Cryptocurrency Exchange Lists 75 Tokens to be Blocked for US Customers

Cryptocurrency market regulations in the US are surely drawing out a clear distinction between the cryptocurrencies it wishes to allow. Binance announced a significant shift of its operations in the US from the original Malta-based exchange to a domestic Binance Exchange in the US.
While the move seems trivial at the moment, the reason for the shift itself raises apprehensions for some cryptocurrency investors.
Recently, after Poloniex decided to restrict some crypto-tokens on its Exchange for its US customers. Now, Bittrex International is doing to same. Moreover, the number of coins delisted for US users on Bittrex is more significant than Poloniex.
Bittrex Delisting Coins for US customers on June 21, 2019 (Source)
Notably, while the list is comparatively long, it does not include a few coins delisted by Poloniex like Augur (REP), Ardor (ARDR) and Lisk (LSK) which will continue to trade on Bittrex.
Bittrex Delisting Coins for US customers on June 28, 2019 (Source)
The exclusion process from the Exchange is possibly influenced by new securitization laws to be imposed in the US with the release of Facebook’s cryptocurrency, Globalcoin/Libra on the horizon. Binance has not listed the coins that will be included on the US platform, which is expected to be released before 12th September when trading will stop for US customers. Nevertheless, a lesser number of cryptocurrencies can be expected from the ones available on the Exchange.
The US is the largest economy in the world, which usually sets a precedent for other countries as well. Hence, the securitization laws in the US which are expected to be applied by the SEC inevitably influence reforms in other countries as well. The cryptocurrency market is maturing and is up for an upgrade. Hence, the regulatory watchdogs will be looking to eliminate high risk and ambiguous projects from their economy.
Do you think that the altcoin markets will be filtered for good or the new laws will destroy the crypto0markets? Please share your views with us. 
The post Cryptocurrency Exchange Lists 75 Tokens to be Blocked for US Customers appeared first on Coingape.
Source: CoinGape

Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come?

Binance, the largest and most reputed cryptocurrency exchange in the world seems to have a larger impact on the cryptocurrency market than what was perceived. Bittrex, the Seattle-based exchange has followed suit announcing an update for their US customers.
On June 14, the Changpeng Zhao-led exchange updated their Terms of Service, which led to their US customers losing access to trading services on the exchange. The restriction of US-based customers will be accompanied by the launch of Binance.US, an American specific cryptocurrency exchange, in association with FinCEN registered BAM trading services.
Less than a day after Binance announced its decision to quit, albeit temporarily, the US market, Bittrex revealed its “Market Availability Changes for U.S. Customer.” The change in service which will be effective from June 28 will see over 40 cryptocurrencies “transition” to Bittrex International.
The terms stated,
“This change DOES NOT affect the availability of these markets on Bittrex International for non-U.S. Customers. “
Source: Bittrex
Bittrex stated that the US customers can buy or sell the coins and tokens, any open order can be canceled or replaced or the assets can be withdrawn, all prior to the above-mentioned date.
However, post 28 June, the US customers cannot engage in any transaction related to the digital assets, but withdrawal and holding of the same will be allowed “for as long as Bittrex International supports a market in those Tokens/Coins.”
With prominent virtual currencies amassing millions in market cap like Aragon [ANT], Civic [CVC], TenX [PAY] among others, removed from the BittrexUS market, there seems to be an “altcoin exodus” in the mix. Many analysts have opined that this could trigger a domino effect with other exchanges following suit, leading to several little known altcoins being dumped.
Don Alt tweeted,
“This is an altcoin exodus.
If we assume these coins will all not be on Binance US either (Regulation for Bittrex and Binance is the same) they’ll lose the entirety of the US market.”
These alts might not capitulate into nothingness, they might just get delisted into it.
Hailey Lennon of bitFlyer, stated,
“Regulators now have multiple examples of how regulation stifles innovation in the US”
The post Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come? appeared first on AMBCrypto.
Source: AMB Crypto

Altcoin Crypto Trading Axed For Americans as Bittrex Follows Binance

News that the world’s largest crypto exchange by trading volume, Binance, has curtailed services to US customers sent shockwaves across the crypto community yesterday. Today it is the turn of Bittrex which has followed suit by announcing that certain markets will no longer be accessible to US clients.
Crypto Assets Moving to Bittrex International
In an email to its users and an official announcement on its website, Seattle Washington-based Bittrex stated that it would be making major market availability changes for US customers on June 28. What followed was a list of altcoins that it would be moving to its international platform.
Altcoin markets closing to US customers.
The exchange added that US customers will be sent an additional email advising what they can and cannot do with their affected tokens. After the affected change date US customers will not be able to buy and sell any of these tokens.
Any open orders will be cancelled on the change date but users can still withdraw or hold the tokens in their Bittrex wallets as long as they are still supported on Bittrex International. Non-US customers will still be able to trade all of the affected tokens. The notice added;
“Like other industry participants, we will continue to advocate for laws and regulations that foster innovation.”
In the FAQ section below the announcement elaborated that certain markets will no longer be accessible to US customers and they will have access to a more limited number of markets than are available to non-US customers on Bittrex International.
Bittrex stated that wallets and custody will remain ‘reasonable time after the market is removed’ to US users. There was a vague answer to the question; “Is Bittrex leaving the US?” which appeared to indicate that the company was slowly shifting its primary operations to its international platform.
The crypto sphere is still reeling from yesterday’s Binance announcement that it would be launching a US based exchange with a limited number of tokens. US regulators have been constantly pressuring the industry which has resulted in drastic measures by crypto exchanges that end up punishing US citizens by limiting their options.
Neither Binance nor Bittrex would want to lose the huge slice of the trading pie that the US represents but they need to play ball with fickle regulators and stringent policies. Binance has decided to partner with FinCEN-registered firm, BAM Trading Services, in order to launch a US compliant exchange there.
Market Reaction
A number of the lower cap altcoins mentioned in the Binance list did dump a little on the announcement but generally crypto markets are up today, lifted by Bitcoin which has broken through resistance and reached $8,700 again.
Image from Shutterstock
The post Altcoin Crypto Trading Axed For Americans as Bittrex Follows Binance appeared first on NewsBTC.
Source: New feedNewsBTC.com

Standard Tokenization Protocol to Conduct IEO on Bittrex International

Coinspeaker
Standard Tokenization Protocol to Conduct IEO on Bittrex International
Standard Tokenization Protocol, a globally compliant open-source standard and decentralized network for the tokenization and issuance of any asset, announced today it will be conducting its initial exchange offering on Bittrex International.
Standard Tokenization Protocol to Conduct IEO on Bittrex International

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Source: CoinSpeaker

Cryptocurrency Exchange Platform Bitsdaq Announces the Launch of Its IEO

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Cryptocurrency Exchange Platform Bitsdaq Announces the Launch of Its IEO
Bitsdaq, a secure, reliable, and advanced platform for digital assets that operates in Asia, is proud to announce the launch of its native Bitsdaq Token IEO.
Cryptocurrency Exchange Platform Bitsdaq Announces the Launch of Its IEO

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Source: CoinSpeaker

CRED: The DeFi App That is Disrupting Lending

Coinspeaker
CRED: The DeFi App That is Disrupting Lending
Cred, a decentralized lending ecosystem that facilitates access to credit using cryptos as collateral, is set to disrupt the traditional lending market.
CRED: The DeFi App That is Disrupting Lending

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Source: CoinSpeaker

Initial Exchange Offerings (IEOs): The Next Disruptive Force in the Crypto Space?

Coinspeaker
Initial Exchange Offerings (IEOs): The Next Disruptive Force in the Crypto Space?
In this post, by blockchain expert and professional tech researcher Gregory S Mathew, you’ll find what Initial Exchange Offering (IEO) is, how it differs from ICO and why this new fundraising model is widely considered to be crypto industry’s next disrupter.
Initial Exchange Offerings (IEOs): The Next Disruptive Force in the Crypto Space?

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Source: CoinSpeaker

Huobi Announces the Lauch of Its Fully Regulated OTC Desk

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Huobi Announces the Lauch of Its Fully Regulated OTC Desk
The newly introduced fully regulated Huobi OTC Desk is targeted at high net worth individuals and institutional investors.
Huobi Announces the Lauch of Its Fully Regulated OTC Desk

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Source: CoinSpeaker

CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy

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CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy
CoinMarketCap Data Accountability and Transparency Alliance has already been joined by Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex.
CoinMarketCap Forms New Alliance, Announces Stricter Listing Policy

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Source: CoinSpeaker

Bitfinex/Tether drama causes massive chunks of USDT being moved

The Bitfinex and Tether news has created a massive buzz leading people to speculate the aftermath of the lawsuit. Meanwhile, there have been massive amounts of USDT being sent from wallets to exchanges.
According to @soliel_dusoir9, a Twitter user, Binance’s cold wallet moved $127 million USDT.

.@cz_binance has moved 127M USDT from @binance ‘s cold wallet since the Tether news broke. pic.twitter.com/HEgNTag982
— Soleil #DelistTether (@soleil_dusoir9) April 27, 2019

At press time, the available balance in the cold wallet [1pYbaaWDhezjBkXBHEUqTHCc6DbefSZiK] was 654 million USDT. Since April 2019, the wallet has sent a total of approximately 210 million USDT from the above-mentioned wallet.
In addition, to Binance, 5 million USDT was transferred from Bitfinex to Huobi.

4,999,994 #USDT (4,948,933 USD) transferred from #Bitfinex to #Huobi
Tx: https://t.co/t3sU2L5QtL
— Whale Alert (@whale_alert) April 28, 2019

Another 5 million was transferred from unknown wallet to Bitfinex.

4,999,999 #USDT (5,027,714 USD) transferred from unknown wallet to #Bitfinex
Tx: https://t.co/pXIFtBSflU
— Whale Alert (@whale_alert) April 28, 2019

Another massive chunk of USDT, approximately 13 million USDT was sent from Poloniex exchange to Tether treasury, on April 27, 2019. This could be Poloniex exchange redeeming US Dollars by sending their USDT back to the treasury. A few minutes later, the same amount of USDT was transferred to Tether Treasury by Poloniex.

13,000,000 #USDT (12,913,506 USD) transferred from #Poloniex to Tether Treasury
Tx: https://t.co/Kp6NzFO6T1
— Whale Alert (@whale_alert) April 27, 2019

Ever since the news broke out there has been a surge in stablecoin activity. 10 million USDT was moved from Kraken exchange to Bitfinex exchange on April 27, 2019. Another transfer of similar amount was sent to the Tether treasury from Bitfinex.

10,989,000 #USDT (10,944,951 USD) transferred from #Bitfinex to Tether Treasury
Tx: https://t.co/NPqCDvzF7f
— Whale Alert (@whale_alert) April 26, 2019

Moreover, people have been shifting from USDT to other stablecoins like Paxos, USDC, and others. Approximately, 45 million USDC was moved into two different wallets from USDC Treasury to an unknown wallet on April 27, 2019.

14,999,500 #USDC (15,366,975 USD) transferred from USDC Treasury to unknown wallet
Tx: https://t.co/8eULjOiBIg
— Whale Alert (@whale_alert) April 27, 2019

The transaction was sent to two different wallets and was split into 15 million USDC and 30 million. Apart from the above transaction, another transaction of 34 million USDC was moved from USDC Treasury to an unknwon wallet.

34,334,172 #USDC (35,013,695 USD) transferred from unknown wallet to unknown wallet
Tx: https://t.co/ON67GUMb1q
— Whale Alert (@whale_alert) April 26, 2019

The surge in stablecoin transaction volume indicates that the lawsuit brought forth by the NYAG is not being treated lightly by players in the industry, be it Binance or other exchanges. The decision that comes from NYAG after the lawsuit is finalized will affect every other player in the industry and would send a clear message to all the bad actors in the ecosystem.
The post Bitfinex/Tether drama causes massive chunks of USDT being moved appeared first on AMBCrypto.
Source: AMB Crypto

Bittrex Clarifies its Stance on North Korean Account Flagged by New York Regulators

Its been a couple of weeks since Bittrex was denied license by the NY Regulators for a variety of reasons. One of the grave claims that came against the exchange was that Customer due diligence and the regulators flagged two accounts that it identified as users from North Korea. But after studying and researching the origins of these accounts, Bittrex has released an official statement stating that he mentioned accounts were actually from South Korea and NYDFS had mistakenly flagged their origins to North Korea.
Were these two accounts the only reason for denial of Bitlicense to Bittrex?
It was the second week of April 2019, while everything was going smooth for cryptos after a long time, Seattle-based crypto exchange Bittrex hit a roadblock. The New York Department of Financial Services, the regulator that is in charge of providing Bitlicense, rejected Bittrex application, an action that it had not taken in over two years.
While there were a variety of reasons put forward by the regulator issued to Bittrex on the grave claim that came forwards was Bittrex had poor customer due-diligence practices and also had incomplete or missing customer identity data.
Although Bittrex did claim to media outlets that “the fake accounts cited by the regulator were not active ones.” It came out to be that, more than 70 percent of the “fake name” accounts sampled by DFS had been active accounts at some point, and some still contained funds at the time of DFS’s on-site review in 2019 of Bittrex’s operations.
Over and above this, when DFS examiners sampled accounts in 2019, their small sample identified two North Korean accounts. More may exist. At least one North Korean account was active into 2017. At least two Iranian accounts were still active in the Bittrex system when DFS examiners visited Bittrex in 2019, and potentially usable. Both Iran and North Korea have not been great friends of the United States and for an American exchange to hold accounts from these countries was not appreciated.
After studying these claims for nearly a fortnight, Bittrex has begun replying to the questions that were raised by the NY regulator. Its first answer it is with respect to the two flagged North Korean accounts. According to the exchange, the flagged accounts were actually from South Korea and not North Korea.

Statement of allegations of North Korean accounts on @BittrexExchange. pic.twitter.com/Ttdb1NpoxM
— Bittrex (@BittrexExchange) April 22, 2019

Bittrex also objected to DFS’s standard supervisory agreement, which contained provisions that have been applied to all prior applicants, and which are either required by the Virtual Currency Regulation or are an implementation of its provisions. These supervisory agreement provisions require pre-approval of new products, pre-approval of mergers and acquisition transactions, and set forth a capitalization formula that implements the regulation’s capitalization requirement.
As Bittrex has started answering back to NYDFS, one can expect more replies in days to come. Every reply is bringing Bittrex closer to the Bitlicense
Will Bittrex be able to get its hand on the NY Bitlicense in 2019? Do let us know your views on the same.
The post Bittrex Clarifies its Stance on North Korean Account Flagged by New York Regulators appeared first on Coingape.
Source: CoinGape

Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now

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

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Source: CoinSpeaker

Bittrex Responds New York Regulator’s Claims behind BitLicese Rejection

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

New York Regulators Officially Rejects Bittrex’s BitLicences Application – Here’s Why

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

Huobi announces launch of Huobi Prime, a premium token listing channel

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