,000 a day. Even accounting for inflation, 90% of today’s exchanges have some semblance of a respectable volume.

80% of the Top Cryptocurrency Exchanges From 2016 Have Been ReplacedAmong the coins that accounted for the top trading volume in 2016 you’ll find Maidsafe, Nxt, Dogecoin, and even The DAO. Today, most people would agree that the top 10 exchanges have gotten better. Whether the top 10 cryptocurrencies, outside of bitcoin, have improved in quality is another matter. A final indicator of how much the landscape has changed in two years comes from the total trading volume. In August 2016, the top 10 exchanges saw just over $1 billion in cryptocurrencies traded in a day. Today, that figure stands at $10.6 billion. It will be interesting to see, two years from now, how many of 2018’s top exchanges are still standing.

How many of 2016’s top 10 exchanges do you recall? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinmarketcap.


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The post 80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced appeared first on Bitcoin News.

Kraken Review – The Largest and Oldest Exchange

Kraken Review

Exchanges are a fundamental part of the cryptocurrency world. While there are many to choose from, not all are safe and secure. That’s why we have to do our homework so we can find a secure crypto exchange best suited to our needs. 

Coinbase and Bittrex are two popular cryptocurrency exchanges, as is Kraken. Below is a comprehensive review of the latter. 

Kraken Review 

Founded 7 years ago, and launched to the public in 2013, Kraken is recognized as one of the oldest crypto exchanges. It is a popular choice for an exchange across ...

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