By CCN Markets: Gerald Cotten, the CEO of the Canadian crypto exchange QuadrigaCX whose death is the reason for $ 190 million of missing funds and a bankrupt company, had transferred user funds to his personal accounts to use them as security for margin trading, a report by Ernst & Young revealed. After Cotten had died, QuadrigaCX went offline as the company’s CEO had exclusive access to the wallets where the exchange’s funds were held. In April, the Canadian cryptocurrency exchange declared bankruptcy. The Nova Scotia Supreme Court granted Quadriga protection from their creditors, and Ernst & Young was hired to
Right now, thousands of citizens from Hong Kong are protesting certain leaders and opposing a proposed extradition law. Alongside the protests, the country’s political issues are reportedly pushing wealthy Hong Kong residents to move their capital offshore. Since last week, the price of bitcoin core (BTC) has gained a premium in Hong Kong as the digital asset has been trading between $ 75-150 higher than the global average.
Multiple users have reported that crypto trading platform LocalBitcoins has stopped allowing customers to make in-person trades of crypto assets for cash in an anonymous fashion.
Reddit user u/GrayLifes first posted about this development on June 1, 2019, claiming that cash ads were removed from the platform without warning. A wide range of other users concurred, stating that all “local ads are hidden or deleted for the entire site,” without any option to search for possible traders nearby. “All my local trade ads are missing,” user u/scottemick claimed. “How can it even be called local bitcoins anymore?”
Binance, the world’s largest crypto exchange, recently conducted its 7th quarterly Binance Coin (BNB) token burn, removing 829,888 BNB, or roughly $ 15.6 million, from circulation. #Binance Completes 7th Quarterly $ BNB Burnhttps://t.co/jSiSvs6wzZ pic.twitter.com/CecoMTsIL0 — Binance (@binance) April 16, 2019 While the 7th burn is the lowest total amount of BNB removed from circulation, its dollar value […]
In the first Singaporean legal dispute involving BTC, Singapore-registered cryptocurrency exchange Quoine has been found to have wrongfully reversed seven trades placed by market maker B2C2 during April 2017. The ruling has been made following four months of proceedings.
Also Read: Thailand Approves Country’s First ICO Portal
Quoine Held Liable for Reversing Trades Selling 309 ETH Priced at 10 BTC Each
The Singapore International Commercial Court has found Quoine to be liable for a breach of contract and breach of trust for unilaterally reversing orders placed nearly two years ago by United Kingdom-based market maker B2C2.
The price of Litecoin (LTC) is currently down around 1% over the last 24 hours, despite the Litecoin Foundation announcing two partnerships with the potential to be fairly significant adoption and awareness drivers. The first update came on Tuesday morning when the Litecoin Foundation revealed a new partnership with Glory Kickboxing, the world’s premier kickboxing […]
By CCN.com: Linus Dunker, a Swedish crypto trader, was shocked to receive a bill for almost $ 1 million from the Swedish Tax Agency, claiming that the tax demand is “unreasonable.” The case is one of a growing number of cryptocurrency-related cases being taken up by the agency, with several bitcoin traders receiving tax bills for
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The US stock market continued to rise ahead of Friday’s opening bell, with the Dow flashing triple-digit gains and its sister indices making similarly-bullish strides. Bitcoin, though, entered the day with little momentum as the cryptocurrency market demonstrated a lack of conviction. Dow Futures Post Triple-Digit Advance As of am 8:21 am ET, Dow Jones
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Launched in November, Huobi’s crypto derivatives market is growing at a rapid pace. Fifteen days ago they revealed they had hit $ 10 billion in total volume, and today they announced they’ve seen $ 20 billion. In a note provided first to CCN, Huobi describes the timeline of the Derivatives Market in this way: November 21: Huobi
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New charges have emerged from a 2015 case of hacking and insider trading, the SEC announced today. In the previous case, Ivan Turchynov and Oleksandr Ieremenko hacked newswire services and provided information to traders before anyone else could get it. The scheme was very profitable. In one incident, a trader using the information made over … Continued
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Paxful, the peer-to-peer alternative to LocalBitcoins, has reported to CCN that over 17,000 peer-to-peer trades per day take place in Africa using their platform. The majority of these trades take place with iTunes and Amazon gift cards as the payment methods. You read that right: people in Africa are acquiring Bitcoin by using gift cards,
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Skattestyrelsen (SKAT), the Danish tax agency, has accelerated crackdown against a large number of nationals who secretly traded bitcoin on a Finnish crypto exchange. According to information shared by the Swedish Tax Agency, a total of 2,700 Danes purchased circa $ 5.80 million worth of bitcoins from the exchange but sold them back for $ 6.1 million in
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Arthur Hayes, the CEO of leveraged crypto exchange BitMEX, has come out to deny allegations that the exchange is trading against orders made by its customers. In the original blog post, an anonymous account named ‘Hasu’ laid out the argument against the Hong Kong-based exchange with three major accusations: “BitMEX trades against their customers” “BitMEX weaponizes […]
Square, the merchant payment service provider which thrives on its mobile card readers and applications, has posted its third-quarter shareholder report, and it includes $ 43 million in bitcoin revenue. Slim Margins on Bitcoin Overall, they’ve made 51 percent more than they did last year up to this point, and revenue is 68 percent better than
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The Financial Services Agency (FSA) of Japan plans to cap the leverage for cryptocurrency margin trading.
Capping Cryptocurrency Margin Trading
According to the Nikkei Asian Review, Japan’s financial regulator is looking to reduce the leverage limit for cryptocurrency trading in the country. Reports also indicate that many stakeholders in the country are clamoring for such a lower leverage cap given the volatility of virtual currencies.
On Wednesday (October 24, 2018), the FSA recognized the Japan Virtual Currency Exchange Association (JVCEA) as a self-regulating body for the nation’s cryptocurrency exchange market. Back in July, a few months after the JVCEA’s formation, the call for limiting the leverage cap was the Association’s first proposition with a 4:1 leverage limit on margin trading.
The price of Loom Network (LOOM), a blockchain ecosystem for games and social apps, is up around 5% after Bithumb, the leading South Korean crypto exchange, listed the altcoin on its platform. LOOM now available on Bithumb exchange as of October 12, 2018 1AM (EST)@BithumbOfficialhttps://t.co/V3LuGi4DCs — Loom Network (@loomnetwork) October 12, 2018 According to the brief announcement, […]
Grupo XP, the largest independent brokerage in Brazil, has publicly released its plans to launch a Bitcoin and Ethereum trading platform by the end of 2018. Guilherme Benchimol, the chief executive officer of Grupo XP and XP Investimentos SA, stated that the business will integrate Bitcoin and Ethereum into the existing infrastructure of the brokerage,
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Forget cryptocurrencies. The irrational exuberance found within the marijuana sector has hit extraordinary levels. So much so that Robinhood, a leading commission-free trading app that is most popular among millennials, is reportedly struggling to keep up with the demand for marijuana stocks. On Wednesday, Robinhood was forced to suspend trading for Aurora Cannabis (ACBFF), a leading marijuana company […]
Financial technology firm Paxos has formed a partnership with INTL FCStone Inc’s precious metals division. The department will now be using Paxos Confirmation Service — a tool built specifically for the precious metals arena — to instantly automate daily trade confirmations and reduce human error.
Paxos seeks to unlock capital and create value with products that eliminate trade risk, while INTL FCStone provides market intelligence, post-trade services and financial services execution throughout the global financial market. The company boasts over 20,000 customers in approximately 130 different countries and is headquartered in New York City.
In recent news pertaining to virtual currency exchanges, Coinjar has launched Australia’s first cryptocurrency index fund; Square’s latest quarterly report has revealed that company is executing its crypto trades via the over-the-counter (OTC) markets rather than “public cryptocurrency exchanges;” and Poloniex has launched EOS pairings.
Coinjar Launches Australia’s First Crypto Index Fund
Coinjar, a financial and cryptocurrency services company based in Australia and the United Kingdom that claims to have processed over $ 1.2 billion in virtual currency transactions, has announced the launch of Australia’s first cryptocurrency index fund.