Bitfinex restarts fiat deposits via ‘improved’ system

Embattled cryptocurrency exchange Bitfinex has reinstated fiat deposits, claiming its new system is much “improved” following significant user problems at the exchange in recent times.

The development follows on from the firm’s decision to suspend fiat deposits last week, which the exchange attributed to unspecified “processing complications.” At the time, the decision caused some panic amongst Bitfinex users, fearful the exchange could be the next to unexpectedly hit the rocks.

While Tuesday’s announcement will be comfort to those affected, including the more vocal complaints on social media, it remains to be seen whether Bitfinex has done enough to calm the nerves of their customers.

According to the crypto exchange, the new depositing process will be limited to customers who have been through the Know-Your-Customer (KYC) process, offering deposits across several international fiat currencies: USD, GBP, EUR and JPY, respectively.

Customers can deposit fiat currency to their account by firstly initiating a deposit request, which is then reviewed before being executed by Bitfinex on a case by case basis.

In a blog post introducing the new measures, Bitfinex described its depositing system as more “resilient,” with almost conspiratorial suggestions of an organised campaign against their business over the issue.

“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better,” according to the crypto exchange.

Under the new system, deposits will be processed in 6-10 days, and must be of a minimum amount of $10,000. Bitfinex will manually approve accounts, and the service is only available to verified, KYC-compliant users. In all cases, a fee of 0.1000% applies to each deposit.

Thanking their customers for their patience, Bitfinex praised their “continued understanding throughout the entirety of this situation.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitfinex restarts fiat deposits via ‘improved’ system appeared first on Coingeek.

Read More

19 crypto exchanges secure provisional license in Philippines’ economic zone

The number of companies that have been granted provisional licenses by the Cagayan Economic Zone Authority (CEZA), which operates the Philippine government-owned Cagayan Special Economic Zone (CSEZ), has jumped to 19.

Last week, CEZA published a list of firms that have been issued with Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) licenses and the Offshore Virtual Currency (OVC) licenses. The list also contains names of companies who have paid the applicator fees and are still being reviewed.

According to the publication, a total of 19 companies have been awarded the provisional license. Of that number, 17 were issued with provisional principal licenses while two were given provisional regular licenses. Companies holding the provisional principal license can “conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities,” while those with provisional regular license can only offer offshore virtual currency exchange services.

The 17 companies with the Ftsovc provisional principal licenses include Tiger Wheel, Golden Millennial Quickpay, Hong Kong Yuen Shing Hong, Ultra-Precise Investment, Digifin Technologies, Liannet Technology, Rare Earth Asia Technologies Corp., Formosa Financial Holdings, Cr8tiv Solutions Management, Sino-Phil Economic Zone Agency Development, Tanzer Holdings, Asia Premiere International, Ipe Global, Orient Express Global, White Ranch Limited, Dragon Empire Developments, and Galaxy Plus Developments.

The two companies’ awarded with the Ovc licenses were Unicorn Venture Investment Ltd and Cezex Trading Pte. Ltd.

Companies awarded with the principal license for Ftsovc had to pay $360,000 while those awarded with the regular licenses had to pay $85,000, CEZA previously stated. The awarded licenses will be valid for the next six months. Companies that require permanent licenses will have to prove to the authority that they are in compliance with Philippine laws.

While speaking to reporters in July, CEZA Board Secretary Catherine Joy Alameda explained that the licensees must have authorized capital stock of $500,000 with paid-in capital of $200,000. In addition to this, the companies should invest at least $1 million in a period of two years in the country. They should also set up a back office in the Philippines.

In addition to the 19 companies, CEZA publication also included seight companies that are still under review. From the eight, six are being reviewed for provisional principal licenses while two are being reviewed for provisional regular licenses.

In July, CEZA granted provisional licenses to three cryptocurrency exchanges. The authority has been taking measures to create a legal framework in which crypto related business can operate.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post 19 crypto exchanges secure provisional license in Philippines’ economic zone appeared first on Coingeek.

Read More

Gibraltar licenses first crypto exchange—Coinfloor

UK’s first cryptocurrency exchange, Coinfloor, adds another feather to its cap—it’s become the first crypto exchange to be licensed by Gibraltar’s groundbreaking blockchain legislation.

According to a report in the Financial Times, Coinfloor will be regulated as a distributed ledger technology (DLT) provider under the new license. Coinfloor CEO Obi Nwosu was quoted by the news outlet saying Coinfloor had to undergo various processes before it secured the Gibraltar license.

According to Nwosu, the crypto company was tested on nine principles aimed at determining whether the exchange has sufficient anti-money laundering (AML), and Know Your Customer (KYC) protections in place. Nwosu said Coinfloor had to prove that their security system could stand any kind of cyber attacks that have plagued the cryptocurrency exchange industry over the years.

Nwosu also stated that the licensing process under Gibraltar’s new legislation impressed him, telling FT: “What impressed us was that this [legislation] was in the works for a long time. It’s been well thought out, well considered. They are focusing on quality over quantity.”

Gibraltar has been a haven for many virtual casinos because it offers low taxes for business based in the region. Recently, the British Overseas Territory introduced new rules specifically applying to the blockchain, which it hopes, will increase the success of blockchain-based companies in the region. This legislation was the first of its kind in Europe.

With this and more changes, Gibraltar seems to be creating a crypto-friendly environment like that of Malta. However, since UK is set to leave the EU next spring, there are many uncertainties and the move might affect Gibraltar’s dream of becoming a crypto and blockchain hub.

The new license comes as good news to Coinfloor, which recently laid off around 40 employees as part of the company’s restructuring process. The exchange, which was founded in 2013, made the decision at a time when there were increased difficulties for businesses in the cryptocurrency space following the bear market conditions.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Gibraltar licenses first crypto exchange—Coinfloor appeared first on Coingeek.

Read More

Coinbase opens Dublin office amid Brexit uncertainty

San Francisco-based cryptocurrency exchange Coinbase has announced the opening of a Dublin site, its second office in Europe.

In a blog post, Coinbase Vice-President for Operations and Technology Tina Bhatnagar said, “Our new office will help us tap into the city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy.”

She said that the team in Dublin “will complement Coinbase operations in London and host a variety of new business-related functions, including roles for which we’re hiring right now.”

Ireland’s Minister for Financial Services and Insurance Michael D’Arcy said, “This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

Coinbase UK CEO Zeeshan Feroz told CNBC that uncertainty in the implementation of policies after Great Britain’s 2016 vote to separate from the European Union (EU), “played some part in the decision.” He also pointed out that “[t]he EU is our most significant market outside the U.S.”

Martin Shanahan, CEO of IDA Ireland, the country’s inward investment promotion agency, said, “Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical business operations.”

Last month, the UK Parliament’s Treasury committee released a report that recommended for additional oversight of the cryptocurrency trade, to be handled by the Financial Conduct Authority. The report denied that cryptocurrencies served as media of exchange, due to their volatility in price.

Coinbase has also recently opened an office in New York, to focus mainly on institutional clients. The New York office currently has a work force of 20, but is set to increase by 150 next year, to handle the expansion.

Even at present, regular users are reportedly experiencing delays with withdrawal of funds. Some 200 pages of complaints against Coinbase had reportedly been filed at the U.S. Securities and Exchange Commission (SEC) last summer. Responding to such concerns, the company said it was addressing the problems by hiring more personnel and working to reduce response times, among other actions.

As part of Coinbase’s efforts at developing its global market, it has modified its cryptocurrency listing procedure, allowing users to directly suggest or apply for tokens to be listed.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Coinbase opens Dublin office amid Brexit uncertainty appeared first on Coingeek.

Read More

Bitfinex now makes it easier for users to track their activities

The Bitfinex cryptocurrency exchange has come under fire for a lot of issues lately. Last week, it was accused of being insolvent, which it vehemently denied, and was the target of a cyber-attack this past June. Perhaps in an effort to appease customers, the exchange is introducing new tools designed to give users more control, as well as greater activity insight, over their trades.

Hong Kong-based Bitfinex announced the new tools via a blog post published last week. The tools will allow greater flexibility in reviewing account data and users will now be able to “instantly compile an overview of necessary account information stemming as far back as account history goes.”

Bitfinex explains, “As institutions and professional traders enter the digital asset trading space, Bitfinex remains committed to creating the tools required to thoroughly meet their needs. We are of the belief that our suite of tools work to accelerate the rate of global adoption and help facilitate an increasingly mature market.”

Users of the platform can now work offline, facilitated by local storage of their databases. The new system is, according to the announcement, going to be converted to an open-source solution that will allow for the development of customized tools that can better serve individual needs.

The new reporting platform also contains a wallet that is added to end-point ledgers. This provides users with the ability to see which wallets are involved in transactions. End-point currencies have also been added. The announcement further states, “End-points ‘accountTrades’, ‘orderHistory’, ‘fundingOfferHistory’, ‘fundingLoanHistory’ and ‘fundingCreditHistory’ were modified, adding the option to return all the data without filtering by pair/coin when no pair/coin is sent.”

The introduction of the tools coincides with a global effort on the part of regulators to try and prevent tax evasion through cryptocurrencies. More financial authorities around the world are putting pressure on exchanges to have them play a larger role in controlling the cryptocurrency ecosystem. This has resulted in more exchanges, and even some cryptocurrency wallets, adopting policies requiring that their users adhere to Know Your Customer and anti-money laundering regulations.

On October 11, Bitfinex suspended deposits amidst a massive cryptocurrency selloff. As of this writing, deposits are still offline, but withdrawals are reportedly active.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitfinex now makes it easier for users to track their activities appeared first on Coingeek.

Read More

NASDAQ could launch regulated crypto platform

This past June, NASDAQ CEO Adena Friedman warned about the issues associated with initial coin offerings (ICO). She was referring to the inherent risks associated with the offerings, which have not been forced to adhere to any set regulations. However, the exchange might be prepared to support a different type of ICO, one that is regulated by financial authorities.

According to a report in The Block, the exchange is considering introducing a platform that will allow firms to offer security token offerings (STO). An STO is similar to an ICO, but differs in that all STOs are regulated by authorities. STOs must be registered with the Securities and Exchange Commission (SEC) in the US and are considered tradable assets issued against future profits.

An unidentified source told The Block that the exchange has been in touch with blockchain and cryptocurrency firms, such as the blockchain startup Symbiont, to implement the platform. Through the platform, NASDAQ would issue tokenized securities and offer an STO trading solution.

NASDAQ isn’t the first entity to consider getting into the STO side of the equation. CoinList, which provides STO services to FinTech companies, and Overstock’s tZero are already involved, and angel investment portal AngelList also has an arm dedicated to STOs.

With Friedman at the helm, NASDAQ has been more open than most toward cryptocurrencies. She told CNBC this past April, “Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”

At the end of July, the exchange reportedly held meetings in Chicago with several cryptocurrency exchanges. The meeting was allegedly designed to study how to advance cryptocurrency industry and increase awareness on a global scale.

NASDAQ is also reportedly looking to add additional support to its Analytics Hub, a platform that offers information on the buy side of trades and which includes data that is used by investors to make trading decisions. The new tools to be added to Analytics Hub would be designed specifically for the cryptocurrency market.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post NASDAQ could launch regulated crypto platform appeared first on Coingeek.

Read More

Coinbase withdrawals delayed as much as a week

It would appear that Coinbase, the San Francisco-based cryptocurrency exchange and wallet provider, is slow to respond to customer requests. Specifically, requests to withdrawal funds. According to a report in CryptoGlobe, sources have told the media outlet that US-based customers are having a difficult time making withdrawals, with some reporting delays of up to a month.

According to the article, only the US customers are affected. The issues apparently impact all of the platform’s assets and have been reported for as long as two weeks. The delays are reportedly not seen on Coinbase’s institutional platform, Coinbase Pro.

The topic has found its way to social media. One user, Ricard Antonio Ramos, stated on Facebook, “6 day hold now last I checked [at least] for me.” He was responding to a post by Chris Enlow, who had said “…It takes a few days for your deposit to clear but then you can buy and sell instantly at least. I think the last time I bought crypto from [Coinbase] they held the damn coins for 7 days…”

Coinbase is no stranger to complaints. Since last year, there have been reports that the platform holds funds before pushing them out to depositors’ accounts. This past summer, a number of media outlets reported on the issues, uncovering 200 pages of complaints that had been filed with the US Securities and Exchange Commission (SEC).

The platform said at the time that it was working to facilitate customer issues and would be hiring more staff to help manage a surge in activity on the exchange. However, the latest complaints follow a decrease of 83% in the trading volume seen on the exchange this past August. This will make it difficult for Coinbase to explain the delays as being a result of too much activity.

Coinbase has also had to deal with lawsuits of insider trading and accusations of making repeated illegal charges against the bank accounts of its users. The insider trading issues have been found to be unsubstantiated and the unauthorized charges were, according to Coinbase, a result of problems at Visa, not at Coinbase.

The company is reportedly now worth $8 billion after being backed by hedge fund Tiger Global last month. Tiger Global reportedly invested $500 million, half of which will go toward investments with the other half used to buy out investors.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Coinbase withdrawals delayed as much as a week appeared first on Coingeek.

Read More

Bithumb launches crypto indices as new partner gets onboard

Bithumb, South Korea’s largest cryptocurrency exchange by trade volume, is on a roll lately.

This week, the exchange opened Bithumb Crypto Index (BTCI), which contains two separate indices—Bithumb Market Index (BTMI) and Bithumb Altcoin Market Index (BTAI), news.bitcoin.com first reported.

Bithumb began calculating BTCI last July 1. BTMI tracks all coins listed on the crypto platform with a goal of providing “an overall view of the price changes in the cryptocurrency market,” while BTAI tracks “all non-bitcoin cryptocurrencies” on the platform to give “a view of the price changes in the cryptocurrency excluding bitcoin.” The index is calculated in real time and is updated every 10 seconds, according to Bithumb.

Like Bithumb, Upbit—the largest crypto exchange in South Korea in terms of the number of cryptocurrency listed—also launched two indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). From the two indices, Upbit has over 20 sub-indices grouped into either market, theme or strategy.

Upbit was quoted by Business Korea saying, “The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance.”

Singapore consortium bets big on Bithumb

In addition to launching an index, Bithumb also found itself a new investor.

On Friday, Yonhap reported that the BTC Holdings Company, which has held 75.99% stake in Bithumb, has signed a deal to sell 50% plus 1 share for KRW400 billion ($354 million) to Singaporean blockchain consortium BK Global. This effectively makes BK Global the majority owner of the South Korean crypto exchange.

Once the deal is complete, Bithumb will be valued at more than KRW1 trillion, or around $880 million.

BK Global is described as a Singapore-based medical group that operates plastic surgery and aesthetic clinics in South Korea and Singapore. Its chairperson, Kim Byung-gun, is a “plastic surgeon and blockchain platform investor,” according to Reuters.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bithumb launches crypto indices as new partner gets onboard appeared first on Coingeek.

Read More

Bitfinex pulls fiat deposits amid latest crypto price freefall

Cryptocurrency exchange Bitfinex has suspended fiat deposits, apparently on a temporary basis, amid the latest significant sell-off in the BTC markets.

The exchange, which operates from Hong Kong, was reported to have pulled the plug on wire deposits in GBP, USD, EUR and JPY, according to The Block. Unverified social media posts from customers at Bitfinex noted the situation is expected to be resolved within a week.

The suspension raises further questions about goings on at the exchange, after it was suggested Bitfinex may have been holding funds in Puerto Rico’s struggling Noble Bank. It was subsequently revealed that the firm had reached a banking relationship with HSBC.

However, it has since been reported that HSBC may not have been aware it was handling banking for Bitfinex, which had been operating through a subsidiary. This has led some analysts to consider whether the withdrawal of deposit services came as a result of this relationship being pulled by the bank.

On Thursday, BTC was trading at a premium on Bitfinex over other exchanges, a factor some have attributed to the ongoing uncertainty swirling around the exchange. The latest developments come after weeks of rumours around the financial health of the exchange, with critics pointing to the exchange’s ties to struggling stablecoin Tether (USDT).

In a post published by the exchange this week, they rubbished the claims about their financial health, saying, “How any rational party can claim insolvency when the opposite is there for all to see is interesting and, once again, perhaps indicative of a targeted campaign based on nothing but fiction.”

According to Bitfinex, “Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organisations. However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.”

Questions are now being asked of the sustainability of withdrawals on the platform, which have to date been unaffected by these events.

However, with this perhaps only the latest chapter in Bitfinex’s now farcical search for a banking partner, it remains to be seen whether the Hong Kong-operated exchange can continue to carry the confidence of its customers.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitfinex pulls fiat deposits amid latest crypto price freefall appeared first on Coingeek.

Read More

1Broker reopens platform to allow withdrawals

1Broker, a BTC futures trading firm, announced that it would be reopening withdrawals as of Thursday. The announcement comes several weeks after the firm was accused of acting as an unregistered security-based swap dealer, as well as for allegedly violating money-laundering and wire fraud laws.

1Broker started having issues when the U. S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and the Federal Bureau of Investigation (FBI) filed charges in the U.S. District Court for the District of Columbia against its CEO, Patrick Brunner, and its parent company, 1Pool, for not complying with the law. According to reports, an agent went undercover and made a few transactions on the platform, in violation with established regulations, including proper Know Your Customer processes as stated by the law.

1Broker reopened its platform in a read-only mode earlier this month. During this time, the platform announced that they are seeking legal counsel to help them work out the issues and to resume operations.

Many of its clients are happy with the latest announcement from 1Broker. Initially, when the domain was seized, the trading platform claimed to have enough funds to cover all withdrawals request by the customers and claimed it was waiting on approval from the authorities in order to process the transactions. Customers were allowed to start withdrawing at 12:00 UTC on Oct. 11.

Authorities are still seeking a permanent injunction against Brunner and 1Pool. They are also seeking to have the two pay monetary penalties.

1Broker, in its announcement, did not state if and when they will reactivate their operations and it is unclear when the authorities will allow the company to resume them. According to 1Pool, the platform has been running smooth and has created a respected working relationship with its customers. It stated that the company has been complying with established laws and hopes to clear the misunderstanding soon.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post 1Broker reopens platform to allow withdrawals appeared first on Coingeek.

Read More
Top
You have not selected any currencies to display