BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It

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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

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Source: CoinSpeaker

South Korean cryptocurrency exchanges step up on AML initiatives to counter money laundering practices

The relative anonymity offered by the decentralized protocol of cryptocurrency transactions has despite its advantages, also offered a degree of security to those who engage in acts of money laundering. It is therefore welcome that four South Korean cryptocurrency exchanges are joining hands to take steps against such a possibility.
Despite some built-in checks, hackers, and criminals have been able to subvert the technology driving the cryptocurrency market and launder money for their criminal deeds. It is in light of such rising incidents that four leading South Korean cryptocurrency exchanges namely, Bithumb, Upbit, Corbit and Coinone have come together to implement an AML, or an anti-money laundering initiative which they believe, would put in place sufficient checks and balances discouraging any more cases of such acts.
Key to this AML initiated by the four exchanges is a hotline – established to share real-time information between exchanges and comparing notes on any unusual trading activities or transactions that may be associated with money laundering deeds. These may include those associated with voice phishing, pyramid schemes and other illicit trading activities that are often a front to launder money. Such a system to exchange real-time information on transactions allows exchanges to maintain a register of wallets suspected of illegal activities that can then be used to hone in on money laundering suspects in the future.
Each of these initiatives, the exchanges claim, will help foster a healthier environment for the trading of cryptocurrencies. Further, as reported by South Korea’s Yonhap News Agency, an operator for one of the exchanges said:
“They are now able to instantly check any wrongful transactions made at other exchanges and take necessary measures, such as blocking their own related accounts. The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers.”
While there is no uniform standard to regulation and monitoring of suspicious activities such as money laundering in the cryptocurrency market [Most exchanges have KYC schemes for those holding wallets while some in Japan has self-regulatory guidelines and external bodies], the initiative taken by the four South Korean exchanges is a welcome step in ensuring the safety and security of crypto assets.
The post South Korean cryptocurrency exchanges step up on AML initiatives to counter money laundering practices appeared first on AMBCrypto.
Source: AMB Crypto

South Korean Top Exchanges Join Hands To Fight The Money Laundering Evil

A lot of regulators have had a blind eye towards cryptocurrencies because of its semi-anonymous and decentralized nature which is often used by people to launder monies. Understanding this money laundering evil that is halting regulations in favor of cryptos, four major cryptocurrency exchanges in South Korea have joined hands to tackle this menace.
Exchanges setup Hotline to share information in real time
According to the recent report published in South Korean media, leading South Korean crypto exchanges namely, Bithumb, Upbit, Corbit and Coinone have recently set up a hotline which can be used to share information on a real-time basis on any unusual and suspicious trading or transactions that are related to involve criminal acts, such as voice phishing and pyramid schemes.
With respect to the same an official of one of the operator was quoted saying
“They are now able to instantly check any wrongful transactions made at other exchanges and take necessary measures, such as blocking their own related accounts, “The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers.”
Last year, a lot of government regulators and financial institutions that asked crypto to clean up its act if needs a mainstream acceptance. All major countries, be it the USA, Canada and Russia all have suggested measures to curb money laundering.
With so much of media around speaking of money laundering and cryptocurrencies, one has to still accept the fact that cryptocurrency industry is rapidly pulling up its socks and creating its own codes and conduct. Most exchanges are now following the Know Your Customer (KYC) and AML regulations while a lot of countries like Japan have self-regulatory guidelines and bodies monitoring any kind of activities which are not legal in nature.
While money laundering still remains an evil for cryptocurrencies, steps like setting up a real-time hotline by Korean exchanges is something worth the effort to clean the industry in near future. Steps like these give people and regulators confidence that cryptocurrencies won’t be another tool for people to launder black monies.
What do you think are the steps taken by crypto players good enough to halt money laundering? Do let us know your views on the same.
The post South Korean Top Exchanges Join Hands To Fight The Money Laundering Evil appeared first on Coingape.
Source: CoinGape

Overall Cryptocurrency Market Lands Its Second Day of Recovery

CoinSpeaker

Overall Cryptocurrency Market Lands Its Second Day of Recovery

After literally months of waiting, a cryptocurrency market bounces forward and the majority of cryptos started to gain double figures on the day with a $10 billion injection pumps crypto markets.

Overall Cryptocurrency Market Lands Its Second Day of Recovery

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Source: CoinSpeaker

Only 2 out of 25 Top Crypto Exchanges Report Their True Trading Volumes: Report

CoinSpeaker

Only 2 out of 25 Top Crypto Exchanges Report Their True Trading Volumes: Report

The Blockchain Transparency Institute confirms the long-anticipated fears that most exchanges engage in wash trading. Their December report clears on Binance and Bitfinex only.

Only 2 out of 25 Top Crypto Exchanges Report Their True Trading Volumes: Report

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Source: CoinSpeaker

Major Cryptocurrency Exchanges Reporting False Trading volume data – BTI Report

The ‘Exchange Volumes Report’ for December 2018, has recently been published by The Blockchain Transparency Institute (BTI). And the report very strongly claims that out of twenty-five top cryptocurrency exchanges only two of them report their accurate trade volume.
Whom to trust, BTI or Coinmarketcap?
BTI released its December 2018 report which firmly stands to claim that only two of the largest cryptocurrency exchanges Binance and Bitfinex have been representing their original trade volumes. The Coinmarketcap’s report stated that among the world volume rankings Binance stands at the third rank while Bitfinex is placed at the 21st rank. But the estimates reflects something else in the BTI’s report.
Further, the BTI’s report has placed Upbit at the third place, besides the fact that Coinmarketcap has kept at the 39th rank. The ranking is followed by Kraken, Coinbase, Bitstamp, Bitflyer, Poloneix, Bittrex and Gate.io, which resides at 27th, 34th, 41st, 54th, 62nd, 50th and 55th respectively in the report published by Coinmarketcap.
Thus, as per the report that BTI has released,
“only one of the top twenty exchanges ranked by Coinmarketcap should be actually placed in top 10. Apart from that one exchange, the rest of them do not stand even close to it and are falsely placed”
The latter report claims that only one percent of the trade volume has been genuinely been released by the top 25 ranked crypto exchanges.
Through this part, the report has raised several questions regarding the authenticity of the exchanges and puts a large question mark on their rankings. Being genuine is definitely not a thing that most of the exchanges are while releasing their trade volumes.
The post Major Cryptocurrency Exchanges Reporting False Trading volume data – BTI Report appeared first on Coingape.
Source: CoinGape

Major South Korean Exchanges Expands Globally

Bithumb, Upbit, and Coinone are stepping ahead to expand overseas.

   Bithumb is launching a security token platform in the U.S
   Upbit opened its new trading branch in Singapore with 156 coins and 221 trading pairs
   Coinone launched cryptocurrency exchange in Malta

Bithumb Expands in the U.S
South Korea’s largest crypto exchange, Bithumb partners with U.S fintech firm Seriesone on October 31. The agreement discloses that Bithumb invests in this fintech in South Korea to scale and leverage technology as well as marketing development.
Bithumb and Seriesone will form a joint venture intended to create a new exchange in the United States that will offer a compliant marketplace to trade security tokens, subject to receipt of SEC, FINRA and other applicable regulatory approvals.
Further, the report states that Bithumb was acquired by Bk Global Consortium, a Singapore group led by ‘plastic surgeon. Another South Korea’s largest exchange, BTC Korea Holdings is also linked with the acquisition with shares of 75.99 percent interest.
Upbit Singapore Now Live
Upbit is yet another South Korea’s exchange which goes live newly in Singapore. The new Singaporean exchange will launch on Oct 30, led by Ale Kim, former head of Kakao Indonesia. Presently, the exchange will support only one fiat currency, the Singapore dollar (SGD) but may expand in future.
Verified users can use the exchange as it supports trading in the SGD, BTC, ETH and USDT markets.
However, the Upbit exchange is already in partnership with Bittrex. Upbit, operated by Dunamu Inc, said that they will stand on a strong partnership with Bittrex to keep major mark into the global market.
Coinone Launches CGEX
On Oct 29, Coinone announced the launch of CGEX, the crypto-only exchange where CGEX is not a legal currency but a crypto-2-crypto trading platform. The platform launched in Malta where it allows the zero-percent commission on makers for the first month of launch. It opens with the same trading pairs as the Coinone BTC market.
The post Major South Korean Exchanges Expands Globally appeared first on Coingape.
Source: CoinGape

Report: How Bots on Crypto Exchanges are Manipulating the Price of Bitcoin

As the office of New York Attorney General Barbara D. Underwood said in September, bots on large-scale crypto ecxhanges have been manipulating the price of Bitcoin for many years.
The report released by Attorney General Barbara D. Underwood read:
“When any venue tolerates manipulative or abusive conduct, the integrity of the entire market is at risk.”
But, with the Commodities and Futures Trading Commission (CFTC) cracking down on market manipulation through the usage of illegal software and the US Securities and Exchange Commission (SEC) punishing exchanges that engage in unregistered distribution of securities, experts believe the usage of illegal bots across global crypto exchanges will eventually subside.
Scale of Impact on Crypto
Speaking to The Wall Street Journal, CoinList co-founder and president Andy Bromberg stated that illicit bot trading and market manipulation is rampant in the cryptocurrency exchange market.
Although major markets like Japan and South Korea have newly imposed strict regulations to govern crypto trading platforms, most of the policies pertain to money laundering and security. The government of South Korea has said that it will oversee digital asset trading platforms as strictly regulated financial institutions potentially by the end of 2018, but the legislation still needs to be reviewed by the National Assembly of South Korea.
As of current, the vast majority of exchanges remain lightly regulated, even in developed cryptocurrency markets like the US, Japan, and South Korea. No regulations punish or discourage the usage of abusive strategies and take advantage of the poorly regulated crypto market.
“This sort of activity is rampant in the market right now,” Bromberg said, emphasizing that bot trading is difficult to restrict and prohibit.
Stefan Qin, the managing partner of $80 million cryptocurrency hedge fund Virgil Capital, told WSJ that it uses legitimate bots on 12 exchanges but was forced to build various functions to combat illegal activities and illegitimate bots.
“We’ve had to build in error-handling functions to check for hostile and potentially illegal activities. Such is the Wild West of crypto,” he said.
Norwegean crypto trader Kjetil Eilertsen said that his program called Quatloo Trader is the best market-manipulation tool in the space and that since the market cannot restrict usage of bots, it should allow bot creators to distribute the software to casual traders to create a level playing field.
“If everybody can manipulate, then nobody is manipulating. You can’t ban anything from people who are dedicated to doing something,” Eilertsen said.
Some Exchanges are Even Encouraging it
Last month, cryptocurrency trader and analyst Alex Kruger exposed a promotion on Bithumb, South Korea’s second largest cryptocurrency exchange behind Upbit, which encouraged traders to engage in wash trading and inflate the volume of Bithumb.
“There currently are $250 million [in] fake volume traded at [the] Korean crypto exchange Bithumb, every day at 11 a.m. Korean Time, since Aug. 25. Bithumb offers 120 percent payback of trading fees as an airdrop. Trading fees are 0.15 percent taker. To collect the full KRW 1 billion rebate, a wash trader must thus trade KRW 278 billion. That is $250 million in daily fake volume. Notice how 31K Bitcoin are traded at exactly 11 a.m,” Kruger explained.
Ultimately, it was a win-win situation for both traders and the exchange because investors were able to generate profit off of creating fake daily trading volume and Bithumb benefited from it as cryptocurrency market data providers listed the volume as real volume, which encouraged traders in the space to use the exchange.
The post Report: How Bots on Crypto Exchanges are Manipulating the Price of Bitcoin appeared first on NewsBTC.
Source: New feedNewsBTC.com

Is the Bitcoin Sell-Off Over? Technical Signs and Major Investors Believe so

Earlier this week, Lily Katz at Bloomberg reported that the GTI VERA Convergence Divergence Indicator suggests the Bitcoin downtrend is over. Experts have echoed a similar sentiment, expecting the bear market of the dominant cryptocurrency to come to an end in the upcoming months.
According to Katz, the GTI VERA Convergence Divergence, which analyzes trend reversals and exhaustion with the traditional Moving Average Convergence Divergence (MACD) has historically been an accurate indicator or long-term trend reversal.
For instance, earlier this year, when the GTI VERA Convergence Divergence signalled a trend reversal, the price of Bitcoin surged 39 percent the very next month.
Experts and Major Investors Believe the Bear Market is Coming to an End
In an interview with NewsBTC, Yoni Assia, the CEO at leading multi-asset trading platform eToro that has more than eight million users, said that the correction of Bitcoin in 2018 was healthy for the long-term growth of the crypto market.
More importantly, as Mati Greenspan said, a senior market analyst at eToro, the demand for Bitcoin at large cryptocurrency exchanges and trading platforms has not declined throughout the bear market.

Assia shared the sentiment of Greenspan, stating:
“Despite these adjustments, however, we have not seen a significant dip in demand for digital assets. As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets.”
On CNBC Crypto Trader, during an interview with Ran Neuner, ShapeShift CEO Erik Voorhees also shared his optimism towards the trend of the cryptocurrency market, noting that while the bear market of Bitcoin could continue in the short-term, the lower price range presents a decent opportunity for newcomers to buy into the market.
Due to the sheer scale of the drop in the price of major cryptocurrencies, it may require a few months of stability and volatility in the $6,000 to $9,000 region before initiating a large rally on the upside. But, most analysts and investors generally agree that the bear market is gradually coming to an end, with demand rising from investors in the broader financial market.
“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse,” Voorhees said.
Exchanges Performing Well
Earlier this month, NewsBTC reported that despite the bear market, cryptocurrency exchanges have been demonstrating large volumes and high profit margins, luring in companies in Wall Street and the traditional finance sector into the cryptocurrency market.
UPbit, South Korea’s biggest cryptocurrency exchange, which suffered the most in the 80 percent correction of 2018 due to the 30 to 40 percent “Kimchi Premium” in the cryptocurrency market of South Korea, has recorded a profit of $100 million in the third quarter of 2018.
With solid volumes of cryptocurrency exchanges and demand for digital assets still in tact, a recovery by the end of 2018 is becoming more likely.
The post Is the Bitcoin Sell-Off Over? Technical Signs and Major Investors Believe so appeared first on NewsBTC.
Source: New feedNewsBTC.com