In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.
Also Read: A Bitcoin Rat Is Occupying Wall Street
Skepticism on Twitter over
Aggressive Yobit Campaign
Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.
The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.
In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.
Okgroup Founder Vows Full Compliance
with Planned Stablecoin
Star Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.
In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”
Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”
Coinbase Executive Optimistic About Securing Regulatory Approval in Japan
In a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.
Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”
Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”
Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”
What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!
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China’s Hurun Research Institute has released a list of the richest individuals in the country, ranking some cryptocurrency entrepreneurs among them
In today’s edition of The Daily we cover stories about Shapeshift shutting down its decentralized portfolio platform Prism, the bitcoin-hating CEO of JP Morgan, Jamie Dimon, thinking he can be elected US President, an exchange expanding to 20 more states, and further censorship of bitcoin-related accounts on Chinese social media.
Shapeshift Shuts Down Prism
Shapeshift, which recently announced a shift to a mandatory membership model, is now also shutting down its decentralized portfolio platform, Prism. When it was launched last year, Prism promised the ability to secure a basket of cryptocurrencies without exposure to third party risk, meaning without leaving your funds on an exchange. It also featured some social trading capabilities, like displaying public performance leaderboards so users could learn from top traders and copy their portfolios.
Shapeshift didn’t indicate that the move is related to its recent change of model, instead stating it has been done to focus on developing its core product line. “With the work we’ve done over these past 18 months, it’s become clear to us that there is actually a different (and likely superior) product to be built with this underlying technology. It requires more than a pivot: a reimagining of the product itself…These reasons combined have led us to the conclusion that we should sunset the current Prism product, both in order to focus on our core platform, and to clear the pallet for a potential reimagining of what this technology can do later on.”
Bitcoin-Hating Banker Thinks He Can Be Elected President
Jamie Dimon, the CEO of JP Morgan Chase and former director of the New York Fed, seemingly loves to stir up controversy in a way that will grant him maximum publicity before quickly retreating. After attacking bitcoin as a fraud and regretting it, he has now said he can be elected President of the United States – and then almost immediately took it back. Apparently the Wall Street banker thinks he can beat current president Donald Trump because “I’m as tough as he is, I’m smarter than he is.”
It would have been both entertaining and enlightening to discover just how much the American public love bankers in this ultimate popularity contest, but Dimon took his words back as soon as they were made public, proving he is neither as tough nor as smart as he imagines. “I should not have said it. I’m not running for president. Proves I wouldn’t make a good politician.”
Okcoin Expands to 20 More States
Okcoin exchange has announced an expansion into 20 new states with token-to-token only trading. These include: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. And the team have added they are in the process of applying for money transmittal licenses (MTL) in the remaining states for both token-to-token trading and fiat-to-token trading.
“In order for the cryptocurrency market to reach its full potential, exchanges like Okcoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities,” said CEO Tim Buyn. “Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”
Wechat Blocks Bitmain
According to reports from China, the dominant social network Wechat has blocked one of Bitmain’s accounts (“antminersale”). This comes after last month the network shut down the Wechat social media accounts of several local crypto news outlets, and the government blocked access to 124 foreign exchanges said to be targeting Chinese and banned hotels and other venues from hosting blockchain-related events. Considering these recent actions, some commentators see the move against the mining hardware producer as part of a new crackdown on the industry in China.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Crypto exchange OKCoin has extended its trading platform into 20 more U.S. states, saying it has also applied for money transmittal licenses
In the wake of his detention by Shanghai police, OKEx founder Star Xu has denied allegations of fraud, as OKex officials refute his alleged relationship with WFEE Coin
Shanghai police have taken OKEx founder and OKCoin CEO Star Xu into custody for voluntary questioning in relation to fraud alleged to have taken place in a relatively obscure crypto project called WFEEcoin. Local media reports that Xu’s possible connection to the project is being investigated. While Xu is allegedly a WFEE shareholder, he denies … Continued
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On 16th August 2018, Bibox, a leading AI-enhanced digital asset trading platform, announced its acquisition of Chain Capital that owns Swiss VQF license. VQF itself is the largest cross-industry Self-Regulatory Organization (SRO) with the longest history that meets the standards established by the Financial Services Standards Association (FINMA). All the members of VQF also need to meet the most serious requirements in order to get a membership. Moreover, their membership means that all their operations are carried out in strict compliance with the Anti-Money Laundering Act in Switzerland. This acquisition enables Bibox to conduct digital currency business in Europe going forward.
Bibox was founded by Jeffery Lei, co-founder of OKCoin, and was officially launched in November 2017. Within a mere span of 6 months, Bibox has impressively climbed the ranks to become a Top-10 crypto exchange in the world in terms of transaction volume. Bibox has also established footprint across the world with operation centers in more than 10 countries and regions including Estonia, the United States, Switzerland, Singapore, Canada, China, Hong Kong, Japan and South Korea.
Bibox integrates AI technology into all aspects of its platform trading, carefully screening high-quality projects for users, and has received wide acclaim from both users and industry experts for its smooth trading experience and excellent customer service. As of August 2018, the number of Bibox users has exceeded 1 million. According to CoinMarketCap’s statistics, Bibox has a consistent average 24-hour trading volume of $200 million.
Bibox’s sponsor Jeffery Lei shared that the acquisition of Chain Capital in Switzerland will not only help Bibox to better develop its European business and serve more users, but also to provide more choices to its users hence greatly improving users’ convenience. At the same time, this acquisition also serves as an example to the rest of the industry to continually explore more opportunities to further develop their blockchain business as the industry grows towards maturity.
Chain Capital is headquartered in Zurich, Switzerland’s financial center, and is a digital asset fund management company. Just 2 months after its establishment in July 2017, Chain Capital received the first VQF license issued by Switzerland, which means that the company can engage in transactions of digital assets. This is of great significance to Bibox’s expansion of its global footprint and specifically European business.
“Attaining a license is an instrumental step in our global expansion. In the future, our main task at Bibox is to apply our technical knowledge accumulated in the blockchain field to other domains, and accelerate the development of blockchain technology.” Jeffery Lei exhibits great confidence in blockchain technology in terms of both its applications and development potential, and aims to invest even more funds and energy to aid the development of the blockchain industry. “I think this is the career I can invest my life in.”
Bibox’s feat of achieving its Top-10 ranking within half a year is a result of its co-founders’ years of technical knowledge and experience in the blockchain field. Technical expert Jeffery Lei, was the Marketing Operation Manager / Product Manager at Huawei, later co-founded OKCoin with Xu Mingxing, and also served as CEO of AI company Jixianyuan. Similarly, fellow Bibox co-founder Aries Wang, is the author of Crypto Economics, has gained many years of experience in the blockchain field and is based in North America.
For more information contact:
Lesley Zhang, Director of Public Relations
Press Contact Email Address
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A Chinese investor is suing crypto exchange OKCoin for allegedly preventing him from withdrawing Bitcoin Cash after Bitcoin’s hard fork
A Chinese investor has filed a lawsuit against cryptocurrency exchange OKCoin regarding more than 38 bitcoin cash that he claims the platform failed to distribute to him following last year’s hard fork, according to a charge sheet on LegalWeekly. The plaintiff, known only by the pseudonym Feng Bin, claims he was expecting to get the
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A cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline.
First Chinese Lawsuit Pertaining to Bitcoin Fork Filed Against Okcoin
A Chinese bitcoin investor has filed a lawsuit against Okcoin in what Legalweekly has described as the first Chinese suit pertaining to last year’s bitcoin fork.
According to the publication, the plaintiff, who is known by the pseudonym Feng Bin, alleges that “at the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.”
Plaintiff Claims No Deadline Was Given for Okcoin Users to Claim BCH
Feng Bin claims that after contacting the company to report the issue, Okcoin responded by stating that “The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal,” despite the company’s announcement on August 1st, 2017, stating: “If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.”
“I have been paying attention to the announcement of the Okcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program,” Feng stated.
Plaintiff Seeks Reparations for Inability to Sell BCH During Price Peak
Mr. Feng is also seeking reparations for the “losses” caused as a result of being unable to sell his BCH at peak prices. As such, the plaintiff is seeking 169,969.22 yuan (approximately $25,000 USD in total).
Okcoin has reportedly questioned the legitimacy of Mr. Feng’s claim to the holdings, purportedly describing the lack of trading activity conducted by the account during 2017 as “not normal” given the market conditions of last year.
What is your response to the lawsuit against Okcoin? Share your thoughts in the comments section below!
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OKCoin in California: OKCoin, an international cryptocurrency exchange, just announced that it has launched a branch within the US market offering cryptocurrency trading services between USD and several cryptocurrencies.
According to the company’s website, the crypto exchange has already launched in California and is working on getting its services approved in other states. Each state has its own guidelines, and the company is complying with the SEC’s guidelines. The company filed a money service business (MSB) with the US Financial Crimes Enforcement Network (FinCEN) back in November of 2017.
California residents are now able ...
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In a matter of days, the outgoing CEO of the world’s largest crypto exchange OKEx has joined rival exchange Huobi
Chinese state media outlet, Voice of China, has published reports criticizing the efforts of Chinese cryptocurrency exchanges and initial coin offerings (ICOs) to continue operations in spite of the central government’s 2017 crackdown.
State Media Criticizes Cryptocurrency Exchanges’ Defiance of Crackdown
Voice of China’s reports state that “On September 2017, seven ministries and commissions of the Central Bank issued the ‘Announcement on Preventing the Risk of Issuance of Coinage Offerings’, requiring that any institution not engage in the interaction between legal currency, tokens, and ‘virtual currency’.”
One of the reports states that despite the official ban, companies operating in the cryptocurrency sector sought “to take advantage of the rising tide of rising bitcoin prices,” and alleges that many of China’s cryptocurrency exchange “platforms immediately set up overseas websites and continue to provide digital currency services to mainland users as overseas companies.”
Voice of China Targets Okex
The Voice of China reports pays considerable attention to Okex, accusing the company of using shell companies to obfuscate its Chinese operations, in addition to offering unlicensed securities.
The report states that “After the national ban was issued, OKCoin transferred all user data and digital currency to the OKEx Exchange, which was established outside China.” Voice of China also quote an Okex customer who believes that the company “is only nominally moving the company overseas, claiming to be headquartered in Belize, and the team is Hong Kong, but in fact, still operates the entire company in Beijing, and the users are almost all Chinese.”
State Media Claims Number of Chinese ICOs Increasing Despite Ban
Voice of China also published a report focusing on initial coin offerings that accuses many Chinese ICOs of operating in clear defiance of the central government’s directives.
The report states that the September document issued by various Chinese government institutions declared the “issuance of tokens is essentially an unauthorized and illegal public financing.” The document accused many ICOs of violating financial laws through “illegally issuing tokens, [the] illegal distribution of securities, and illegal fundraising,” in addition to “Financial fraud, pyramid schemes and other illegal and criminal activities.”
Professor Criticizes “One Size Fits All” Cryptocurrency Regulations
Despite the critical description of ICOs, the report quotes Deng Jianpeng, a professor at The Law School of the Central University for Nationalities who is purported to possess extensive experience in observing and analyzing cryptocurrencies. Mr. Jianpeng advocates for a dynamic, global. and flexible regulatory apparatus that caters to the fostering of innovation, and criticizes “one size fits all” and prohibitive legislative proposals regarding cryptocurrencies.
According to a rough translation, Deng Jianpeng stated: “digital currency has a very typical global character, resulting in a simple prohibition of no effect in the physical space. Therefore, if we think about fine-tuning the regulatory rules, it is absolutely not allowed to do public offerings. Fraud is absolutely necessary to crack down on criminal law, but if it is private equity is also true entrepreneurship. Is it possible to have some special channels, such as approval by a specific agency, to avoid the embarrassing situation of supervision? This thing is worth rethinking.”
Do you think that China will be able to crackdown on the continued operation of cryptocurrency platforms that are based offshore yet target Chinese investors? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Okex
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Okex has promised to roll back futures transactions after irregular activity saw bitcoin plunge to under $4,800. The incident triggered massive liquidations, wiped out hundreds of contracts, and saw one trader threaten to commit suicide in front of Okex’ Hong Kong offices.
Okex Reverses the Rekoning
Cryptocurrency trading in the current climate is tough enough without being subjected to illegal liquidations. On Friday March 30, anomalies at the Chinese-run Okex exchange saw millions of dollars wiped out from trading accounts after a flash crash obliterated long positions. Vociferous protestations from Okex customers included one individual arriving at the firm’s Hong Kong HQ branding what he claimed to be a bottle of poison. The man claimed to have lost $10 million through forced liquidation, and threatened to drink the liquid if the matter wasn’t rectified.
In a statement issued on March 30, Okex wrote: “To prevent forced-liquidations due to price differences after the settlements in “bi-weekly” and “quarterly” futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.”
The exchange has promised to reset futures contracts to 4:47 Mar 30, 2018 Hong Kong time and apologized to traders affected by the sudden liquidation. While bitcoin’s price action has been choppy for days, Okex is the only exchange to have been affected so profoundly. While BTC was dipping under $4,800 on Okex, which is owned by Okcoin, it held $7,000 everywhere else.
Forced Liquidations Leave a Bitter Taste
Margin and futures trading is a risky business, but remains popular with traders, as the rewards for predicting where bitcoin will move next can be substantial. The extreme dip that occurred on Okex was clearly an anomaly, though, that traders could not have seen coming. The exchange is investigating the matter to determine whether it was the result of a technical error or manipulation.
Do you think Okex is right to roll back the liquidated contracts? Let us know in the comments section below.
Images courtesy of Shutterstock, Twitter, and Okex.
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South Korea’s largest companies, as NHN, Kakao, Upbit, SK Telecom, Nexon, and Korbit are funding cryptocurrency exchanges, allowing the market to mature. #SMART_INVESTMENT