Altcoin Purge Begins: Okex Delists 28 Token Pairs

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

As part of what some observers are calling a purge of alternative coins during the cryptocurrency bear market, Hong Kong-based exchange Okex announced they would be delisting and hiding certain token pairs, more than two dozen in total. It comes at time when the exchange is dealing with its own internal problems in a year, so far, of hectic change and challenges. 

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Altcoin Purges Beginning as Okex Delists 28 Pairs

“To maintain a healthy trading environment and pleasant trading experience on OKEX,” the exchange posted on its blog, “our auditing team has carried out comprehensive monitoring on the market and projects. We discovered that some projects have met the token delisting/hiding thresholds stated in the OKEX Token Delisting / Hiding Guideline.”

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

Okex was careful to note tokens will be delisted “12:00 Aug 17, 2018,” asking exchange users “cancel your pending orders before delisting, or they will be canceled with your assets returned to your spot account by the system automatically after delisting.”

Delisted pairs include “Against USDT: LA, READ, SNM Against ETH: UTK, WRC, QVT, SAN, UBTC, DNT, OAX Against BTC: UBTC, BCX, BT2, WBTC, UKG, LA, SAN, ATL, REQ, BRD, SNM, VEE, TIO, REF, UTK, WRC, QVT, DNT”.

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

A Hectic Year for the Exchange So Far

The Hong Kong-based exchange has been around since 2014, focusing on cryptocurrency at a global scale. It’s claim to fame is providing a myriad of futures and trading pairs. It is also, of late, a very controversial figure in the space. Routinely cited as a major exchange by volume, at least one report concluded much of that volume is faked or ‘ghost.’ Undeterred, Okex is expanding to Malta under a memorandum of understanding, and the company has rolled out its own version of an ETF. Even more recently still, Okex again courted controversy with its ‘socialized clawback’ position. It punishes innocent users, impacting them with others’ bad investment decisions through a 17 percent ‘tax’ by the exchange in a complicated turn of events.

Altcoin Purge Begins: OKEX Delists 28 Token Pairs

Along with delisting pairs, it is also hiding tokens, by which it means “hidden tokens will not be displayed on our token trading list and charts, they can still be found to trade by entering its ticker in the search field.” They include “UBTC, EVX, WFEE, RCT, MDA, CTR, CAG, BT2, BRD, UKG, LA, QVT, WBTC, ATL, AVT, SNGLS, REF, ICN, UTK, MTL, SUB, OAX, STC, MAG, RCN, DNT, SAN, YOYO, REQ, BCX, MTH, RDN, DAT, ZCO, VEE, NGC, MOT, GSC, TIO, AST, FUN, READ, VIU, LEND, WRC, SNM”.

Lastly, Okex noted, “In order to protect the interests of our users as well as the industry, we will strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects.”

What do you think of Okex delisting and hiding altcoins? Share your thoughts in the comments section below.


Images via Pixabay.


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Another Top-5 Cryptocurrency Exchange Plots Move to Malta’s ‘Blockchain Island’

Another day passes by and although August is a traditionally slow month in the business and finance circles, Malta does not seem to be resting on its laurels at all. After several announcements regarding cryptocurrency exchanges and crypto banks, we now have the announcement coming that ZB.com, the world’s fith-largest cryptocurrency exchange by daily trading … Continued

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PR: GaxCoin ICO Launches Private Sale

GaxCoin ICO Launches Private Sale

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

We are pleased to announce the start of the sale of GaxCoin. The launch of our Initial Coin Offering is scheduled for 11 August 2018; a fundamental date for all those who wish to contribute to our Startup Blockchain project, to the creation of the Platform and its innovative and completely autonomous Ecosystem, which continues to be developed and which has its cardinal points in stability, simplicity and reliability.

According to an important popular report by specialized research company, the growth of ICO system has a huge potential totalizing, for the current year, contributions equal to 1.66 billion dollars with 480 ICO launched. The rhythm is still increasing and the results are surprising.

GaxWorld, thanks its architecture, boasts some characteristics that are making our fundraising unique: the project foresees that 40% of the funds will remain in provision and spent for the compensation of the Providers of the various services. The elegance of this technology, the security and confidence it can boast of, greatly increases expectations.

GAX World will be built around the ICO of GaxCoin: four industries to which billions of dollars are dedicated every day in the world. The relevant markets are in continuous expansion and are of global interest: Travel and Holidays, E-learning, Betting & Casinò and Work & Freelance and a very rich innovative Crypto Marketplace will complete the package!

Thanks to our Main Sponsor totowinbet.com, the ICO launch has been possible and GaxClub has already started the development of all the Platforms in collaboration with the technical experts of the best known online gaming structure in Malta.

In the first phase of our Private Sale, GaxCoin ICO will formalize the promised commitment through a pool of Private Investors, which commit to invest more than USD 6 millions in our ICO and therefore enable the global development of the milestones mentioned in our Whitepaper. Immediately after the private sale, four important steps have been planned, ready to be offered to contributors in the next months: the initial contributors will have up to a 50% bonus on subscription!

The solidity and relevant success of our ICO, in addition to the confirmed funds that will be deposited during the Private Sale and an amazing sponsor like TotoWinBet, is guaranteed by a team of Professionals working for most of the group’s operating companies in Malta, Italy and Bulgaria. They are already working together to develop the most complete platforms in the industry.

An innovative and decentralized system allowing people around the world to book business & leisure travels, to learn with the best online E-learning facilities, to hire the most successful Freelancers in the world for your IT, Marketing Consulting and Translation needs, and an easy access global Marketplace. A Blockchain based Gaming & Betting Platform will complete the package offering fun and enjoyment at gaming tables and sports bets!

For those who want to invest in online casino gaming, we have developed a White Label Bet & Casino, platform ready to use. Everyone can choose a personal name and logo and start an online business in the entertainment sector ! Easy, ready and cheap! A real complete gaming platform ready to be personalized and branded, managed by experienced GaxCoin developers and available for the equivalent of just a few dollars.

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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Jurisdictions with crypto-friendly legislation or comprehensive regulations in place are leading in terms of exchange-based cryptocurrency trading. According to a new study, however, over the counter and P2P exchange is much more popular in developing nations and countries where non-cash payments are still not widely spread.

Also read: Crypto Funds Number 466 Despite Trends, Uncertainty

Exchange Trade vs OTC Trading

The report produced by financial services provider Worldcore covers data from the months of June and July and uses statistics from a Morgan Stanley study conducted earlier this year to compare two lists of countries – one with the top destinations by volume traded on cryptocurrency exchanges, and a second one with those that lead in terms of over the counter (OTC) and peer-to-peer (P2P) trading volumes.

The new study confirms that jurisdictions offering favorable business climate through crypto-friendly legislation as well as those with well-established regulatory frameworks account for a large portion of the exchange-based crypto trade. Malta ($1.2 billion), Belize and Seychelles ($700 million each) are topping the chart with over 2.6 Billion USD of daily trading volume.

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Following are nations that have already adopted some comprehensive crypto regulations, including South Korea, the Untitled States, and Hong Kong. Russia is 13th in this group with a 24-hour volume of less than 50 million USD on trading platforms.

The researchers at Worldcore have specifically compared exchange and non-exchange volumes for the week of July 14 – July 21, 2018, using data from the popular P2P exchange Localbitcoins. The results turned out to be quite opposite to what the Morgan Stanley figures show, as Kommersant reports. This time, Russia is the pronounced leader, having registered a weekly trading volume of 2,000 BTC, while the US has 1,000 BTC. They are followed by China and Nigeria with 600 BTC traded by the residents of each country. Next are Venezuela, Great Britain, and the EU member states.

Reasons, Explanations, and Predictions

The authors of the study cite some good reasons for the notable divergence. “Crypto exchanges are most often registered in countries with preferential taxation, and many over-the-counter trades occur in nations with low financial culture or strict tax legislation,” commented Worldcore CEO, Alexei Nasonov, who is also leading the research team.

The analysts further explain that the popularity of direct exchange methods in Second and Third World countries like Russia, Nigeria, Colombia, and Kenya, is largely due to the relatively undeveloped system of non-cash exchange of crypto assets and fiat through payment systems and banks. Restrictive currency laws also play a role, as is the case with Russia for instance where crypto-specific regulations are yet to be adopted and the exchange services are currently unregulated.

Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

The researchers believe that trading platforms will continue to migrate to destinations providing favorable conditions and preferential tax regimes. Malta is a good example – the island nation has already attracted companies like Binance, the largest trading platform by volume which is exploring opportunities to launch a decentralized bank there, Okex, another Chinese-run cryptocurrency exchange which announced in April it is setting foot on the island, and the Polish Bitbay which revealed its plans to move to Malta in May.

The team at Worldcore also expects the average volume of transactions to increase in the future. At the same time, the financial tech company predicts that the off-exchange market will shrink with growing crypto turnover through traditional payment systems and the spread of payment gateways supporting transactions with Visa and Mastercard credit cards.

What are your expectations for the future of crypto trading? Share your thoughts on the subject in the comments section below.


Images courtesy of Pixabay, Worldcore.


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The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators

On Wednesday, The Daily features a couple of announcements from Coinbase: the US crypto exchange enables instant purchasing with increased daily trading limits and is now accepting ETC deposits on its Coinbase Pro platform. We’ve also covered the opening of ABCC’s European headquarters in Malta and Omniex’s decision to appoint two former regulators as advisors.

Also read: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming

Coinbase Enables Instant Purchasing, Increases Trading Limits

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsUsers of Coinbase will be able to buy digital coins right after they deposit funds from their bank account, the platform explained in a blog post published on Tuesday. “Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle,” the announcement reads.

While the platform supports instant transfers via wire transfer and debit cards, purchases via direct debits from a bank account used to take days. The change means that from now on the USD balances will be credited immediately for the amount customers have sent from their accounts. They’ll be able to buy cryptos but won’t have the option to withdraw before the funds from their bank are settled.

The company also announced an increase of the daily trading limits for US users. The functionality will be available over the next few weeks. For verified customers, the maximum allowable purchase will jump from $25,000 weekly to $25,000 per day. The exchange also noted that once the funds are transferred to Coinbase, there are no longer any limits to how much users can buy or sell at a time.

Initially, the instant purchasing, new trading limits, and the ability to withdraw coins will be available only to US customers who have completed the identity verification process with Coinbase. However, the platform promises to bring the updates to other markets as well.

Coinbase Pro Introduces Ethereum Classic (ETC)

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsIn another announcement, the influential US exchange informed its clients of the successful completion of its final testing for the addition of ethereum classic (ETC), noting that the launch will proceed in four stages: transfer-only, post-only, limit-only, and full-trading mode. “Coinbase Pro is now accepting transfers of Ethereum Classic!” the company tweeted, notifying customers they can transfer ETC immediately to their exchange account and start trading within days.

“We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro,” David Farmer, Coinbase Pro’s General Manager, explained in the company’s blog. The exchange also reminded users that its GDAX platform was split into Coinbase Pro, for individual traders, and Coinbase Prime, for institutions.

Several positive developments, including the addition to Coinbase Pro and the Robinhood app, have pushed the price of ETC up. The cryptocurrency is currently the 13th largest by market capitalization, which is almost $1.68 billion USD at the time of writing.

ABCC Exchange Opens European Headquarters in Malta

Singapore-based digital asset exchange ABCC (Alphabit Cryptocurrency) has announced the opening of its European headquarters in Malta. In an official release, the trading platform described the move as a strategic decision, part of the commitment to increase its presence in Europe and elsewhere. The company hopes to create new investment and employment opportunities in the island nation which has taken steps to become a leading crypto-friendly destination. ABCC has also decided to sponsor an official blockchain event organized by the Maltese government, Delta Summit 2018.

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators“This comes just a few weeks after the Maltese Parliament enacted into law the highly anticipated three bills which will pave the way for the creation of a new economic sector. I thank ABCC for putting their trust in Malta and for providing their input to implement our vision and make Malta The Blockchain Island,” said Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister of Malta. “Indeed, we look forward to working closely with the Government of Malta and to support its transition into a digital innovation center of excellence,” added ABCC CEO Calvin Cheng.

ABCC’s announcement follows similar decisions by some of the world’s leading cryptocurrency exchanges. Binance, currently the largest trading platform by volume, is exploring opportunities to launch a decentralized bank in Malta. Another Chinese-run crypto exchange, Okex, announced in April it is setting foot on the island, and the Polish Bitbay revealed its plans to move to Malta in May.

Omniex Appoints Former Regulators as Advisors

The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former RegulatorsOmniex, a crypto trading and investment platform oriented towards institutional investors, has appointed to its Board of Advisors Arthur Levitt, former US Securities and Exchange Commission (SEC) Chairman, and Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC). According to an official announcement, the company has also hired former Thomson Reuters and KCG executives as part of the plans to accelerate the adoption of its platform.

Omniex, which provides portfolio and risk management, trade execution, investment operations and compliance solutions for crypto-assets to buy-side, market-making and broker-dealer institutions, has raised $10 million USD since it was founded last fall. Among its investors are leading firms such as Wicklow Capital, Jump Capital, Digital Currency Group, Sierra Ventures, Clocktower Technology Ventures, Thirdstream Partners and Alan Howard of Brevan Howard.

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


Images courtesy of Shutterstock, Blockinpress.


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Roger Ver Sent Governor of Jeju Island $100 in Bitcoin Cash, Did it Violate Local Policy?

Roger Ver, a prominent cryptocurrency investor who has backed some of the largest companies in the global crypto sector such as Blockchain, Zcash, BitPay, and Kraken, recently sent the governor of Jeju Island of South Korea $100 worth of bitcoin cash at a public event. Humorous Kim Yeong-Ran Rule Banter Over the weekend, Ver visited

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Exclusive: Neufund Partners Bitbay to Create Malta’s First Crypto to Fiat Exchange

Malta continues to be the center of attraction for innovative solutions in the crypto space with yet another announcement that promises to provide a solution for cryptocurrency exchanges to provide fiat withdrawal solutions. This time it will be a partnership between the Berlin-based Neufund company and the Polish cryptocurrency exchange Bitbay who have teamed up … Continued

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Crypto exchange Binance buys Trust Wallet in first acquisition deal

Binance, the world’s largest crypto exchange based on volume, has made its first acquisition after it snapped up mobile wallet company Trust Wallet.

The deal is undisclosed, but Binance confirmed to TechCrunch that the compensation is a mixture of cash, Binance stock and a portion of its BNB token. U.S.-based Trust Wallet will remain independent following the deal, but Binance, which is headquartered in Malta these days, will assist running the admin side of the business and in non-technical areas like marketing.

“The Trust Wallet team shares the same values as us and the products are very complementary,” Binance CEO Changpeng “CZ” Zhao told TechCrunch in an interview. “For users who like to withdraw funds into a wallet now we have a product they can use.

“We plan to keep the app as independent as possible. There will be more features going into it but not so much from a Binance demand perspective. We are like the addition of a godfather for the baby… there’ll be some cooperation,” he added.

Trust Wallet may not be as well known as wallets such as Imtoken, Delta, or Blockfolio, but Zhao called the company a “diamond in the dirt” with “strong technical skills.”

“They haven’t done much marketing which is where we can help. They are strong technically but don’t like doing marketing, HR etc… now merging with us they don’t have to worry about money,” he added.

Money is, indeed, not a huge issue for Binance these days. The company made a profit in the region of $450-$500 million (dependent on token prices) from its first year of operations. That’s according to figures from the company, which uses 20 percent of its quarterly profits to buy back and ‘burn’ its BNB token.

(Left to right) Binance CEO Changpeng Zhao and Trust Wallet founder Viktor Radchenko

Indeed, Trust Wallet did hold an ICO to raise capital but last month it decided to cancel the sale and return money to its investors.

Trust Wallet founder Viktor Radchenko, who is based in Mountain View, told TechCrunch that the decision was about getting back to developing the app and technology.

“I’m a product person and developer. I spend my time thinking about solving problems for the end-user. I never liked dealing with investors and money people, it is so much hassle,” he said. “Having resources will help us grow quicker and so I can focus on adaption for the users that don’t even have wallets.”

Radchenko said he is now setting his sights on growing the team from five developers right now to 10. The app is currently focused on Ethereum and Ethereum-based tokens, but the plan is to add support for other blockchains including Bitcoin, EOS, NEO.

Trust Wallet will also be one of a number default wallets supported by Binance’s upcoming decentralized exchange, which will remove the shackles of a decentralized exchange and allow users to trade directly with one another. Zhao said the highly-anticipated project is in “active development” although he was hesitant to put a date on when it will be ready.

This Trust Wallet deal is likely the first of many strategic acquisitions for Binance. The company announced plans for a $1 billion fund this summer, and Zhao said that the intention is to make 10-20 investments per year but also augment that with three to four strategic.

“We’re looking for strong tech teams,” he explained. “Acquisition will be a very key component to continuing to grow and contributing to this industry.”

Zhao said that Binance had considered buying companies to accelerate the development of its decentralized exchange, but it wasn’t able to identify the right match.

“Our requirements are very specific, we are looking for speed, there’s no need for fancy smart contracts,” he explained. “We didn’t find the right match for an acquisition [but are] still very open to someone who makes an ultra-fast blockchain.”

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Binance Partners Malta Presidency to Launch the Blockchain Charity Foundation

The blockchain story in Malta continues unabated with yet another announcement in relation to the sector, this time on the charity front. Binance, one of the world’s largest cryptocurrency exchanges by daily trading volume and a marked presence in Malta, has teamed up with the President’s Trust to create the Blockchain Charity Foundation. This foundation … Continued

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Malta Regulator Opens Consultation after Publishing Cryptocurrency, Blockchain Bills

The Malta Financial Services Authority is currently involved in a consultation exercise to ensure that all stakeholders are well informed on what the three blockchain and crypto laws that were passed recently, entail. Reports in the local media have interpreted this situation as a stalling on the MFSA’s part but this is quite a normal

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Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA Action

In recent regulatory news, Malta’s financial regulator has sought to clarify the nation’s cryptocurrency regulations following the passing of an act pertaining to crypto assets, UK-based wealth managers have called for the FCA to take a strong stance regarding cryptocurrencies, and the deputy governor of Bank of Israel has predicted that cryptocurrencies will contribute to the financial system in future.

Also Read: A Look at Leverage Trading: Learn to Run With the Bears and Ride the Bulls

Malta Clarifies Current Regulatory Apparatus Regarding Cryptocurrencies

Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA ActionThe Malta Financial Services Authority (MFSA) has sought to clarify the country’s legislative apparatus pertaining to cryptocurrency following the passing of the “Virtual Financial Assets Act” on the 4th of July.

In a press release published by the MFSA which states that the act “it is not yet in force,” and that such won’t take effect until a date that “the Minister for Digital Economy may establish by notice in the Government Gazette.”

The statement asserts that the MFSA is currently developing the “Virtual Financial Assets Framework” which “underlies and complements” the act. Public consultation regarding the proposed framework ended on the 20th of July. The MFSA release seeks to emphasize that the framework is “not yet in force,” adding that “the MFSA will be in a position to start receiving requests for approvals and authorizations under the Act once the Framework is operational.”

Additionally, the public consultation period for Malta’s “Consultation Paper on the Virtual Financial Assets Rules for VFA Agents presenting Chapter 1 of the proposed Virtual Financial Assets Rulebook” ends on 31 July 2018. Consultation periods regarding chapters 2 and 3 of the proposed rulebook are also expected to begin in coming weeks.

UK Wealth Managers Call for Stronger Crypto Regulations

Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA ActionUK-based wealth management firms Wealthify, Nutmeg, and Scalable Capital have urged the Financial Conduct Authority (FCA) to adopt a stringent regulatory approach to cryptocurrencies.

Richard Theo, the chief executive officer of Wealthify, describes the FCA as having been “way too slow” in its response to cryptocurrencies.” Mr. Theo added that as a regulated firm, “there are a lot of tests we have to do before we can take on a client. But that same client can go and buy bitcoin with no questions asked. There are far more risks involved when investing in bitcoin. The FCA should get on to it fast.”

Scalable Capital chief executive officer, Simon Miller, asserted that “People see the explosion of digital currencies and say ‘I can make a lot of money quickly.’ But that’s not investing — that’s gambling. It needs to be looked at.”

Nutmeg’s James McManus added, “With cryptocurrencies gaining media attention for large gains but little to no attention for large losses, perhaps now is the time for regulators to take a closer look at the selling process around cryptocurrencies.”

Bank of Israel Deputy Governor Predicts Cryptocurrencies Will “Contribute” to Financial System

The deputy governor of the Bank of Israel, Dr. Nadine Bodo-Trachtenberg, asserted that “The technology of distributed and encrypted currencies has the “potential to contribute to the monetary and financial system in the long term” whilst speaking at the recent Bit2c Crypto Conference.

Whilst presenting the Israeli central bank’s position on virtual currencies, the Bank of Israel deputy governor downplayed the potential creative destruction that many have argued cryptocurrencies could cause within the financial industries, stating “I am told that digital coins can leave users with control over data and allow decentralization. But that’s what they promised about the internet – which ultimately created huge information giants that hurt competition. Token trading and smart contracts is a technology that expands the possibilities of money and trading in assets today, can streamline processes that pass through many intermediaries.”

Do you agree that cryptocurrencies will be a significant contributor to the mainstream financial system in future? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, msfa.com.mt, Wikipedia


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New BATM Supporting BTC, BCH Launches in Sofia

New BATM Supporting BTC, BCH Launches in Sofia

A crypto teller machine exchanging a number of cryptocurrencies with fiat, including bitcoin (BTC) and bitcoin cash (BCH), will be operational next week in a Sofia mall. The BATM is a two-way device that will accept euro, dollar and Bulgarian lev deposits. It will also buy cryptos and print paper wallets.  

Also read: Eastern Europe: Regulation Postponed, Tax Abandoned, Banks Enlightened

Two-Way Bitcoin ATM in Sofia

The new BATM will be available to residents and visitors of Sofia, the capital of Bulgaria, from Monday. The teller machine supports two-way transactions for several cryptocurrencies including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), and monero (XMR). The cryptos can be bought with EUR, USD, and BGN, the local fiat currency. The device is installed in The Mall, one of the popular shopping centers in Sofia located on the way from the airport to the city’s center.

New BATM Supporting BTC, BCH Launches in SofiaThe crypto ATM is operated by a local exchange, DG Cash, which shared the news of the launch on social media. “The exchange rates of the cryptocurrencies applied at the ATM are almost identical to the ‘We Buy’ and ‘We Sell’ rates on our website, and the commission we collect is approximately 3% of the market price as it is included in the exchange rate,” the trading platform detailed in a Facebook post.

According to the announcement, the limit for a single transaction is set at 10,000 BGN (~€5,100 EUR, $6,000 USD). Users can buy any of the supported cryptos by depositing euros, dollars, or Bulgarian levs. When selling, however, they’ll receive only BGN. The interface of the device supports Bulgarian, English and Spanish among other languages. In case someone wants to purchase digital coins but does not have an electronic wallet, the device can generate a paper wallet.

The BATM at The Mall is not the only one in the Bulgarian capital. The first crypto teller machine in Sofia was installed in 2014, in the Interpred office building. It is a buy only device selling bitcoin (BTC) at 4% over the average price at Bitpay, Kraken, and Bitstamp, and it has a daily limit of 5,000 BGN. Another two-way ATM was installed in the downtown Coffee Bar The White, in 2015.

Bulgaria’s Crypto Woes

Bulgarian crypto exchanges have been through some turbulent times recently due to a bank clampdown that culminated in December last year. The teams operating the local trading platforms have been trying to adapt to a situation in which many banks refuse to open accounts to companies dealing in cryptocurrency. DG Cash, the operator of the new BATM, maintains only crypto-cash trading services. Both on its website and its Facebook page, the exchange claims it has two offices – in Sofia, and in Sliema, Malta, where it also plans to install a crypto ATM.

New BATM Supporting BTC, BCH Launches in SofiaIn the past several months, all major Bulgarian exchanges have experienced difficulties and interruptions in their operations. Crypto.bg was affected by Fibank’s decision to quit providing services to crypto traders. The popular exchange was closed down for weeks and since it reopened it’s been mostly working with payment processors like Epay and Cashterminal. Another leading platform that managed to maintain operations throughout the crisis, Xchange.bg, has been forced to change its bank accounts several times. Other platforms have reported similar issues.

The clampdown happened in the absence of comprehensive regulations for the country’s growing crypto sector. However, the Bulgarian Financial Supervision Commission recently decided to start monitoring the fintech industry and the situation may change soon. A newly adopted strategy proposes the introduction of requirements for licensing and registration of companies operating in the sector.

Do you think Bitcoin ATMs help to increase the popularity and accessibility of cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, Pundi X.


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Malta paves the way for a decentralized stock exchange

Malta AKA “Blockchain Island” has been making waves lately in the world of cryptocurrency and governance. Their latest move involves the crypto exchange Binance and the ICO builders at Neufund.

The plan is simple: Neufund will help MSX, the Malta Stock Exchange’s skunkworks, create tokenized securities. Binance has agreed to carry these securities on its own exchange, essentially creating a straight path to regulated tokens via the already regulated Malta Stock Exchange. In short, this enables Malta to become the first country to be able to offer tokens alongside traditional equities as well as an easy way to go public in multiple ways including via ICO.

The plan is still in the pilot stage. This year they will begin “the public offering of tokenized equity on Neufund’s primary market which may later be tradable on Binance and other crypto exchanges pending regulatory and listing approvals” said Neufund CEO Zoe Adamovicz.

“We are thrilled to announce the partnerships with Malta Stock Exchange and Binance, that will ensure high liquidity to equity tokens issued on Neufund. It is the first time in history, that security tokens can be offered and traded in a legally binding way. The upcoming pilot project will allow us to test the market’s reaction and realize the overall project idea in an environment with minimized risk.” said Adamovicz.

“We are delighted to welcome Neufund as our key partner in building a Blockchain-based exchange that is fully integrated with established financial markets. With the upcoming pilot project we become a worldwide pioneer in digital finance,” said Joseph Portelli, chairman of the Malta Stock Exchange.

This move is interesting in that it offers a parallel track to companies wishing to go public via token sales. While even the terminology isn’t completely hashed out in regards to the future of these systems, having a spot like Malta lead in the matter of token sales selling alongside equities is a solid decision. Malta is increasingly becoming the testbed for these sorts of experiments and, even if this is not yet a real project, it could create a turnkey solution for ICO launches on the island.

Malta Stock Exchange to Develop Two New Platforms for Security Tokens

Malta Stock Exchange to Develop Two New Platforms for Security Tokens

The Malta Stock Exchange has separately announced today that MSX, the innovation, digital and fintech arm of the group, will be developing two new platforms for listing and trading security tokens. Neufund is developed in partnership with Binance, and OKMSX in collaboration with Okex.

Also Read: No Insider Trading, Market Manipulation and Misleading Ads – Malta’s New Crypto Law

Neufund

Malta Stock Exchange to Develop Two New Platforms for Security TokensA subsidiary of the Malta Stock Exchange and Binance, Neufund aims to become an end-to-end primary issuance platform for security tokens, equity tokens in particular. It will allow for secondary trading of equity tokens and enable companies from around the world to raise funds in a legal way while offering liquidity. Seven companies are already slated to conduct an Equity Token Offering (ETO) on the platform: Founders Bank, Brille24, Uniti, Myswooop, Next Big Thing, Blockstate and Emflux Motors. A pilot project is promised later in 2018 which is said to include the public offering of tokenized equity on Neufund’s primary market which may later be tradable on Binance and other crypto exchanges pending regulatory and listing approvals.

“We are thrilled to announce the partnerships with Malta Stock Exchange and Binance, that will ensure high liquidity to equity tokens issued on Neufund. It is the first time in history, that security tokens can be offered and traded in a legally binding way. The upcoming pilot project will allow us to test the market’s reaction and realize the overall project idea in an environment with minimized risk,” commented Zoe Adamovicz, CEO and Co-founder at Neufund.

OKMSX

Malta Stock Exchange to Develop Two New Platforms for Security TokensOKMSX is meant to leverage Okex’s digital asset operations and security expertise, along with the Malta Stock Exchange’s 26-year experience in regulatory compliance and client due diligence. It aims to develop an institutional grade security-tokens trading platform. The two parties say they strive to finalize the joint venture by Q3 2018 and that this new platform will launch by Q1 2019 to service clients globally from Malta.

“Malta is taking the helm of regulating the blockchain technology and cultivating a regulated cryptocurrency and ICO epicentre. This joint venture marks our confidence in the Maltese government as well as our commitment to providing an efficient, secure, and transparent blockchain trading environment to clients worldwide. We believe OKMSX will be a milestone in the economic development of Malta,” said Tim Byun, Chief Risk Officer and Head of Government Relations of Okex.

“Today Malta opened up a way for legally binding listing and trading of tokenized securities. We are proud of Malta Stock Exchange to enter a partnership with a worldwide leader in primary offerings on blockchain such as OKEx. I look forward to the fruitful collaboration in the future,” commented Silvio Schembri, the Maltese minister for Financial Services, Digital Economy and Innovation.

Are security tokens listed on stock exchange-backed platforms really more safe to invest in? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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