A Look at Some of the Biggest Stories: Evergreen Issue of Cybersecurity

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A Look at Some of the Biggest Stories: Evergreen Issue of Cybersecurity

After covering a few of the different ways that crypto technology is getting absorbed into the more traditional sectors of finance last week, now we’d like to examine a few emerging features and techs that can impact the trajectory of crypto development.

A Look at Some of the Biggest Stories: Evergreen Issue of Cybersecurity

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Source: CoinSpeaker

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

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

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Source: CoinSpeaker

Bithumb Launches Its OTC Trading Desk to Further Target Institutional Investors

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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

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Source: CoinSpeaker

Diar Research Puts Question On Binance’s, OKex and Bithumb’s move towards DEX

While decentralized exchanges (DEX) were considered to the future of cryptocurrency exchanges, they somehow seem to have lost their charm. According to the recent report from Diar, decentralized exchanges have now hit an all-time low in terms of US dollar traded value, as well as Ether transaction on-chain. 
Are Decentralized Exchanges Just A Fad or Do They Have A Future?
According to the data presented by  Diar Research in its latest report, it looks like DEX’s have hit a roadblock. The data put forward shows that as on June 2017, when DEX first began appearing online, a total of $8.9Bn was been traded on-chain. But that figure dipped last year to just pipping over $7.1Bn. While the dipping from 2017- 2018 was still minuscule the first month of January has only been able to volumes of $49Mn for the month of January – to-date, an all-time new low for DEX’s
Source: Diar Report
To give a comparative perspective, these reported volumes for January 2019, as less than a tenth of what the largest centralized exchange Binance trades, alone, on a daily basis.  At this run rate, DEX’s will be able to garner around USD 600 million of on-chain volumes which would be a significant dip from last year.
It’s not just volumes in dollar terms, the other metrics such as  Ether transaction on-chain and unique addresses have also hit a new low. To quote from the report
“In terms of Ether, this month is a mere third of what was traded on Ethereum DEXs in January 2018. At the peak, over 2.3Mn ETH was traded in May 2018 – now down to 400K.”

Have Binance, OKEx and Bithumb got their strategies wrong?
Considering the demand and the hype built around the future of DEX’s a lot of centralized exchanges had announced their plans to enter the space. To name a few, Binance had already shown a short demo of their platform. OKEx’s Open Ledger DEX is already launched, as has Bithumb’s DEX. Coinbase too, last year purchased Paradex with the same vision of a decentralized exchange holding keys to the future. But none seem to have been able to get customers of their respective DEX’s despite the fascinating model of low or no fees.
And now with further tightening of the situation, there is further speculation that DEX’s may just find it too difficult to pick up. While a lot of crypto prodigies on the street have spoken in favor of DEX’s maybe they need some more time to flourish.
Will DEX pick up or would they fade out? Do let us know your views on the same.
The post Diar Research Puts Question On Binance’s, OKex and Bithumb’s move towards DEX appeared first on Coingape.
Source: CoinGape

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

Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO

Yet another crypto trading platform has joined the rally of the reverse merger – and it is the parent company of OKCoin Exchange, OKC Holdings Group. Following the acquisition of Hong Kong-listed firm, Leap Holding Group OKCoin seeks to enter the Hong Kong market. With ownership of 60.49 percent of its stock, the exchange is likely to enter Hong Kong Stock Exchange (HKEX) soon ahead of IPO request approval of major bitcoin mining rig makers.
The news first broke out when OKCoin founder, Mingxing “Star” Xu bought $60 million shareholders in HongKong listed ‘Lead Holding Group’. And technically, Xu holds 52.32 ownership in OKC Holdings via his two firms Star Xu Capital and OKC Service Company which have made him the largest shareholders of the public listed firm. Lead Holding Group is primarily a Caymans Island-incorporated construction engineering firm that is already listed under Hong Kong Stock Exchange.
Below is the screenshot of agreement deed – visit here for details

Regulations in Hong Kong have been hesitant towards the IPO, requested by major Bitcoin mining firms including Bitmain Technologies, Canaan Creative and Ebang International Holdings. Following the setbacks from the Hong Kong regulators, the ownership of this kind in already public-listed firm become the back door to enter the market and enjoy potentials.
The move comes in the midst of Bithumb’s initiative of a binding letter of intent (IoT) agreement with US-listed Blockchain Industries. Following the reverse merger, these exchanges are quick to enter the respective market ahead of IPO.

@BithumbOfficial Leading Crypto Exchange to Enter US Market following Reverse Merger Techniquehttps://t.co/bycIuifSGc#Bithumb #CryptoExchange #Crypto #Cryptocurrency #CryptoNews #USA #BTHMB #IPO
— CoinGape (@CoinGapeMedia) January 23, 2019

Beside Bithumb and OKCoin, the reverse merger has already been employed by other exchanges and known personalities of the crypto market. As such, during August 2018, a Singapore based Huobi acquired 66.26 percent in Pantronics Holding which is an HKEX-listed firm. Moreover, Michael Novogratz, a Bitcoin billionaire, and investor also applied the similar technique in July 2018. His move counted with the merger agreement to acquire Toronto-listed shell company Bradmer Pharmaceuticals by Galaxy Digital Crypto merchant bank to enter into the Canadian market.
What do you think on the reverse merger over IPO as a way to enter into market? share your opinion with us
The post Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO appeared first on Coingape.
Source: CoinGape

Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

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Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

Bithumb aims to enter the US stocks market with a reverse merger strategy. If successful, BTHMB will become the first publicly traded cryptocurrency exchange in the United States.

Bithumb Enters ‘Reverse Merger’ to Go Public in the U.S.

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Source: CoinSpeaker

Leading Crypto Exchange to Enter US Market following Reverse Merger Technique

What’s new to look at the crypto market? Well, a new deal of merger has been signed between US-based Blockchain Industries and a Singapore based holding company, BTHMB – the deal would take BTHMB to go public in US market.
The Reverse Merger Technique to Go Public in US
On Tuesday, Jan 22, 2019, sources revealed that the US-public listed company, Blockchain industries have signed a binding letter of intent (BOI) with BTHMB which is a Singapore based holding company. Per the intent of the agreement, BTHMB will be renamed as ‘Blockchain Exchange Alliance (BXA).
Since quite long, a number of crypto players are waiting to go public in US but failed to so. However, the reverse merger will allow BTHMB faster entry in the U.S than IPO. This is because, Blockchain Industries are already listed in US OTC market under the ticker BCII and presently it trades publicly in the US – Consequently, via a reverse merger, it would be a non-conventional way for BTHMB to make its entry in US market. This way of getting into a potential sphere of US is quicker than filing an IPO. Additionally, this technique has previously been employed by Mike Novogratz, former hedge-fund manager to list his crypto merchant Bank over Canadian stock market, cnbc reported.
Further, sources also revealed that the newly branded company ‘Blockchain Exchange Alliance’ is choosing US to go public than Singapore due to the country’s IPO setbacks. Dr. Byung Gun Kim, CEO of BXA talks about the merger and said;
BXA is a global exchange alliance and the United States is a key factor to any global initiative. By unifying our businesses, we benefit from the focused expertise of Blockchain Industries. As a result, we have tremendous growth opportunities in this region, and we expect quality results from this in North America.
The merged company is already in process to ‘up list’ company from OTC market to ‘New York Stock Exchange, wherein former trades penny stocks and, listing on latter would demand stiffer requirements. The combined company is led by Bithumb, Korea’s largest cryptocurrency exchange involving in crypto trading, security token exchange and other digital financial services.
You can find details of BXA here – www.BXA.com.
BXA, the alliance of Bithumb has many plans that go beyond Bitcoin, few of those are, partnering with 9 exchanges by the end of 2019 and 40 by end of 2020. With this, they intend to build a global crypto exchange alliance. Talking about the deal, Patrick Moynihan, CEO of Blockchain Industries said that
“We are thrilled to be part of this important initiative that is expected to bring liquidity, accessibility, and expansion to the blockchain industry. By merging with BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.”
The post Leading Crypto Exchange to Enter US Market following Reverse Merger Technique appeared first on Coingape.
Source: CoinGape

Would Crypto Markets React if Bithumb Went Public in The US?

One of the world’s largest crypto exchanges could soon be publicly traded in the US through a reverse merger. A Singapore based holdings company which has a majority stake in one of Korea’s top exchanges is looking to get listed by acquiring an already publicly trading company.
Bithumb Could Get Listed Without an IPO
A few hours ago CNBC reported that Blockchain Exchange Alliance, which holds a majority stake in Bithumb, has ambitions to go public in the US. Furthering those goals, the Singapore based alliance signed a binding letter of intent with a holding company called Blockchain Industries which trades publicly on US OTC markets.
According to the report this is termed as a reverse merger and could provide a faster way to get publicly listed than the traditional IPO method. Citing sources, it added that Blockchain Exchange Alliance considered a listing in Singapore but was deterred by the two year waiting list for the initial public offering.
The company plans to ‘up-list’, shifting from penny stock type OTC markets to the big boys, namely NYSE or NASDAQ. This would be a milestone for the crypto industry as Bithumb could become the first exchange to become publicly listed.
This method of getting listed has been seen before as Mike Novogratz did it with Galaxy Digital on Canadian markets after a reverse merger with shell company Bradmer Pharmaceuticals. GLXY shares however have not fared so well as crypto markets have crumbled over the past year.
Blockchain Exchange Alliance has plans beyond Bitcoin however. Its grand vision is for form a global crypto exchange alliance by consolidating exchanges across the world. Bithumb is already in the bag but it plans to have nine exchanges by the end of this year and 40 by 2020 according to CNBC.
According to Coinmarketcap, Bithumb is the world’s top exchange by reported volume which is currently stated as $1.4 billion. However, these volumes cannot be taken as gospel. Bithumb was accused of faking volumes last month, something the exchange has vehemently denied. In addition to spurious volumes, the Korean exchange was hacked in June last year which added to its woes.
With these factors in mind, already cautious US regulators, which have a habit of dragging their feet, may not be too enthusiastic about a publicly listed crypto exchange. Crypto markets on the other hand may just get the long awaited boost as it can be considered another big step towards the nascent industry going mainstream.
Image from Shutterstock
The post Would Crypto Markets React if Bithumb Went Public in The US? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bithumb to Reach Global Audience with Multilingual Support

Recently cryptocurrency market has experienced a slight upsurge in terms of trading volume which pushed many analysts, industry experts, and trading platforms to strategies their growth plan for the future days to come. Accordingly, Bithumb, one of the largest cryptocurrency exchange is getting into global derive by supporting its services in six different languages – which includes English, Chinese, Korean, Spanish, Japanese and Hindi.
Bithumb to Reach Global Audience With Support of Six Languages
Bithumb is the South Korean based cryptocurrency exchange which reportedly counts 4.3 million members from across 125 countries of the world. In order to strengthen its communication system, Bithumb launches 24/7 one-on-one inquiry service for its global clients.
The announcement read it as follows;
It offers a 24-hour one-on-one inquiry service for foreign users through an online inquiry board, as well as consultative phone service with a team comprised of 300 professional consultants, the biggest in size in the industry. Bithumb has also received good reviews in areas such as system safety, usage convenience, and customer response speed.
In earlier this week, Bithumb exchange has constantly on bulletins over ‘the allegation of wash trading’. Nevertheless, the firm has denied the allegation made by CER (cryptocurrency exchange report) of faking trade volume. The CER has claimed that the exchange is faking up to 94 percent of its total trading since late summer this year. Bithumb in response said that ‘they are doing nothing to inflate trade volume’. Additionally, they continued explaining that they are in process to reach masses through various promotional channels – however, the support of six languages on its platform might be one of its approaches.
In its latest announcement, Bithumb exchange notes that they operate various SNS services with a view to powering up the communication with our customers. SNS service offer various announcements and professional customized information in a space of crypto & blockchain via its SNS channels.
The exchange is organizing an event for the period of one month, starting from December 20 – January 21 to address new foreign users via its communication strengthening plan.
During the event period, it will give out Bithumb cash worth 20,000 KRW for members with accumulated trade volumes of 20 million KRW (around 17,700 USD) or more.
“Bithumb will plan various services and events for the convenience of its foreign customers and strengthen its communication with customers even in the future.”, started by Andy Choi, the Head of the Marketing Department of Bithumb.
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Source: CoinGape

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

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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 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

Bithumb Joins SeriesOne for a Compliant Security Token Exchange in the U.S

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Bithumb Joins SeriesOne for a Compliant Security Token Exchange in the U.S

The South Korean cryptocurrency giant Bithumb partnered a US-based fintech company seriesOne in a bid to launch a complaint security token exchange for American customers.

Bithumb Joins SeriesOne for a Compliant Security Token Exchange in the U.S

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Source: CoinSpeaker

Bithumb Announces Super Airdrop Festival on Eve of its 5th Anniversary and its Stake Sale

The second largest exchange in the world by adjusted volume and the largest cryptocurrency exchange in South Korea, Bithumb has announced a Super AirDrop Festival- Season 2  to celebrate its 5th anniversary.
Bithumb super airdrop festival, the first event under new owners
According to the recent announcement, Bithumb will regularly airdrop coins worth 100 million Won ($88,500) every day and investors who participate in this festival will be allowed to buy coupons and trade via the exchange.

Super Airdrop Festival STARTS NOW!
Bithumb has invited you to Airdrop Event.
Don’t miss out and visit [https://t.co/jcYn5XqFyK] for details. pic.twitter.com/ItPkKacDyt
— Bithumb (@BithumbOfficial) October 12, 2018

The coupon cost amounts to 10000 won ($8.85) and the participants must trade for a minimum of 1 hour on the platform in order to qualify for the airdrop. The airdrop festival will begin from October 8th until further exchanges. This festival is only permitted to the top 300 traders, each operating with a different airdrop amount depending on the rank.

This is not the first time Bithumb has announced an airdrop festival. In September 2018, Bithumb conducted Season 1 of its ‘Super Airdrop Festival ‘, where it refunded traders 120% of trading fees. The exchange had also set aside then a limit of KRW 1 billion per day for the refunds, which came out to KRW 167 million (USD 149,000) of rewards each day. Although this event was marred with claims of Wash Trading. Earlier in March, Bithumb announced an ICON airdrop from 21 March to 25 March specifically for members who trade in excess of 1 million Won ($885). ICON hailed as the “Korean version of the ETH” shot up massively during the airdrop period.
It’s been a super interesting month for Bithumb as the exchange recently had an ownership change when the majority stake in Bithumb was sold to Singapore based BTC Global. the consortium, led by a chief plastic surgeon and avid blockchain investor Kim Byung-gun on 12 October for 400 billion won ($353.64 million). According to what is reported in some media, the airdrop is partly in celebration of the new owners. Apart from these the exchange has also added several coins to its trading services. Coins such as SALT [SALT], Raiden Network Token [REN], Enjin Coin [ENJ] and Primas [PST], Loom Network [LOOM] and BHP Cash [BHPC] were all added to Bithumb in the past few days.
This airdrop festival is expected to pull some good crowd to the exchange and one can see some good volumes in the coming days at Bithumb. One can just hope this airdrop is not marred by another malicious act like the previous one was with claims of wash trading.
Will Bithumb exchange scale new heights under its new leadership? Do let us know your views on the same.  
The post Bithumb Announces Super Airdrop Festival on Eve of its 5th Anniversary and its Stake Sale appeared first on Coingape.
Source: CoinGape