Coinspeaker
Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now
As IEOs are becoming more and more prevalent holding the potential of replacing ICOs as the most popular fundraising model, you might ask “which are the ones worth watching?”. Here’re three IEO projects you should keep an eye on right now.
Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now
Continue reading at Coinspeaker
Source: CoinSpeaker
Upon the Bittrex’s BitLicese rejection reasons, outlined by New York Department of Financial Services (NYDFS), the exchange hit detail press and denies regulator’s allegation and claim towards Bittrex’s AML and compliance practices.
Bittrex Disagree with NYDFS’ Claims
In a recent report, Coingape had explained how and why NYDFS rejected BitLicese applied by Bittrex in 2018. However, the report also mentioned NYDFS’s order 60 days time for the exchange to wind up its operation within New York. While regulators released refusal to report on Wednesday, the April 10, addressing Bittrex CEO Bill Shihara – the exchange responded on Thursday, the April 11 via a press release and addressing its customers on social media.
Source: Twitter
In its response letter, Bittrex expressed its disappointment and argued that the regulator’s decision actually harms than protecting NY customers. Contradictory to regulator’s finding, Bittrex notes that the exchange worked ‘diligently with NYDFS’ and addressed their questions since they first applied for BitLicense.
The blog further reads that;
First, and foremost, we adamantly disagree with NYDFS’ claims and allegations in regard to our anti-money laundering (AML) and compliance practices. Corporate responsibility is in our DNA and our commitment to regulatory and compliance guidelines is second to none. More specifically, today’s letter contains several factual inaccuracies that we feel must be addressed.
Concerning the Bittrex’s capital status addressed by NYDFS, the exchange says that the regulator had imposed ‘capitalization requirements far in excess as compared to other states’. It mentioned that the exchange had provided ‘bond’ to cover the entire capitalizations of all Bittrex’s customers based in New York but ‘still it was rejected’. The exchange also outlined to regulator’s point of Bittrex’s vague account name (In NYDFS’s language – ‘obscene terms and phrases’) – nevertheless, as per the exchange, the mentioned names did not match. It says;
The letter mentions accounts with names that did not match. There were less than a dozen of these names in total and none of these accounts were ever active and none of these accounts ever made a trade. The fact that these accounts were unable to trade demonstrates the effectiveness of our diligence process, rather than a deficiency as NYDFS alleges
Established in the year 2014, Bittrex is currently holding around $63.5 million trading volume and sits at 54th rank on a graph of Coinmarketcap. All in all, the exchange is restricted to operate a business in New York since the regulator rejected BitLicese – nevertheless, it can resubmit the application in future if it intends to do so.
What do you think, will Bittrex reapply for a BitLicese? Let us know.
The post Bittrex Responds New York Regulator’s Claims behind BitLicese Rejection appeared first on Coingape.
Source: CoinGape
A quick letter released by the New York Department of Financial Services (NYDFS) reveals that Bittrex’s application to secure BitLicese is rejected, if it would have approved, the exchange could process trading operation in New York.
BitLicense Rejected
A letter addressing to Bittrex CEO Bill Shihara, published by NYDFS on Wednesday, April 10, 2019, reads that NYDFS has apparently rejected BitLicense application which was submitted in July 2018. The application was declined due to a number of factors which was however essential for every trading platforms intends to operate within New York.
The exchange was, however, operating under the terms of a ‘safe harbor’ a law that permits an exchange to operate within jurisdiction while its application to obtain BitLicense remains in pending status.
Daniel Sangeap, deputy superintendent and deputy counsel at NYDFS says that;
“Throughout Bittrex’s application process, the Department worked steadily with Bittrex to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector,”
But Why?
Reports revealed that the regulators continuously reached Bittrex via several deficiency letters. However, the reason for such rejection comes after regulator’s notice of deficiency towards ‘Bittrex’s anti-money laundering procedures, its coin listing process, exchange’s capital, and Foreign Assets Control compliance. Mentioning these details, regulators specifically adds that;
Exchange’s failure to demonstrate that it will conduct its business honestly, fairly, equitably, carefully, and efficiently.
Beside rejection, NY regulators also ordered Bittrex to close its business in New York within 60 days and thus unauthorized to operate within the jurisdiction. Additionally, regulators highlighted Bittrex’s poor performance in conducting customer’s due diligence, the absence of required tax identification numbers or customer names are a few more factors that led Bittrex’s BitLicense failure. Nevertheless, regulators also point at the ‘obscene terms and phrases’ that many Bittrex accounts were containing – such as ‘Elvis Presley, Give me my money, Donal Duck’.
Following the rejection status, Bittrex, unfortunately, has to wind up its operation in New York, given that it is already having 35000 New York-based users. Sangeap further adds that;
“This was due to the fact that partial files were provided to the examiners, and moreover, actual compliance in certain files could not be established. Sangeap continued, Some tokens were listed despite some applicants refusing to complete the necessary paperwork – “and in one case … there was no application on file at all.”
In a nutshell, Bittrex’s BitLicese application is rejected and is expected to close his New York-based operations within a period of two months (probably within June 10) – however, the exchange has only 14 days to confirm to regulators that it has ceased existing business in New York and put an end to any upcoming business plans for NY residents.
So readers, what’s your view on NYDFS’s move towards rejecting Bittrex’s BitLicense? do you think the exchange deserved it? Let us know in the comment below
The post New York Regulators Officially Rejects Bittrex’s BitLicences Application – Here’s Why appeared first on Coingape.
Source: CoinGape
Chinese crypto firm, Huobi, announced the official roll-out of Huobi Prime, a premium token listing channel, which will be released on 26 March 2019. With this feature, users will be able to trade in ‘high potential digital assets,’ before they are listed on the main exchange.
According to Leon Li, the Founder and CEO of the Huobi Group, it is aimed at accessing promising crypto assets at rates substantially lower than their market price.
The announcement stated,
“To foster fair price discovery, and to avoid potential risks brought to users by severe volatility, we will introduce ‘Price Limit’.”
According to a statement released by the group, users on its platform will have an investment cap of $1,000 in HT tokens, which boiled down to nearly 2,220 HT per sale, owing to the trading price, at press time.
The project can be compared to Binance Launchpad, with its main goal being to provide a platform for “transformative crypto projects.” Like the Launchpad, Huobi Prime plans to list the digital assets against its native token HT for trading.
In what may be an indication of the crypto-winter receding, trading platforms have opened up their roster to new and promising assets. In a similar roll-out, the Malta-based exchange, Bittrex, launched a token sale on its platform, in a bid to make the gaming system more transparent, with their first Initial Exchange Offering [IEO].
The latest Huobi feature comes a week after the crypto firm announced support for Tron [TRX] decentralized apps [DApps] on its multi-chain Huobi Wallet. The wallet currently supports Bitcoin, Ethereum, Tron, Bitcoin Cash, Bitcoin SV, XRP, EOS, Ethereum Classic, and Litecoin, as well as all ERC20 tokens and stablecoins.
The roll-out followed a month after the Chinese group’s Australian unit was shut down eight months into its launch, due to poor market conditions.
The post Huobi announces launch of Huobi Prime, a premium token listing channel appeared first on AMBCrypto.
Source: AMB Crypto
Initial Exchange Offerings (IEO) are popping up as a new trend among cryptocurrency exchanges. As such, Bittrex Exchange had also announced to host its first IEO for a token called XRD but suddenly announced to pull it back due to ‘last minute’ problem, as confirmed by European Exchange Bittrex.
Bittrex cryptocurrency exchange announced the reversal of its upcoming IEO scheduled to host on behalf of a South Korean Startup RAID for its XRD token. The exchange suddenly canceled it on March on March 14. As per the records, the IEO was supposed to go live on March 15 – and the cancellation announcement comes before a few hours of the scheduled launch. According to an official report, the exchange abruptly canceled it due to ‘significant, last minute changes’ with XRD crypto project.
Bittrex International broke out a reversal tweet adding ‘ trust and integrity are the most valuable assets’;
Trust and integrity are the most valuable assets of Bittrex International. As a result of significant, last-minute changes with RAID, we have cancelled the IEO offering of the RAID token. We apologize for the inconvenience. We will provide a more complete statement shortly.
— Bittrex International (@BittrexIntl) March 14, 2019
Furthermore, in an upcoming tweet and announcement, Bittrex explains that the change occurred in the business status of the RAID project, elaborating that OP.GG terminated its strategic partnership with RAID which was essential for RAID project.
OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.
Concerning the similar context, OP.GG reportedly confirmed that there will be no economic and technical cooperation with RAID Project. However, the platform servers 45 million monthly active users and with the recent announcement, all potential business discussion related to RAID project is no longer the concern of OP.GG.
To note, Bittrex’s first IEO received a significant response from the industry players including CZ from Binance cryptocurrency exchange. if everything would perfect, Bittrex would launch its first IEO today (i.e on March 15) at 10 am KST on behalf of RAID project.
Those who don’t know about IEO or Bittrex’s IEO announcement, please visit here – IEO
The post Here is Why Bittrex Suddenly Cancelled its Excited IEO Just Hours Before Scheduled Launch appeared first on Coingape.
Source: CoinGape
CoinSpeaker
Is Bittrex’s First IEO ‘Raid (XRD)’ Coming From a Real Company?
Bittrex crypto exchange said that they will launch an initial exchange offering (IEO) on behalf of RAID signifying an upturn in the rather dwindling cryptocurrency market while fostering global adoption. But are XRD tokens coming from a real company?
Is Bittrex’s First IEO ‘Raid (XRD)’ Coming From a Real Company?
Continue reading at Coinspeaker
Source: CoinSpeaker
Okex has announced the launch of its Initial Exchange Offering for its users: Ok Jumpstart. The IEO of exchange will help new projects and blockchain based projects to launch their tokens on the exchange.
According to their blog post:
By saving the time and resources for getting listed on exchanges, project teams will be able to focus on project development and community management.
We'll be launching #OKJumpstart very soon. Do you know what is an #IEO? https://t.co/AHDlYbZBnu
— OKEx (@OKEx) March 13, 2019
How is an Exchange Offering Different from an ICO?
While the exchange will continue to administer the working of the ‘Exchange tokens,’ an independent, autonomous team is designated the job of working on the Exchange Token.
Furthermore, the Exchange Offering is exclusively open for the exchange users only. While this creates an ambiguity as the exchange is open to the public. However, it gives assurance of KYC and AML compliance along with trust protection to the token holders.
IEO vs ICO
The exchange reaffirms that an exchange offering is entirely different from an ICO as the exchange is a tangible running model, rather than an idea on a whitepaper. Hence, the chances of it performing, in the long run, are higher.
“Instead, the exchange is risking their credibility when doing IEOs, since it has no control over the IEO project team’s operation and product delivery as promised in the latter’s white paper… This provides an extra layer of protection to contributors.”
Also Read: Bittrex Hosting First Initial Exchange Offering (IEO), Is It Similar to Binance Launchpad?
Furthermore, Exchange Offerings can increase the degree of decentralization for an exchange. It is established as the order books, and the Exchange Token decentrally regulates exchange controls. Moreover, the Exchange acts as physical administrators of the token and the exchange. Hence they can also take immediate action during unforeseen circumstances. The new age exchange offerings from Bittrex and Okex will inevitably compete with Decentralized Exchanges in the future.
The post Okex Announces the Launch of its IEO; Will Inevitably Challenge the Decentralised Exchanges in the Future appeared first on Coingape.
Source: CoinGape
CoinSpeaker
World’s First Initial Exchange Offering Announced by Bittrex
Bittrex crypto exchange launches an initial exchange offering on behalf of RAID signifying an upturn in the rather dwindling cryptocurrency market while fostering global adoption.
World’s First Initial Exchange Offering Announced by Bittrex
Continue reading at Coinspeaker
Source: CoinSpeaker
Amid the current bearish market, cryptocurrency exchanges like Bittrex are walking on a new trend of launching its first Initial Exchange Offering (IEO) on behalf of a blockchain project called RAID. As announced on Monday (March 11, 2019), it would be the first of its kind for Bittrex where it is hosting RAID (XRD) token Sale on its platform via a new concept called Initial Exchange Offering.
Per the latest announcement, Bittrex will launch IEO of RAID project which is a blockchain-powered gaming data startup from South Korea. Accordingly, RAID’s 17 billion XRD token is already delivered to Bittrex exchange with an aim to raise $5.95 million. The exchange is deciding to offer 1 XRD at the cost of 10 Satoshi, whilst setting a minimum purchase of $10 and a maximum of $20,000. The IEO of RAID’s XRD token will begin on March 15, 2019, at 10.00 AM KST time.
What is Initial Exchange Offering (IEO)?
IEO or Initial Exchange Offering is a concept beyond ICO token sale (Initial Coin Offering). unlike ICO where the prices of the token reach sudden sell-off initially, experienced manipulation and contain less security level, IEO is led by the registered cryptocurrency exchange. In this process, a token sale of a project will be hosted by exchanges such as Bittrex, KuCoin, Huobi, etc, on behalf of the project rather than the project itself. By doing so, the exchange ensures higher security level and prevents price manipulation. IEO is an advanced method of conducting the token sale and raising capital with the help of cryptocurrency exchange.
Is it Similar to Binance LaunchPad?
While IEO carries a similar approach that Binance’s launchpad is offering – it doesn’t come in a row of competition for Binance.
As well as that, Changpeng Zhao (CZ), the CEO of Binance Exchange is long time believer on cryptocurrency’s global adoption – as seen on his profile, CZ took to twitter and made a confident statement on Bittrex’s IEO announcement. He adds ‘Glad to see more joining the club’;
Glad to see more joining the club. We firmly believe blockchain fundraising is the killer app. Let’s use it to help our entrepreneurs and #BUIDL our #crypto industry, and other industries after that. (happy to promote a peer to grow the industry) https://t.co/DVbZRAEB7n
— CZ Binance (@cz_binance) March 12, 2019
In a similar tone, CZ responds to a comment that curiously questioned him his interest to list the project on Binance; he says;
The race to see who lists first is overrated, and short term focused. Exchange users are very liquid. They move around all the time. We just focus on improving our products and services for the long run.
Bill Shihara, Bittrex’s founder is also confident on exchange’s security level – thus ensuring its global customer stating that ‘they will have peace of mind’ because the project is backed by Bittrex International trading platform. In similar regards, he says;
“We are committed to increasing adoption and moving the blockchain revolution forward. The ability for projects like RAID to innovate, advance, and promote the gaming industry on our platform is a game changer for all involved,”
To count down the project’s IEO, you can visit here – https://international.bittrex.com/Market/Index?MarketName=BTC-XRD
What’s your view on Binance’s launchpad and Initial Coin Offering? Share your thoughts with us. What do you think of project’s interest, will they prefer Binance’s launchpad over preferring other exchanges with IEO concept?
The post Bittrex Hosting First Initial Exchange Offering (IEO), Is It Similar to Binance Launchpad? appeared first on Coingape.
Source: CoinGape
US-based cryptocurrency exchange, Bittrex has listed Crypto.com Chain (CRO) on its exchange platform since 8th March 2019. The CRO chain trading and transactions are now live on Bittrex.
Bittrex International, earlier known as Bittrex, is one of the oldest and most popular online cryptocurrency exchange portal based out of US. The exchange has enabled FIAT deposits and includes USD, Bitcoin (BTC), Ethereum ((ETH) and USDT (USD Tether) markets.
The influx of fresh volume on a comparatively smaller capped cryptocurrency like Crypto.com chain (CRO) often boost the price of a cryptocurrency. The price of CRO token has increased by almost 60% in the past 24 hours. At the time of launch, Bittrex reports orders executed for 0.00003000 BTC. However, the average gain in 24 hour period as reported on coinmarketcap is 58% at 0.00000530 BTC.
Crypto.com chain Ranked 63 on Coinmarketcap.com
Utility of Crypto.com Chain
Found in 2016, Crypto.com aims to accelerate the adoption of cryptocurrencies. It acts as a bridge between FIAT and Cryptocurrency payments. Merchants who opt to accept cryptocurrency through the App can get credited in any FIAT currency of their choice. The users have the liberty to spend cryptocurrencies and also earn loyalty and transaction rewards offered by crypto.com.
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “The Crypto.com Pay SDK has shipped and we will open the platform to our 400,000 users next week. The CRO token serves as a cross-currency settlement instrument for our native blockchain. Further listings of the token will increase liquidity necessary to support transaction volumes and settlement for our growing list of merchants.”
Crypto.com had also acquired Monaco (MCO) cryptocurrency which is now rebranded as crypto.com. The other product of the firm include MCO VISA cards; these cards can be used to make payments at VISA enabled POS (Point of Sale) devices throughout the world. MCO VISA card will soon start shipping in the US and Europe.
The post Crypto.com Chain [CRO] Price Surges After Bittrex Listing, More Upside in the Long Run? appeared first on Coingape.
Source: CoinGape
CoinSpeaker
TrustToken Customers Can Soon Check the Status of TrueUSD Market in Real Time
The new feature for TrueUSD users will be available through the real-time dashboard developed independently by Armanino. The launch is set to take place in April.
TrustToken Customers Can Soon Check the Status of TrueUSD Market in Real Time
Continue reading at Coinspeaker
Source: CoinSpeaker
The cryptocurrency market is evolving and with new technologies making their debut in the market, exchanges have started taking a stance against coins that register any illicit activities. Recently Binance, the most prominent cryptocurrency exchange, delisted five altcoins – CLOAK, MOD, SALT, SUB, and WINGS – from its trading platform. Bittrex and UPbit joined the bandwagon as they plan to delist both Salt [SALT] and Wings- DAO [WINGS].
UPbit cited low number of users and marketing effort as the reason behind delisting WINGS in a blog post.
“Wings Dao is a project based on the Big Data-based Cryptographic Pricing Forecast Market, but currently it is impossible to build data based on less than 2 participants per day of service and it is not possible to operate the product. In addition, efforts to promote business at the project team level are weak. We have designated it as an investment interest stock.”
SALT, on the other hand, is being delisted due to an ongoing investigation by local financial authorities over the unfair distribution of tokens, stated the blog. The Blog mentioned the “Significant stocks specify the reason:”
“Eric Bur Heath (Eric Voorhees) the bar received measures that the non-participation in cryptocurrency unauthorized from the SEC was a member, even about the unfair token distribution made to investigate the recent local financial authorities I’m getting. In consideration of this situation, we have designated it as an investment stock.”
The publication speculated that UPbit’s move of delisting tokens might mean Bittrex delisting the tokens as well, as both exchanges list coins at the same time.
The altcoins were delisted from Binance on account of level and quality of development activity, the commitment of the team to the project, evidence of unethical/fraudulent conduct, among other reasons.
SALT is listed in a dozen exchanges, while WINGS would be tradable on at least four other exchanges if they get delisted from UPbit and Bittrex.
The post UPbit and Bittrex plan on delisting SALT and Wings-DAO [WINGS] from their platforms appeared first on AMBCrypto.
Source: AMB Crypto
Following the recent delisting announcement of five crypto tokens by Binance exchange, the other leading cryptocurrency exchanges are likely following the suit.
Binance Delisted Five Tokens – including SALT and WINGS
Coingape had recently reported that Binance cryptocurrency exchange set to delist and suspend the trading of five tokens including CLOAK, MOD, SALT, SUB and WINGS due to the failure of performing as per platform’s criteria. However, the announcement appeared on Binance website on Feb 15 and the delisting occurred on Feb 22, 2019, finally. In particular, the potential delisting by Binance is said to be- ‘team’s commitment towards the project, fraudulent conduct and unlike’.
Such token delisting decision of Binance might have struck a ‘fear point’ among the other exchanges – as such, a South Korean cryptocurrency exchange, Upbit have moved few tokens in a special category of assets that are likely be delisting from the exchange. Few of such affected exchange on Upbit are also including those that are recently delisted from Binance – Blocktix (TIX), SaluS (SLS), Salth (SALT) and the Wings (WINGS). To note, SALT and WINGS are the common tokens in Binance and Upbit that seems not performing as per the standards.
Upbit & Bittrex Likely Delist SALT and WINGS Token
Furthermore, the report also revealed that Upbit exchange would seek clarifications from other listed tokens and if found unsatisfactory – it would likely delist those as well. The potential reason for delisting as mentioned in Upbit’s official website is ‘an investigation by local financial authorities due to unfair distribution of tokens by SALT and WINGS platform’. Moreover, it is important to note that SALT is already delisted from several other exchanges while WINGS is waving in trouble.
[Market] Designation notice of Blocktix(TIX), SaluS(SLS), SALT(SALT), Wings-DAO(WINGS) as Investment Warning Crypto-asset. Please see the link for the additional information: https://t.co/OYGNoS58jE
— Upbit Global (@upbitglobal) February 22, 2019
SALT (SALT)
• Market: SALT / BTC, SALT / ETH
• Reason for Designation
: SEC Prevents Eric Voorhees from participating in unauthorized Crypto-asset projects, and an investigation by local financial authorities has recently been conducted on the unfair distribution of tokens. Consideration of this situation, we have decided designation of investment warning Crypto-asset.
Wings-DAO (WINGS)
• Market: WINGS / BTC
• Reason for Designation
: Wings DAO is a project that has been launched on the Big-Data based Crypto-asset pricing forecast market, but it has not been built yet. In addition, efforts to promote business is low. We have decided to designate this as an investment warning Crypto-asset.
However, Binance’s decision isn’t firmly accepted by team SALT as such they took to Twitter the second day of the announcement and goes on stating that the effort to help shape the new economy without considering the number of exchanges, SALT is listed. It says;
"At SALT, we define success not by the number of exchanges on which we are listed, but by our efforts to help shape this new economy." CEO of SALT Bill Sinclair responds to the @binance delisting. https://t.co/ybx9FUIpB2 pic.twitter.com/ICsOYYBUy9
— SALT (@SALTLending) February 16, 2019
In a similar context, WINGS also announced on Twitter as ‘continue implementing the Wings vision’
WINGS responds to @Binance delisting
"We will continue implementing the Wings vision."https://t.co/lU1tSZ6Ypm
— WINGS Foundation (@wingsplatform) February 17, 2019
What’s your stake on both the tokens? and decision by Binance and Upbit? Share your opinion with us.
The post Upbit & Bittrex May Delist SALT and WINGS Tokens, Following Binance Footsteps appeared first on Coingape.
Source: CoinGape
CoinSpeaker
BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It
Tron will start distributing its BitTorrent Token in airdrops, to its TRX holders through the Binance Launchpad platform. The Tron Foundation plans to airdrop tokens for the next six years up to February 2025.
BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It
Continue reading at Coinspeaker
Source: CoinSpeaker
CoinSpeaker
Bithumb Launches Its OTC Trading Desk to Further Target Institutional Investors
Bithumb, South Korea’s largest Bitcoin exchange by trading volume, has launched an over-the-counter (OTC) trading platform that will allow deep-pocketed traders to exchange crypto assets off the books.
Bithumb Launches Its OTC Trading Desk to Further Target Institutional Investors
Continue reading at Coinspeaker
Source: CoinSpeaker
