Binance Update: iOS App Available on the App Store

The world’s largest crypto exchange, Binance is again available in the Apple App store after a month of being inaccessible. Apple users can now download the iOS app of Binance cryptocurrency exchange. 
Binance Launches iOS App Again
On August 17, 2019, Binance CEO Changpeng Zhao shared his excitement of making the Binance app available for iOS users again on Twitter.
Source: Twitter
According to him, the listing procedure for the App Store is more difficult than the token listing procedure on the Binance exchange. However, the exchange ensured that it is following all the rules and procedures.
It’s worth noting that the Binance iOS app was earlier available but got delisted nearly a month ago. Following the event, Binance users began firing complaints regarding their inconvenience to Binance. The exchange addressed the issue early this month and revealed that the Binance iOS app is going through the App Store review process.
Now that the Binance iOS app is back again, the community on social networking platforms seems has welcomed the news with great excitement. After the relaunch, a few Binance users shared screenshots of the iOS app. While Binance had lost a chunk of its customers due to the unavailability of the trading app on the iPhone, the re-launch might bring back the lost customers.
Binance US May Go Live Soon
Binance’s efforts to launch Binance US are in full swing. As reported earlier, Binance US will likely go live within a month or two for all consumers in the country except those of New York.
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Source: CoinGape

Tech Journalist Reveals How He Lost £25,000 in Cryptocurrency

How does it feel when you lost your hard-earned money with your own mistake? Isn’t it painful! Monty Munford, a tech journalist shared his story of how he lost £25,000 after storing the private key of his crypto wallet on his Gmail draft.

Why Should You Not Store Your Private Key Online?

Though Munford made his investment in Bitcoin and Ethereum in the middle of 2017, he says that his interest to invest in the crypto industry was on the peak when Bitcoin was skyrocketing in late 2017. He says, with a rise of more than 100,000% in seven years, “My curiosity got the better of me”. In fact, he began believing this investment as his long-term plan and even though it as a nest egg for a pension.
With a lot of research, Munford found two options to store cryptocurrency, one a crypto exchange and another an encrypted digital storage wallet. As the exchange-hack scene is quite common in the crypto industry, Munford decides to store his cryptocurrency in a wallet, myetherwallet.com.
He says that, soon after choosing a wallet, he has been provided with two keys, one is a public key that he used to transfer money to his wallet and another is the private key that he used to access his wallet. While writing 40 random numbers of the keys on the paper is the widely-accepted technique in the crypto industry, Munford has chosen to get a print out copy of it. Besides that, he also decided to store it in his Gmail draft to avoid any mistake while using the private key to access the wallet. Munford then deleted his internet history to ensure he keeps extra security in place.
The excitement of Munford was flying as the market price of cryptocurrencies reaching the growing graph but in 2018 he couldn’t access to his private key. He says;
I hadn’t used my private key to access my account for some time, Munford explained. But when I tried to do so, I saw with horror that all of my Ethereum – about £25,000’s worth – had already been taken out; the cupboard was bare.
Lesson To Learn From Mistake
While cryptocurrency offers few great features including anonymity and decentralization, it also comes with a risk of losing funds. Unlike bank accounts/ bank transfers where you can have reconciliations following the wrong transfer of funds, transactions in crypto space aren’t reversible. Munford’s amount from his wallet has been abruptly transferred to another private key address. Concerning this, he says, “There seemed to be no-one to complain to”.
However, with intense research and contact with the crypto community, he found that the amount from his wallet has been transferred to Binance crypto exchange and getting information from Binance was a Kafkaesque nightmare, he said. Munford later reached out to Action Fraud to file a complaint but no required information was received. After the six months of his continuous effort, he later contacted US bounty-hunters CipherBlade who work with FBI to track thieves in return of bounty commission.
They discovered that my money had been deposited by the thief (or thieves) in a “consolidation wallet” then divided up into chunks and sent to four different deposit addresses on the Binance exchange.
On his behalf, the firm received a handful of information from Binance within a week and states that the IP address denotes a telecom company in the Netherlands. However, the information didn’t provide personal identities of the thieves and his money remains stolen. Following this whole scenario, he said;
Of course, I should never have stored my password anywhere on my computer. Malware can scan keystroke movements and sniff out a private key – even if, as I had done, you chop it up into separate blocks and store it in different places.
Conclusively he urged to learn a lesson from his mistake and notes that;
So I’m left with my fingers burned, feeling like I wandered into a savage bazaar where criminals can pick your pocket at will. And get away with it.
Image Source – Medium.com
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Source: CoinGape

Crypto vs RBI – Latest Hearing Reveals Central Bank’s Ban on Crypto is Illegal

Ahead of its 73rd Independence Day, there was a hearing on cryptocurrencies in the Indian Supreme Court today. While the court has adjourned the case to August 20 with mixed statements on crypto regulations, a significant point that emerged in the hearing was that the banking ban imposed on cryptocurrencies by India’s central bank, RBI, is illegal.
RBI’s Circular Banning Banks To Deal Crypto Was Illegal
On 15th August 2019, India will celebrate its 73rd Independence Day, but unfortunately, the Indian crypto community is still beset with the banking ban on Crypto. According to a thread published by Crypto Kanoon, an Indian platform for crypto regulatory news, today’s hearing highlighted that “RBI’s involvement to restrict banks dealing with crypto during April 2018 was illegal”.
Indian crypto investors, enthusiasts, and traders have been waiting for over a year to hear from the Supreme Court on its stance on cryptocurrencies after RBI’s banking ban. Though the rise of P2P exchanges have paved alternative ways to invest and trade in cryptocurrencies in India, however, the lack of a regulatory framework around cryptocurrencies is not conducive to their development. Despite many discussions between the Supreme Court and industry bodies, the issue remains unresolved.
On August 14, 2019, the case was listed and Mr Ashim Sood, Counsel for IAMAI took charge and explained why crypto needs support from the banks. It is worth noting that the RBI cracked down on banking support towards cryptocurrencies in India in 2018 and since then, investors have been unable to use their bank accounts for accessing the services of crypto platforms. Counsel Mr Ashim points out that the RBI taking actions against consumers’ interest is not within the scope of legality. Following the Counsel’s view, the Judge quickly remarked that RBI’s action against Private businesses in the form of 6th April circular is illegal.

Judgement summarises that RBI cant step out of its powers as set out in Banking regulation Act. Therefore its action against private buisinesses in the form of 6th april circular is illegal.
— Crypto Kanoon (@cryptokanoon) August 14, 2019

RBI Has No Power To Exercise Ban on Crypto
In the hearing, it was explained by the counsel that RBI’s banking ban doesn’t comply with the banking regulation Act which means that the central bank can only rule the inner working of banks and not private businesses. The counsel asserted that the RBI could not step out of its powers set out in the banking regulation Act.
The counsel also pointed to how the RBI has overstepped its role. In India, since there are no specific regulations around cryptocurrencies as yet, and so, they are neither coins nor currencies. Therefore, the RBI Act and Payment Settlements Act do not apply to Cryptos.
Counsel says that RBI in its reply itself admits that RBI does not have jurisdiction to speak on the legality of Crypto as it is neither coins nor currency and RBI Act and Payment Settlements Act are not applicable on Cryptos.
Also, the counsel strongly urged that “the decision to ban or regulate should have come from the legislature instead of RBI”.
The counsel also presented to the court facts about how other G20 nations including Japan, Australia, USA, UK and Saudi Arabia were regulating cryptocurrencies. They (Counsel) referred to UK’s regulatory body Financial Conduct Authority’s (FCA) announcement that classified crypto tokens into three categories; exchange tokens, utility tokens, and security tokens. CryptoKanoon also stated that New York’s approach to crypto regulations were put forth in detail and the Judge found that interesting.
With this, the counsel urged the court to consider regulations for crypto assets in India.
The hearing ended with the Counsel saying that cryptocurrency, like every other technology had “detrimental effects”, but these detrimental effects needed to be regulated like other countries were doing.
So readers, what do you expect from the upcoming hearing on crypto v/s India? Let us know in the comments below
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Source: CoinGape

Argentina: Bitcoin Trading at Premium Rate of $12300 as Peso Plunges 30%

Argentina is experiencing a currency crisis as Peso (National currency) collapses. On early August 12, it was reportedly down 25% against USD and fell even further the same day.
Bitcoin Trades at $12300 in Argentina
The politico-economic crisis in Argentina has given a push to the price of Bitcoin in the country. While the price of the cryptocurrency at press time on Coinmarketcap is $11250, data reveals that it is trading at the premium rate of $12300 in Argentina.
The reason for Bitcoin’s premium price in Argentina is being attributed to the collapse of the beleaguered peso currency. It was down 25% against the dollar on early August 12 but it declined even further plunging 30.3% to a record 65 per US dollar on the same day, as per Reuters. The recent fall of peso in the country comes after the primary election where President Mauricio Marci performed worse-than-expected on Sunday.

WATCH OUT: The Argentine Peso is collapsing. Already down 25% against the USD today. (H/t @jsblokland)
Could this be the first of many to be exposed in a currency crisis? pic.twitter.com/bpv9CGhOs5
— Pomp 🌪 (@APompliano) August 12, 2019

Mauricio lost to Alberto Fernandez but is hoping to win a second term on 27th October in the presidential poll. While these circumstances are becoming the reason for the country’s recession with inflation at over 55% as on August 12, the price of Bitcoin has sruged to $12300 against the US Dollar in Argentina.
According to Camila Russo, who according to her Twitter profile, a Chiefess at the Defiant and former employee at Bloomberg Business, claims that people fear the return of populism as Marci lost in a primary vote. She further reveals that Bitcoin is on the peak in Argentina and people can/are buying dollars freely. However, she adds that, “few are still choosing Bitcoin as a store of value”.

Bitcoin is surging in Argentina, trading at ~$12,300 on @buenbit, a premium versus ~$11,400 on Coinbase, where it's having a relatively quiet day. There's a bloodbath in argie markets today after Macri lost in a primary vote and people fear the return of populism. (1/2) pic.twitter.com/EJdqATZn8L
— Camila Russo (@CamiRusso) August 12, 2019

Peso Collapsed Overnight – Bitcoin Becoming Store of Value
The premium rate of Bitcoin in Argentina is no surprise with the ongoing crisis across the country. However, an Argentine Alex Kruger who is also a cryptocurrency trader notes that Argentines are buying dollars to protect themselves against the peso losing value. He took to Twitter and wrote –

Before bitcoiners start using Argentina (my country) as excuse to yell "Buy Bitcoin" and generate clicks and sell newsletters.
Argentines want to protect themselves against the peso losing value versus the dollar. And for that, they buy dollars.
— Alex Krüger (@krugermacro) August 12, 2019

Being an Argentine, Alex explains the country’s situation and bitcoin price as follows;
I do believe everyone should have bitcoin. Argentines in particular. I am openly bullish bitcoin for multiple reasons. However, I don’t think it is right to use a national tragedy to fabricate uninformed narratives.
While responding to user’s comment on how should Argentines protect themselves against the losing peso, Alex quickly remarked that “that’s entirely a different story” but there’ not much crypto education in Argentian, he said.
I’d wager that on average people are much more informed about bitcoin in the USA than in Argentina, and hold more bitcoin per capita. There definitively is through an outsized developer community in Argentina, inspired by the Argentine monetary mess, Alex explained.
In a nutshell, people, in countries like Argentina which is experiencing a currency-crises, are routing towards Bitcoin and even considering it as a “store of value”or a “safe heaven” asset. However, Bitcoin’s regulatory framework in countries including Argentina is still unclear because global regulators view crypto industry as a threat to traditional financial markets.

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Source: CoinGape

Breaking: Binance US Reveals its Plan To List 30 Crypto Tokens; Here’s The List

A new trading arm of Binance crypto exchange, Binance US has recently shared a detailed plan of its trading operation. The platform had said that it is considering to list 30 new crypto tokens.
Binance US To List 30 Crypto Tokens
In a blog post, published on August 09, 2019, Binance US explains that it is yet to determine the launch date of trading operation in the United States. Moreover, it is exploring 30 crypto tokens to list at the Binance US exchange.
Per the blog post, it will list Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP,  Stellar Lumens (XLM), Litecoin (LTC), Cardano (ADA), Cosmos (ATOM), Basic Attention Token (BAT), Bitcoin Cash ABC  (BCHABC), DASH, EOS, Ethereum Classic (ETC), HOT, IOTA, LINK, Loom Network (LOOM), MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, ZIL, ZRX.

Ahead of the listing, the platform is examining these tokens to ensure they meet Binance’s listing criteria for Binance US. It’s worth to note that Binance stopped serving US customers back in September due to unclear crypto regulatory frameworks but it had rolled out an exclusive US-based fiat-to-crypto exchange during June 2019.
The Binance US will be operated by BAM trading firm which is a FinCen-registered firm in the United States. The branch will spearhead by former Ripple’s employee, Catherine Coley who had recently joined BAM trading as CEO. Notably, the announcement of launch was outlined by Coley via Binance US’s medium blog. She wrote that;
The team and I are eager to share more on what’s ahead for this exciting journey together. We are grateful for your enthusiasm and feedback, which are crucial in this early development.
Since the launch in 2017, Binance.com has already captured significant trading volume and the market observer examines that Binance’s entry in the US could be a direct threat to country’s existing crypto exchanges such as Coinbase. While Binance announces its plan of exploring 30 crypto assets, Coinbase earlier shared an update of considering 8 new crypto assets which include two assets backed by Binance IEO. Moreover, Coinbase hasn’t added Binance’s native token BNB yet whereas it is set to support 2 Binance launchpad projects. With similar note, Binance CEO trolls Coinbase saying; they may have missed one jem, BNB.

Glad to see @Coinbase supporting 2 of the @Binance LaunchPad projects here. West or east, exchanges working together to grow the industry.
They may have missed one jem, $BNB, lol! https://t.co/rzExqefnnR
— CZ Binance (@cz_binance) August 6, 2019

Image Source – Binance US Blog
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Source: CoinGape

MangoCoin Fraudulently Uses Bitmain’s Name To Sell Cloud Miners

A new crypto platform named MangoCoin was fraudulently using the name of Bitmain to sell its cloud miner. Bitmain quickly responded to it in a blog post stating that it has no association with the company whatsoever. 
Mangocoin Using Bitmain Brand To Sell Cloud Miner
Mangocoin is attempting to sell its cloud miner as “Bitmain Cloud Miner”, a marketing stunt that fraudulently uses the name of Bitmain. Bitmain was quick to caution the crypto community, stating that it has no relation with the app or social platform owned by MangoCoin. In a blog post, published on August 9, 2019, Bitmain states that “Mangocoin (MGC) and any social account, software, QQ groups, etc has no affiliation with Bitmain whatesover. The blog post reads;
The “Bitmain Cloud Miner” on any platform of “Mangocoin (MGC)” is not developed by Bitmain.
MangoCoin’s website is down following Bitmain’s report. In the blog post, Bitmain has also stated that it will use legal means to protect the brand as well as the customer’s rights and interests. While MGC’s website is down, its corresponding exchange and wallet service are live and running.
Bitmain, in its blog, warns its existing and potential customers to follow due diligence to identify the service provider. The blog reads it as follows;
We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud, and other malicious activities on the internet.
Bitmain is known as the world’s leading manufacturing company for ASIC mining machines. The company, currently responsible for over 30% of BTC mining, reported a loss of $310 million in Quarter 1, 2019.
Image source – Shutterstock
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Source: CoinGape

Grayscale Transfers $2.7 Billion in Crypto To Coinbase Custody

Top Crypto Asset Manager, Grayscale recently transferred a huge amount in Bitcoin and other largest cryptocurrencies to Coinbase custody.
According to the reports, Grayscale’s decision comes as a part of the custodian solution. Nevertheless, Coinbase custody will ensure the security of Grayscale’s largest crypto assets that including; Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Stellar Lumens, Zcash, Etherum Classic, Horizon. Per the report, the firm plans to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.
Grayscale Moves Billions in Crypto Assets To Coinbase Custody
Besides major cryptocurrencies, Coinbase Custody will also serve Grayscale’s publicly quoted crypto trusts and its Grayscale Digital Large Cap Fund that serve exposure to bitcoin and crypto via a market-cap-weighted portfolio; currently, it serves, Bitcoin, Ethereum, XRP, Bitcoin Cash an Litecoin. Sam McIngvale, Coinbase Custody chief executive states that;
“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,”
So far, Coinbase Custody has been serving crypto assets by several other market players. It is the NYDFS-regulated company that assures various security services to digital assets. Mainly, it offers access to a secure, audited and insured custody solution. Moreover, it is recognized as a fiduciary under NY Banking Law and is licensed to provide custody solution to its client’s digital assets in trust on their behalf. Following Grayscale’s announcement of selecting Coinbase over custody solution, Mr. McIngvale explains that;
“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”
Nonetheless, its worth to note that the press release points the service incorporation begins on July 29. Accordingly, Coinbase will hold Grayscale’s assets for three years at the outset with a charge on the assets under custody. Moreover, both the parties can terminate the partnership with 90 days notice upon the conclusion of the initial term.
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Source: CoinGape

Report: Women Make 22% of Crypto Investors in Europe

A report published by Bitpanda and Globalwebindex has revealed interesting data points about the demographics of European cryptocurrency holders – the ratio of male and female crypto investors, their ages, relationship status, educational qualifications and more. 
Male v/s Female in Crypto Industry
The cryptocurrency industry has been gradually evolving over the years and growing in size by adding more participants from all around the world. However, like many other industries, the cryptocurrency space is also notorious for being male-dominated. A report on European crypto holders affirms the same, but it also reveals that the percentage of women crypto investors has grown over the years.
The detailed research report drafted with data from across 17 European markets including Russia and Turkey discloses that male crypto investors outnumber female crypto investors by a large percentage.
BitPanda Research Report
The specific gender chart in the report shows that 78% of the crypto investors are male while women’s participation in this space stands at just 22%. Following the data, the report claims that this gender imbalance is less than many would assume. This is because earlier reports by others have shown that males constitute over 90% of crypto investors.
The report highlights other demographic statistics of the European cryptocurrency industry as well. According to the report, only 23% of the crypto investors are employed full time; 17% are freelancers and 16% are students. 39% of crypto investors are married while 32% are single and 24% are in a relationship. A large chunk of crypto investors – 37%, has a university degree, while 30% has done schooling till the age of 30. Only 9% of crypto investors have a postgraduate degree.
Is Crypto Industry Male Dominant too?
The report also states the differences and commonalities between male and female crypto investors. It asserts that female crypto holders “share the orientation” towards various fields that characterize their male counterparts including gaming, tech, entrepreneurship, business, computers, and finance. Moreover, crypto-holding women are likely to have different interests than women who are not into crypto.
Compared to other women, female crypto holders are slightly less likely to be interested in topics where other female respondents traditionally over-index: cooking, books, and literature, the report reads.
Both male and female crypto investors are likely to have sports and gaming as important pastimes.
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Source: CoinGape

Samsung Expects Growth from Crypto Mining Chips For Next Half 2019

On July 31, 2019, Samsung Electronics reveals the result of Second Quarter which sees profit plummeting but the demand for crypto mining chips increasing.
According to the Q2 report, Samsung reported an operating profit of KRW 6.6 trillion (approx. $5.57 billion US Dollar) on sales of KRW 56.13 trillion. The company has reportedly experienced a drop of 56% from the same time a year ago.
Samsung Finds Increasing Demand in Crypto Mining Chips
However, the electronic giant expects to grow higher with the cryptocurrency mining chips in the second half of 2019. However, the weakness and price declines in the memory chip market have persisted in the second quarter of 2019. By explaining its upcoming growth plan for the second half of 2019, Samsung is expecting to grow its profit from sources including crypto mining chips. The report reads that;
In the second half, earnings growth is expected to continue due to the ongoing expansion of orders for AP, image sensors and DDI as well as increased demand for HPCs, including cryptocurrency mining chips.
However, the firm hasn’t elaborated the process or procedure it plans to take up but thanks to the rising price of the cryptocurrencies which is encouraging miners to demand more processing power. It further states that demand for chip market seen recovering amid external uncertainties. Looking ahead to the next half of 2019, Samsung says that;
Demand is seen growing further on strong seasonality and adoption of higher-density products. For system semiconductors, higher demand in mobile APs, image sensors and display driver ICs (DDIs) is also expected to be seen.
Earlier reports revealed that the tech giant entered into a strategic partnership with MicroBT, the third-largest designer of Bitcoin ASICs. Accordingly, the firm is reportedly designing and manufacturing chips for Bitcoin mining.
Considering Samsung’s expected plan, If the crypto market grows significantly higher, it may result in Samsung achieve its milestone in the third and fourth quarter of the year.
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Source: CoinGape

Bitcoin Would Be Among Top 25 Global Companies by Capitalization, Overtook Samsung, Intel

The largest cryptocurrency, Bitcoin is now ranking among the number of top global companies in terms of market capitalization including Amazon, Apple, JP Morgan, Walmart Inc, Visa, Bank of America and many others. 
Bitcoin Ranks in Top 24 Among Global Companies
Report from DataLight reveals that the data gathered on July 10, 2019, states that Bitcoin is one among the global shares by market capitalization. Accordingly, Bitcoin overtook Samsung Electronics, Intel, The Coca-Cola Company and others with over $229 billion market cap.  The infographic and a tweet by crypto data analytics platform states that;

What if #bitcoin was a share and traded in the stock market?
Bitcoin could occupy the 26th place by capitalization among the global shares, with a value of 229 billion dollars (as of July 10, 2019) pic.twitter.com/BqF2yU7kzK
— DataLight (@DataLightMe) July 29, 2019

As per the data, Microsoft, Amazon, Apple, Facebook, Tencent Holdings are the top five countries with a market cap of $1045 billion, $973 billion, $946 billion, $482 billion and $434 billion respectively.
Looking at the data, major companies of the list are the oldest companies wherein Bitcoin is just a 10-year old currency, emerged in the market. It’s worth to note that, Bitcoin with no CEO, no team, no specific headquarter/company has touched the peak within a short period.
Despite the innovation Bitcoin is bringing into the financial industry, it has received several criticisms from the industry leaders, politicians, and economist. As such, United States President strongly opposes bitcoin he says that “he isn’t a fan of Bitcoin”.
Interestingly, Datalight points out that Bitcoin could rank even higher if it was treated as a share and traded on the stock market. This data is gathered with Bitcoin’s peak trading volume of this year, $229 billion on July 10, 2019.
Despite the criticism and arguments, Bitcoin still exists. On the same day in 2018, Bitcoin was trading at the figure of $8000 and currently, it’s trading value counts at $9505 against US Dollar. However, the value was quite higher during late June and early July, it was quietly trading at $13000. At the time of reporting, Bitcoin is losing its value with 0.29 percent over the past 24 hours and it’s trading volume counts at $169,636,990,443.
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Source: CoinGape

Japanese Bitcoin Exchange Opens New Bitcoin Trading Service in European Market

Controversial Japanese bitcoin exchange, BitFlyer has recently opened up a new bitcoin trading service for EU (European Union) market with no fees. 
The exchange suspended account opening for its Japanese clients following country regulator’s skepticism on its Anti-Money laundering and know-your-customer procedures back in June 2018. FCA/Financial Service Agency had earlier sent notices to a total of six crypto exchanges including bitFlyer – recently, the exchange announced resuming of account opening for Japanese users in early July this year.
Within a month of resuming its service in Japan, the exchange has reportedly started its service for the EU market. It’s a simple bitcoin trading service, targeting users to access to a simple way of buying and selling bitcoin. The platform states that anyone can buy and sell cryptocurrencies without the complexity and limitations of advanced platforms.

bitFlyer Buy/Sell is available today on desktop! With Buy/Sell, trading #bitcoin and #cryptocurrencies is simpler, faster and more transparent. Learn more on our blog post: https://t.co/ddtq3drs7A
— bitFlyer Europe (@bitFlyerEU) July 29, 2019

While the service is as similar to other trading platforms, bitFlyer bet on its simple interface and to offer faster and transparent trading services.
Set up the amount you want to purchase, click Buy or Sell then click Confirm and that’s it, your transaction is validated, bitFlyer confirms.
The exchange claims that it is a licensed financial institution operating in Europe, Japan, and the United States but during the sign-up process, it is ensuring that users should be non-residents of the US. Andry Bryant, the co-lead and COO of bitFlyer Europe says that their new platform offers “two-click buy and sell capability”.
“bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and selling capability. Not only is bitFlyer Buy/Sell easy to use, but with us, users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.”
As per its official website, users can exchange bitcoin for euros with a maximum of 20 BTC per transactions. Moreover, it isn’t an order book exchange, according to its website rather users can access to trading with no fees. Nevertheless, it says that the buy and sell price are defined by the platform itself and constantly visible at the top. Presumably, if not trading fees, the exchange will likely earn on the spread between the platform’s own buying and selling prices.
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Source: CoinGape

Here’s Why US CFTC’s Bitcoin Futures Drops Below Previous Weeks

The latest data of Bitcoin futures by the US Commodity Futures Trading Commission (CFTC) on Friday reveals that speculative trading activities on Bitcoin futures have experienced a decline in comparison to the previous weeks.
Bitcoin Futures Experienced Weaker Speculative Trading
Many states that the result in a drop of speculative trading activities of the Bitcoin futures is the reflection of dropping the price of the cryptocurrency. It’s to remind that Bitcoin and other leading cryptocurrencies saw a negative week. Nevertheless, it’s quietly hovering the green mark on July 27, 2019.
At the time of writing, the crowning cryptocurrency Bitcoin is trading with a quick spike of 1.42 percent but still under $10k figure. Other altcoins are also showing a brief surge in their 24 hours trading volume.
BTC Price | Coinmarketcap
The week ending on July 23 quickly highlights that market speculators (or non-commercial investors) reduced their long and short positions. It states that they held a net short position of 1222 Bitcoin futures contracts. In comparison, Hedgers (Commercial traders) also held a net short position of 26 contracts.
To make it even more clear, speculator attempts to find their profit ratio for the asset’s price volatility and hedgers try to reduce or “hedge” the risk created citing price fluctuations during the holding period of the digital assets.
Beside the volatile crypto market, a prominent economist and traders connect this drop with Bitmex’s bitcoin volume. Economist Alex Kruger on July 23, notes that according to exchange data, Bitmex bitcoin volume saw a 42 percent drop since last week’s CFTC news.

Bitmex bitcoin volumes have dropped 42% since last week's CFTC news (as measured by volume's 4 day moving average).
— Alex Krüger (@krugermacro) July 23, 2019

In addition to CFTC, CME (Chicago Mercantile Exchange) is the second institutions available for US individuals and investors to involve in bitcoin futures contracts activity. Bitcoin futures traded at CME are derivative financial contracts that allow dealing parting to transact an underlying asset at a predetermined date in the future and for a certain price. CME offers cash-settled futures trading wherein users aren’t dealing with the real Bitcoin.
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Source: CoinGape

Bitcoin at Four Figure Again, Trades Below $9800 With Altcoins Follow Suit

The largest cryptocurrency Bitcoin and other altcoins are experiencing a day of red once again. Despite a few positive announcements from big players for the crypto industry, the market looks pressurized on July 26th.
Bitcoin Trades Below $10K
As Coingape reported, Bitcoin saw a quite brief surged on July 25 hovering $10000 against US Dollar. Other altcoins along with bitcoin also enjoyed the green momentum but the market quickly lost the support.
At the press time, Bitcoin is trading below $9800; specifically, it saw a decline of 3.53 percent over the past 24 hours and currently trades at $9731 against US Dollar. However, the market cap counts $173,591,916,133 which had touched over $200 billion during late June for the first time in 17 months.
Bitcoin 1 hr chart | Source: TradingView
With the waning Bitcoin price, other major altcoins are also experiencing subsequent price cut. Ethereum, the second-largest cryptocurrency is losing 3.26 percent and trades at $214.71 against US Dollar. XRP is declining with 2.36 percent, Litecoin with 2.82 percent, Bitcoin Cash with 2.86 percent, Binance Coin is falling with 2.40 percent over the past 24 hours respectively.
According to analysts, Bitcoin may drop further in the near-term before it sees bull again. One analyst for cryptocurrency RJ talks about upcoming Bitcoin move and states that the next uptrend will likely begin in September. He explained it as follows;
“My $BTC macro view: Expecting a slow and choppy July + August. Uptrend continuation in September with strong moves Sep/Nov. Zones of interest: Rushing 9K and high 8K buyers to get shaken out. Ideal entry area high 7K ~ low 8K. Upside target 16K, if broken we will gun for a new ATH,”
As the weekend begins, the world’s largest cryptocurrency saw fresh weekly lows and the next move of bitcoin and other alts is still unclear. Meanwhile, it’s worth to note that Bitcoin currently holds the dominance of 64.5 percent.
What do you think the next price figure of bitcoin will be? Let us know in the comment below
The post Bitcoin at Four Figure Again, Trades Below $9800 With Altcoins Follow Suit appeared first on Coingape.
Source: CoinGape

Venezuela’s Petro Token Receives Mainstream Adoption From Country’s Big Player

Venezuela’s Petro is one such crypto token that comes often in limelight. The token has recently received a mainstream adoption from the largest department stores in the country, Traki.
Traki Accepting Petro Token
Traki, the country’s largest department stores recently began accepting Petro tokens as a form of payment. Though this is not something Traki officially released but following the hours of speculations, National Superintendency of Crypto assets which are country’s prime authority engaging in crypto regulations posted pictures on its Twitter account. The tweet reads that traki accepts Petro as a means of payment since June 25.

#Entérate || Y es que desde este 25 de julio, Traki acepta el #Petro como medio de pago para adquirir los productos y artículos que expenden en su establecimiento comercial.#PetroPago #PetroApp #JuntosLoHicimosPosible #ElPetroExiste pic.twitter.com/pgoeEBH5sg
— Superintendencia Nacional de Criptoactivos (@SunacripVe) July 25, 2019

Traki is Venezuela’s biggest department store which earlier started accepting Bitcoin as payment along with a couple of other cryptocurrencies including, Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Dash. Petro is an attempt by Venezuela, specifically launched to circumvent international sanctions which resulted in the country into an economic crisis.
By having the largest cryptocurrencies and Petro token as payment in its bucket, Traki has received significant attention since early 2018. However, it makes difficult for citizens to convert these crypto tokens into country’s fiat money which led Traki to restrict such efforts.
But crypto revolutions seems quite a good experience for the international visitors, visiting Venezuela. One such comment that came out in favor of Traki on accepting crypto is as follows;
Today I went to Traki in Valencia, and when I said I was going to pay with crypto, the interrogation face of all the staff was a poem. If you are going to accept crypto, which I think is wonderful, please instruct your staff because far from encouraging this means of payment, what you achieve is to frighten away its use. Do not make such announcements if you are not really prepared. Greetings
Traki’s latest acceptance of Petro token excited country’s citizen. One such user took to twitter and stated that;


Image Source – Shutterstock
The post Venezuela’s Petro Token Receives Mainstream Adoption From Country’s Big Player appeared first on Coingape.
Source: CoinGape

New Jersey Man Operates Unlicensed Bitcoin Exchange, Faces Heavy Charges

Despite the increasing regulatory concerns over crypto Industry, Official report revealed that a federal grand jury caught up a 46-year old man operating unlicensed bitcoin exchange.
US Man Indicted on Running Unlicensed Bitcoin Exchange
William Green is an old New Jersey resident who has been charged by a federal grand jury on account of allegedly operating bitcoin exchange and unlicensed transmissions of money via his so-called business “Destination Bitcoin”. It was reported in a press release, entitled “Monmouth County Man Charged With Operating An Unlicensed Bitcoin Exchange” that the website has accepted over $2million in cash to turn such funds into bitcoin for customers (fiat-to-Bitcoin) with a fee for this service. While the Press states William has to appear before a district judge, the date is yet to be revealed.
According to the US Department of Justice (DoJ), William’s “Destination bitcoin” isn’t a registered firm with the Secretary of the United States Treasury in any capacity. Any person/entity intending to involve in money transmitting business has to get registered with the Secretary of the Treasury.
“However, Green did not register, either in his name or in the name of his business, with the Secretary of the United States Treasury as a money transmitting business,” it said.
Moreover, the New Jersey Attorney’s office said in a press release that this is not the first time William caught in such illegal crypto-activities, he has previously been charged with the similar offense in early 2019.
As far as the punishment for this offense is concerned, it is said that the maximum penalty is 5 years imprisonment and a $250,000 fine.
It’s worth to note that – on one hand, various countries across the world are still finding their ways to combat all these activities, on the other hand, crypto scammers, unlicensed crypto business and ransom in bitcoin are witnessing their smart moves to outpace the regulatory systems.
The post New Jersey Man Operates Unlicensed Bitcoin Exchange, Faces Heavy Charges appeared first on Coingape.
Source: CoinGape