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Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

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Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto Traders

Two major South Korean cryptocurrency exchanges have announced that they will no longer allow unverified users to make withdrawals in Korean won. Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bithumb Goes All Real-Name

Bithumb and Coinone Terminating Fiat Withdrawals for Unverified Crypto TradersBithumb, the largest crypto exchange by trading volume in South Korea, announced on Friday, Sept. 14, that it will terminate fiat withdrawal service for all users without verified real-name accounts.  Read more...

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Chinese Cryptocurrency Traders Use Tether and VPNs to Bypass Ban

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Chinese Cryptocurrency Traders Use Tether and VPNs to Bypass Ban

Cryptocurrency traders in China appear to have found numerous ways to circumvent the nationwide ban on trading with digital currencies. According to industry experts, as long as the transactions remain peer-to-peer and decentralized, regulators won’t be able to block them out completely.  

Tether and VPNs to the Rescue

Quoting sources familiar to the matter, South China Morning Post reports that many retail investors, in addition to using illegal cryptocurrency exchanges, would convert their fiat into stablecoin Tether, and exchange between cryptocurrency wallets directly. All online actions are carried out through a Virtual Private Network (VPN) in order to protect the anonymity of the trader and to circumvent the restrictions.  Read more...

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Cryptopys Comes to Rescue Crypto Traders from Information Overload

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Deco.agency and Krypton Capital have joined forces to launch a crypto news aggregation and portfolio management portal.

The digital asset markets are notoriously volatile and prone to actions spurred by the herd instinct, FUD (fear/uncertainty/doubt), and FOMO (fear of missing out) phenomena. Sharp price movements can be triggered by news, gossip, or speculation, which is why both professional and novice traders desperately need a reliable source of information to offer them a comprehensive picture of what is going on in the crypto universe.

With that in mind, Deco.agency, one of the leading web development agencies in Eastern Europe, has partnered with early venture capital investor Krypton Capital to launch the Cryptopys project.  Read more...

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Bitcoin Price Falls Below $6,900, Traders See $6,500 as the Next Support

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Some major cryptocurrencies and tokens have fallen by 5 to 15 percent in the past 24 hours as the Bitcoin price failed to remain above the $ 7,000 mark. Within 12 hours, the price of Bitcoin fell from $ 7,100 to $ 6,900, briefly falling below the $ 6,900 mark. While Bitcoin has stabilized in the low $ 6,900 region, … Continued

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P2P Exchange Options Increasing for Crypto Traders in India

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P2P Exchange Options Increasing for Crypto Traders in India

Since the Reserve Bank of India (RBI), the country’s central bank, banned banks from providing services to cryptocurrency businesses, traders are increasingly trading on peer-to-peer (P2P) platforms. Local crypto exchanges have come up with a number of exchange-escrowed P2P solutions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Localbitcoins

Trading volumes in both the Indian rupee (INR) and BTC increased on Localbitcoins between the week of April 7, when the RBI issued its circular, and the week of August 18. The INR trading volume increased 25 percent, from 68 million rupees (~US$ 974,561) to 85 million rupees (~$ 1,218,201). The number of BTC traded increased about 23 percent from 150 BTC to 184 BTC.  Read more...

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South Africa’s Tax Agency Targets Tax-Evading Cryptocurrency Traders

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South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed. The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking

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Turkish Bitcoin Volume Soars as Traders Flee the Lira

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Turkish Bitcoin Volume Soars as Traders Flee the Lira

Trading volume on Turkish cryptocurrency exchanges has soared over the last 24 hours as citizens have sought refuge from the weakened lira. Turkey’s national currency has faced a torrid time on a day when President Recep Tayyip Erdogan accused the US of trying to “stab it in the back”. Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

Also read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China  Read more...

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Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

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Okex Socializes Loss From Over $ 400 Million Bet Among BTC Futures Traders

Anyone getting involved with leveraged trading must assume upon themselves the risks associated with the potentially highly rewarding practice. A recent event should remind traders that, sometimes, even when the trade goes your way, you can still take a hit. Okex socialized one trader’s massive loss on BTC futures with a clawback.

Also Read: The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

Forced Liquidation

Okex Socializes Loss From Over $ 400 Million Bet Among BTC Futures TradersOkex, the Chinese-run cryptocurrency exchange based in Hong Kong, has announced on Friday that “an enormous long position” in BTC0928 futures contract was force-liquidated on July 31, 2018. And due to the sheer size of the order, worth over $ 400 million, the uncovered loss (about $ 9 million) will need to be socialized with a clawback.  Read more...

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Crypto Exchange for Institutional Traders Launches in Gibraltar

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Crypto Exchange for Institutional Traders Launches in Gibraltar

A new crypto trading platform providing services to institutional investors has made a soft launch in Europe. The Gibraltar Blockchain Exchange (GBX) has introduced 300 retail account holders and a select number of institutional participants to its platform. GBX, a subsidiary of the Gibraltar Stock Exchange (GSX), aims to become one of the first licensed and regulated digital asset exchanges operated by an EU regulated stock exchange.

Also read: British Bank Says “No” to Crypto Firms from Gibraltar  Read more...

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Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System

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Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has reportedly announced that it will gradually lower the withdrawal limit for any accounts that have not been converted to real-name ones, citing risks of financial crimes.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Lowering Withdrawal Limit

Bithumb reportedly said on Monday that it has “decided to gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts,” starting on June 4, according to MTN. This announcement closely follows the exchange confirming that it will block trading in 11 countries including North Korea, Iran, and Iraq, as well as strengthening the account verification process for foreign users.  Read more...

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Bogs and Wojaks: How Crypto Memes Help Traders Deal with the Downturn

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Bogs and Wojaks: How Crypto Memes Help Traders Deal with the Downturn

The altcoin markets might be in freefall, ICOs dead in the water, and bitcoin nursing a fixed scowl, but you wouldn’t know it on crypto Twitter. Over the past 48 hours, its leading lights have been more preoccupied with having their profile pics “bogged” than posting charts. The Bogdanoff twins are one of the many memes to have taken over the crypto community, providing welcome relief amidst the growing gloom.

Also read: BTCC to Launch New Exchange Platform in June  Read more...

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331 High-Income Traders Declared Crypto Profits in Japan

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331 High-Income Traders Declared Crypto Profits in Japan

The Japanese tax authority has for the first time revealed the number of high-income taxpayers who declared cryptocurrency profits in the year 2017. Out of the total number of taxpayers with miscellaneous income of 100 million yen or more, excluding public pension, 60% of them reported income from crypto transactions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Declaring Crypto Income

The Japanese National Tax Agency announced on Friday the number of people with 100 million yen (~US$ 914,000) or more miscellaneous income that includes income from cryptocurrency transactions, according to local media. Nikkei elaborated:  Read more...

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Bitcoin Dips Below $9000 As Upbit Investigation Worries Korean Traders

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Bitcoin prices dropped May 11th after regulators investigated South Korea’s largest cryptocurrency exchange, Upbit, panicking users.

Upbit ‘Deceiving Customers’: Reports

According to local news media outlet Chosun, authorities suspect Upbit of faking data about its balance sheet and “deceiving customers.”

Users holding funds on the exchange then withdraw en masse, as shown by data uploaded to social media, causing volatility across Bitcoin markets and prices to sink below $ 9000.

As Chosun reports, a group of ten investigators from South Korea’s Financial Supervisory Service arrived at Upbit’s head office in Seoul Friday.  Read more...

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Bitcoin in Brief Thursday: Bitgrail and Btcxchange Crypto Traders in Troubled Waters

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Bitcoin in Brief Thursday: Crypto Traders in Troubled Waters

In today’s Bitcoin in Brief – crypto traders are in trouble due to issues with the trading platforms they have trusted. Hacked Italian Bitgrail exchange is closed again after a brief reopening. It suspended operations on request from the court of Florence, following a petition  filed on behalf of one of its creditors. Also, beleaguered Romanian Btcxchange has shut down after multiple setbacks. A local bank recently closed its account.

Also read: Bitcoin in Brief Wednesday: Hacker Gets Trolled, Vertcoin Gets Hacked  Read more...

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Robinhood’s First Tentative Steps Into Cryptocurrencies Appeal to Traders

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Robinhood’s First Tentative Steps Into Crypto Trading Appeal to Millennials

The Robinhood mobile app for smartphones, operated by a financial services firm  headquartered in Palo Alto, allows individuals to invest in publicly traded companies and exchange-traded funds listed on U.S. stock exchanges without paying a commission. Earlier this year, the company announced that it was branching into cryptocurrency trading with Robinhood Crypto.

The Robinhood business model is based on collecting interest on the cash and securities in Robinhood accounts, much like a bank collects interest on cash deposits, rather than charging traders with commissions. Besides that, Robinhood sells premium “Robinhood Gold” accounts priced at $ 6 per month, with extra features such as the possibility to trade after hours and borrow capital.  Read more...

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EOS Price Surpasses $5.75 Thanks to Bullish South Korean Traders

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eos logo

Things are still looking pretty solid for most cryptocurrency markets as of right now. Especially the EOS price is noting some major gains over the past 24 hours. After being called out by John Oliver a while ago, the currency is now back above a value of $ 5.75. A pretty interesting trend, although sustaining it will be a major challenge for any coin, especially EOS.  Read more...

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Bots Blamed for Binance Bug That Leaves Traders Reeling

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Bots Blamed for Binance Bug That Leaves Traders Counting the Cost

Binance has found itself at the center of an unusual trading bug that has created big winners and losers. In a matter of minutes, viacoin pumped by 70x. Just to compound the drama, bitcoin experienced a massive sell-off shortly afterwards following bearish news from the SEC. Binance suspended withdrawals while it investigated the matter, but these have since been reactivated. Wednesday March 7 will go down as a memorable day in the exchange’s short history, but one with a happy ending. 

Also read: Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist  Read more...

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Aussie Crypto Traders Expect Tax Crackdown Ahead of New Regulations

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With Australia set to introduce new legislation that will empower authorities to monitor and regulate the activities of cryptocurrency traders, many analysts are anticipating that the country’s bitcoin investors will face a crackdown from the the country’s tax office.

Also Read:Australian High School to Host Information Night on Cryptocurrencies 

Australia to Expand Regulatory Domain Over Cryptocurrency Traders

Australia’s new cryptocurrency regulations will see anti-money laundering legislation extended in order to greater encompass the challenges posed by virtual currencies. Analysts are expecting that the Australian Tax Office (ATO) will launch a crackdown on Australian cryptocurrency traders once the new rules are in effect.  Read more...

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IRS Stymied Over American Cryptocurrency Traders’ Reluctance to Report Earnings

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As cryptocurrency investors continue to see gains, it appears they’re also continuing to stay quiet about their earnings to avoid taxation from the IRS.

Where are the American Crypto Taxpayers?

With roughly a month and a half left until the April 17th tax filing deadline, the IRS has reportedly only received 18.3 million individual tax returns so far, 13% of the total expected. Although it is still early in the tax season, it appears as though American taxpayers are loath to report their gains and losses this year and the IRS is shocked – SHOCKED – at the turnout (or lack thereof).  Read more...

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Hong Kong Traders Prefer Regulated US Markets for Bitcoin Futures

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Bitcoin futures traders in Hong Kong are turning away from the autonomous territory’s unregulated cryptocurrency exchanges, flocking instead to regulated US markets.

Safety First

December saw the launch of Bitcoin futures on both the CBOE and CME. Since then, trading volume has steadily increased as traders in Hong Kong turn their backs on their less secure domestic exchanges in favor of regulated US markets.

TD Ameritrade CEO Gary Leung claims his is one such firm experiencing increased interest in Bitcoin futures coming out of Hong Kong, explaining to the South China Morning Post:  Read more...

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