This French Exchange Has Become a Victim of Phishing Attack

Coinhouse Exchange based in France recently became a victim of a phishing attack. 
Fake E-Mails Sent to Coinhouse Customers
The hack was carried out via a phishing attack. The hacker attempted to gain the identities of the customers and get their mail database. He pretended to be an employee of the exchange and sent fake emails to all the users. Furthermore, he asked the users to identify themselves on a copy of the site. 
The attack received huge backlash from the users who were livid over the exchange’s lack of security measures. 
To bail the exchange out of this fiasco, the exchange has introduced a system of 2FA authentication. 
Source-Journal De Coin
The exchange has assured the users of their funds and even if they have entered their credentials on the site, they need not worry. Subsequently, withdrawals have been blocked for the next 48 hours, for security reasons. The company has promised to contact the affected users and guide them on procedures to resume activities normally on the platform. No funds were compromised on the account of the attack. 
A Common Scenario
In February 2018, a criminal group, dubbed Coinhoarder, managed to amass a total of $50 million in cryptocurrencies since 2015 – including an amount of $2 million that was taken in less than a month during 2017.
The campaign was based on the simple premise of setting up fake websites mirroring the immensely popular online wallet website, The hackers then ensured a steady purchase of Google AdWords in order to infiltrate search results of users looking to access and position their fake websites in a favorable spot.
With that being said, to prevent such fiascos, having 2FA authentication and not SMS authentication is mandatory. Also, the users should double-check the URL of the website before entering their credentials. Further, users should avoid using the same password on different sites and use a password manager instead to avoid falling into the trap of hackers. 
The post This French Exchange Has Become a Victim of Phishing Attack appeared first on Coingape.
Source: CoinGape

Is Coinbase Going the Binance Way With Plans of IEO and STO Platforms?

Popular US-based crypto exchange, Coinbase has revealed that is considering launching platforms for IEO and STO. The exchange recently acquired a US broker license with three acquisitions.
Coinbase Exploring the IEO, STO Space
According to the head of institutional sales in Asia at Coinbase, Kayvon Pirestani, speaking on the evolution of cryptocurrency capital formation at CoinDesk’s Invest: Asia conference,
“We think there’s a really interesting opportunity there for Coinbase.”
“In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now,”
With the IEO platform launch, Coinbase will diversify its product offerings like Binance. Binance already has a successful IEO platform – Binance launchpad, which has done several projects including Celer, Bittorrent and Gifto.
IEO Platform Will Take A Few Months
IEOs are quite similar to ICOs, except that they are backed by major crypto exchanges. This implies that the projects undergo rigorous scrutiny and vetting before the fundraising actually takes place.
While Pirestani made it clear that news about Coinbase’s IEO platform may surface in the “next few months,” considerations for regulated securities offerings in the U.S. seems less far along.
Coinbase has already received regulatory approval for the acquisition of several securities firm, and this could be a step towards launching trading support for tokens that are viewed as securities.
Coinbase Already Acquired Licenses
At the time the exchange acquired the license, it made an announcement that it intended to make a purchase of three companies – Keystone Capital Corp., Venovate Marketplace and Digital Wealth LLC – in a bid to become a regulated platform which offered to trade in security tokens, and also to tokenize traditional financial assets.
While Pirestani confirmed that Coinbase has acquired the mentioned licenses, it was also mentioned that Coinbase is still in the process of digesting the acquisition and “repurposing” the respective licenses.
The exchange also recently introduced an open-source Dapps extension compatible with any browser. Coinbase is one of the most trusted platforms for crypto exchange and custody.
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Source: CoinGape

Will Binance.US Launch Bring in Benefits for All Traders? A Realistic Take

Binance is all set to launch its United States-based branch Binance.US. 
Strict KYC Procedures
Per a medium post published by Binance.US, the launch of the platform is expected in the upcoming weeks. Reportedly, KYC procedures will start a few days earlier. This will give users ample time to get their accounts verified and deposit their funds.

Yesterday, the @binance Futures Testnet trading competition ended. The team is busy deploying the production environments now. Coming online soon, tmr-ish. Another productive weekend.
— CZ Binance (@cz_binance) September 8, 2019

For completing the onboarding process, customers will be required to provide a valid government ID. It can be their passport, driver’s license or their social security number. The list of states where Binance.US will be available is not yet finalized. However, it will be released before the starting of the process.
From the CEO’s Desk
On July 2, 2019, Binance announced that Catherine Coley, the former head of XRP institutional liquidity at Ripple, had been appointed as the company’s CEO.
Coley said:
“I am honored to lead BAM and bring Binance.US to North America. […] This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”
Of the approximately 160 cryptocurrencies listed on its main platform, Binance has announced that 30 cryptos will be listed on Binance.US. These include the top eight cryptocurrencies— Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCHABC), Litecoin (LTC), Binance Coin (BNB), Tether (USDT) and EOS.
Is Binance Trying To Cover Up for Closing US Trading?
Binance updated its terms of use on June 14 to exclude trading on the platform in the U.S., which came shortly after its announcement of a U.S.-exclusive fiat-to-crypto exchange.
On the event, Binance CEO Changpeng Zhao (CZ) remarked
 “Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”
With that being said, it seems that Binance.US will not be very profitable for crypto traders but would bring profits for “futures” traders. Are all the recent updates just a facade to cover up for Binance’s earlier decisions? Let us know, what you think?
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Source: CoinGape

Bitfinex Added 3 Stablecoin Pairs Amidst All the Issues

Despite current ongoing legal issues, major crypto exchange, Bitfinex took to its Twitter page today to announce the addition of three new stablecoin pairs on its exchange. Bitfinex tweeted –
Source: Twitter
The new pairs are however only available to verified users. This new listing, however, has not been met with much excitement by the crypto community for obvious reasons.
 Bitfinex’s Legal Problems with the NYAG
The crypto exchange which is affiliated with highly controversial digital currency, Tether, ran into problems with the office of the New York Attorney General in April after they could not explain an alleged loss of $850million. The NYAG further alleged that the exchange used funds from the stablecoin, Tether to cover up the loss. The exchange immediately denied the allegation, saying that some of its funds were seized in Poland, the US, and Portugal.
They, however, went ahead to launch a new token – LEO and host a private sale where they claim they were able to raise $1 billion worth of USDT within 10 days. The token’s whitepaper claimed that the recovered funds will be used to repurchase and burn outstanding LEO tokens. 
After a drawn-out legal battle since April which involved the exchange trying unsuccessfully to block its New York users from using the platform, a New York Supreme Court Judge in August ruled in favor of the NYAG and ordered Bitfinex to provide all relevant requested documents to the NYAG. 
Controversial LEO Token Sale
The current move to add new stablecoins to the exchange has not been met with open arms by the crypto community as they immediately raised questions in the comment section of the Twitter post announcing the addition of the new stable coins. 
Many of the users expressed skepticism towards the move tagging it an exit Tether move. Others asked for updates on both the NYAG case and the status of the LEO tokens sales which were supposed to be used for restoring Tether. One user, bringing up the controversy around the purported $1billion LEO sale, said  –
Source: Twitter
Another asked –
Source: Twitter
However, despite the troubles its parent company is currently facing, it appears Tether’s capacity is growing as it is reportedly responsible for the Ethereum Network being “almost full”.
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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:
— 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

Crypto Exchange CEO Dons ‘Hawaiian Short Pants’ at Expansion Meeting

Silicon Valley workers have often projected a casual image when it comes to clothing. During the early 2000s, entrepreneurs in a pair of Jeans and T-shirt set out to change the world. And, indeed they have.
More often than not, even interviewers have to choose between putting on a tie or not for an event with one of the Silicon Valley executives. Cryptocurrencies seem to have taken everything a step further. Recently, Jeremy Allaire, the CEO of Circle which manages Poloniex crypto Exchange donned a ‘Hawaiian red shorts’ over a formal jacket and tie at a meeting with Officials from Bermuda.
Nevertheless, the credit also goes to Binance CEO, Changpeng Zhao, who has earlier worn blue short pants at the meeting with Bermuda Officials.

Who wore it better? @cz_binance or @jerallaire
— Charlie Shrem (@CharlieShrem) July 22, 2019

Bermuda Expansion for Poloniex Exchange
Circle is the parent company of Poloniex Exchange. It has procured a license and launched a subsidy in Bermuda. Circle is one of the leading crypto firms which has also released a stablecoin – USDC. It has also received significant investment from Goldman Sachs until 2016.
They plan to serve non-US Poloniex customers with our new Bermuda operations. Poloniex is one of the oldest and regulated cryptocurrency Exchange. Currently, Poloniex has existing operations in the US, Ireland, the UK, and Hong Kong.
Bermuda enacted the Digital Assets Business Act of 2018 which provides for a complete regulatory framework for establishing and operating Cryptocurrency Exchanges. This is also prosperous for the British island territory. Edward David Burt MP, the premier of Bermuda noted,
…Circle will begin hiring immediately to grow their Bermuda office to more than 30 people over the next two years.
The lack of a regulatory framework for cryptocurrencies in the developed countries has often motivated the crypto entrepreneurs to look for help outside. This fact was reiterated recently by Venture Capitalist, Tim Draper at an interview. He said that the companies are moving to countries like Malta and elsewhere because of the delay and negative stance that Governments have currently held.
Do you think that the regulators should expedite their regulatory process or the market share of crypto is still lower? Please share your views with us. 
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Source: CoinGape

Another one bites the dust: Industry claims another victim as crypto-venture fails owing to lack of funding

The crypto-industry is an extremely tough place to survive and prosper on a long-term basis. The case of cryptocurrency exchanges is especially pertinent in this respect. In fact, the average life expectancy of cryptocurrency exchanges is only about 15 months in 2019. This fact was again highlighted by another crypto-related venture calling it quits. In […]
The post Another one bites the dust: Industry claims another victim as crypto-venture fails owing to lack of funding appeared first on AMBCrypto.
Source: AMB Crypto

We Will Always Expect Crypto Exchanges to Act Like Our Banks

We Will Always Expect Crypto Exchanges to Act Like Our Banks
Instead of trying to change human behaviors which is one of the most challenging things we could do, maybe we ought to try and change how exchanges are not able today to fully secure our funds?
We Will Always Expect Crypto Exchanges to Act Like Our Banks

Continue reading at Coinspeaker
Source: CoinSpeaker

Update: Bitpoint Detects Additional $2.3 million In Stolen Assets After Recent Hack

Japanese cryptocurrency exchange operator, Bitpoint, announced the discovery of additional $2.3 million (250 million Yen) on Sunday.
The news came after Remixpoint announced last week that its subsidiary (Bitpoint) was initially hacked of $32 million dollars in crypto assets.
Bitpoint, which announced the suspension of exchange activities (trading, deposit, and withdrawals) following the incidence was operating on five major crypto assets at the time. And the exchange was “unsure” or probably was still trying to figure out with assets were affected at the time.
However, Bitpoint made the announcement, indicating that most of the assets stolen from the exchange’s hot wallet were that of the customers.
As the new estimated loss following the hack now touches around $35 million, whether this newly discovered stolen asset belonged to the exchange or its customers was not mentioned.
Nonetheless, Bitpoint’s parent company continued to expand indefinitely as it passed regulatory scrutiny in Thailand.
Last week, Bitherb (also a subsidiary of Remixpoint) got licensed by SEC to operate four more crypto businesses.
Although, as Bitpoint discovers more stolen funds, it is however uncertain how things are going to turn out for three respective groups: Remixpoint, Bitpoint, and Bitherb which was recently set up in Thailand to operate under the newly acquired licenses.
At the moment, Bitpoint’s refund strategy has not yet been announced and customers are still unsure which assets were stolen, both initially and now.
Also, no official statement was made as to whether deposits and withdrawals have commenced on the platform.
The post Update: Bitpoint Detects Additional $2.3 million In Stolen Assets After Recent Hack appeared first on Coingape.
Source: CoinGape

Find Bitcoin and Cryptocurrency ATMs Nearby

Find Bitcoin and Cryptocurrency ATMs Nearby
As Bitcoin ATMs are not usually listed on Google Maps, you would need to use other tools to locate them. Let us now have a look at some of the available tools to finds the nearest Bitcoin and Cryptocurrency ATMs.
Find Bitcoin and Cryptocurrency ATMs Nearby

Continue reading at Coinspeaker
Source: CoinSpeaker

Japanese Exchange, Bitpoint Got Hacked; $32 Million Missing!

Japan has experienced another cryptocurrency exchange hacking this year, perhaps the first of the year’s second half. This time, a licensed Japanese cryptocurrency exchange, Bitpoint reported Friday to have been hacked of some crypto assets totaling around $32 million dollars.
According to report received in the early hours of Friday, Bitpoint halted all exchange operations including deposited and withdrawal requests, as well as trading activities on its platform following the event of the successful hacking.
Bitpoint is a licensed Japanese cryptocurrency exchange under its parent company Remixpoint Inc. In the announcement following the event, Bitpoint revealed that the exchanged noticed a security breakthrough in which irregular withdrawals were made from its online wallets on Thursday.
At the time of writing the article, Bitpoint had not revealed which assets were stolen, however, the exchange had trading support for only five cryptocurrencies including BTC, BCH, Ether, XRP, and LTC.
According to Remixpoint Inc’s official announcement, the hack affected majorly the customer’s funds. It was reported that 71% of the funds stolen were customers assets as $23 million of the stolen funds were customers deposits.
Japan has been getting hits from hackers recently and has reported cases of hacking a couple of times this year already. With Japan regulators looking to see into cryptocurrencies adoption, the news of exchange hackings would have a great impact on the country’s cryptocurrency regulations decision.
More updates expected from Bitpoint regarding the hack.
The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
The hack is the latest incident that has happened to exchanges in Japan. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked and lost $60 million worth in cryptocurrencies.
The post Japanese Exchange, Bitpoint Got Hacked; $32 Million Missing! appeared first on Coingape.
Source: CoinGape

Binance 2.0 – Long-Awaited Margin Trading Feature on Binance Goes Live

Following the month of the speculations, the world’s well-known cryptocurrency exchange, Binance has officially and publicly launched its Margin Trading Service on July 11.
Binance 2.0 – Long-Awaited Bitcoin Trading Feature
Despite margin trading carries a significant risk of funds or loss, many crypto exchanges have already rolled this service. Binance was on the exchange which hasn’t introduced this feature. According to the blog post of Binance, published on July 11, crypto traders can now access margin trading feature on Binance’s newly launched trading hub “Binance 2.0″.
Binance Offcial Blog
For those who’re new to the concept of margin trading, “ it’s the form of trading where eligible traders will be able to borrow funds from the exchange to increase their leverage. It doesn’t always a potential way of trading; it comes with a greater risk due to volatility in the price of the cryptocurrency market. Talking about the newly launched margin trading feature, Binance CEO CZ states that;
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof,”
It was one of the long-awaited feature, request by Binance community. The new version, Binance 2.0 features an “an advanced trading engine for better order matching and press indexes for margin level calculations to enable lower liquidations.” According to the reports, the exchange has launched a specific margin trading wallet without fees – wherein, traders from this wallet can send funds to their primary Binance wallet.
At the initial phase, the exchange has released limited crypto assets that will be used for margin trading – Bitcoin (BTC), Ether (ETH), XRP, Binance Coin (BNB), Tron (TRX) and Tether (USDT).
Earlier during Ask Me Anything (AMA) session, CZ responded to the rumors about margin trading. He clarified that the feature will be launched to a few of Binance clients, particularly large traders. However, the latest announcement states that the trading is live and is available to all eligible users. Cautioning about the risk that margin trading contains, co-founder of Binance Yi He said that;
“Though the current cryptocurrency market and legacy platforms for margin trading poses greater risks and benefits at the same time, we are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run,”
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Source: CoinGape

Binance Opens New Fiat-to-Crypto Exchange in Singapore

One of the largest crypto exchanges, Binance has officially opened a new branch in Singapore. It is enabling Singaporeans to trade digital assets with their fiat currency (Singaporean dollar SDG).
Binance Opens Fiat Exchange in Singapore
So far, Binance exchange has launched two fiat exchanges – Uganda (UGX) and Jersey (EUR, GBP). Binance Singapore is the third fiat-to-crypto exchange launched by Binance. To reminds, Binance SG was the soft-launched in April this year but with this announcement, users can quickly trade and access top cryptocurrencies using SGD fiat currency. At the moment, the exchange is enabling trading, deposit and withdrawal services for only a few cryptocurrencies, those are Bitcoin, Ethereum and Binance Coin – however, it is eventually planning to add more cryptocurrencies in the near future.
In addition, Binance is assuring quick service to Singaporean users by using country’s payment network, FAST (Fast and Secure Transfers Electronic Funds Transfer system). FAST is a new electronic fund transfer service, enabling the quicker transfer of Singapore Dollar funds between participating banks. With the FAST system, Binance said, it will provide real-time, 24/7 SGD deposit and withdrawal functionality.

.@BinanceSGD and Investor @vertexventures Establishes Fiat-to-Crypto Gateway to Set the Stage Beyond the Island
— Binance (@binance) July 10, 2019

In its official blog, Binance mentioned that they’re growing Singaporean branch with investment partners “Vertex Ventures China” as well as Vertex Ventures Southeast Asia and India. Emphasizing the support from Vertex, Binance CEO, Changpeng Zhao aka CZ states that;
“Vertex has been a key driver of engaging the Singapore community through its trusted work with local regulators and financial institutions.”, CZ said in a blog. “We are humbled by the positive market response to Binance Singapore thus far, which is largely due to our strategic investment partner,”
Vertex platform helps sustainable growth of Binance in this region, in fact, Binance states that they’re expanding the blockchain ecosystem in Singapore with Vertex. In addition, it adds that they’re seeking to “explore additional avenues” that brings blockchain growth in the country. However, talking about the partnership, Vertex Managing Partner, Chua Kee Lock states that;
“There is much more to come from this partnership. We look forward to working closely with Binance as we are strongly positioned to lower barriers to entry for cryptocurrencies while maintaining world-class security measures that are industry-leading.”
Singapore is becoming the hottest region for many crypto and blockchain companies. Its favorable regulatory system around the crypto industry is one of the key concerns why companies are on their way to grow businesses in Singapore. In fact, very recently, reports revealed that Singapore’s Tax Agency, Inland Revenue Authority of Singapore (IRAS) proposes goods and service tax (GST) exemption from cryptocurrency transactions.
Binance further confirms that they’ve partnered with local payment partner and platform “Xfers” to proceed trading, deposit, and withdrawal with the lowest fees in the Singapore market.
Image source- Binance blog
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Source: CoinGape

Binance Reduces Block Confirmations On BTC & ETH Transactions

Giant cryptocurrency exchange, Binance on Tuesday announced through their official announcement channel that the platform had reduced the required number of network confirmations needed to deposit and withdraw major cryptocurrencies on their platform.
As the exchange revealed that the decision was taken as a measure of customer satisfaction, the assets included in the new development are the two top cryptocurrencies; BTC and Eth.
Binance also seized the opportunity to promise its vast community of continual customer satisfaction efforts and also informed members to always submit suggestions relating to the development of the exchange. According to the announcement, To provide a better service for our users, Binance has made the following adjustments to the number of block confirmations required for user deposits & withdrawals
In this new development, the number of network confirmation needed to deposit BTC was halved from 2 block confirmations to 1 block confirmation while the block confirmations needed to make withdrawals stands at 2 block confirmations.
The block confirmation halving also applied to Eth transactions, but this time, a bit improved!
The number of block confirmation for both deposits and withdrawals of Eth was reduced from 30 to 12 block confirmations.
The announcement closed with an appreciation remark and pledged continual and improved service offerings.
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Source: CoinGape

BitMarket Exchange Closes Down Operations, Customers’ Funds At Stake

BitMart, second largest Polish cryptocurrency exchange at the early hours of Tuesday made known via their website that the platform was no longer in operation, citing “loss of liquidity” as a major reason.
“Dear Users, we regret to inform you that due to the loss of liquidity, since 08/07/2019, was forced to cease its operations. We will inform you about further steps.”
The Poland-based cryptocurrency exchange, BitMart, also known as BitMarket, according to statistics on Coinmarket Cap prior to the closure announcement had been seen operating on an unimpressively less than a million USD daily trade volumes. This confirmed however that the exchange had indeed been facing “loss of liquidity” recently.
The “loss of liquidity” by BitMarket seems to be a confirmed truth but whether the customers will be able to withdraw their funds or not remains unknown at the moment. In fact, according to BitMarket’s official announcement of the event, the only information yet available to investors is an unknown “next step” which is expected to come in after this official announcement.
BitMarket official website showing their announcement in Polish and English
A Reddit user known as OdoBanks claimed that there were several “red flags” in the last couple of weeks with BitMarket, some of which include users being “forced” to change their passwords without reason, users’API keys were changed and some users’ withdrawals attempts were also stopped on the premise of additional know-your-customer (KYC) requirements, among other circumstances.
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Source: CoinGape