Bitcoin exchanges around the world are facing many struggles these days. Even though there is less regulatory concern in the EU, that doesn’t make Bitcoin exchange platforms less of a favourable target for hackers and thieves. However, that is not deterring the Bitcoin enthusiasm in Romania, as BitcoinXRomania wants to be the country’s premiere exchange platform.
Second Bitcoin Exchange in Romania
Several areas of the world are more “prone” to embrace Bitcoin and digital currency compared to others. In talks about Bitcoin, Romania is hardly ever mentioned, despite it being one of the EU’s most tech-savvy countries. As a result, there are a lot of Romanians active in the IT sector, which is a natural breeding ground for Bitcoin discussions.
It is not the first time a Bitcoin exchange wants to create a name for itself in Romania. A while ago, a service called BTCxchange.ro tried their hand at the Bitcoin exchange game, but was forced to shut down after a year of operation. The main reason for the closure was their lead developer holding all of the servers hostage.
That being said, trouble started brewing for BTCXchange.ro users a few days prior to this event. A message on the company website mentioned that “due to security trading, users are advised to withdraw all funds – both in fiat and BTC – in their balances and stop trading immediately”. When not all users complied within 24 hours, the same message was sent out to all users once again.
It took a while before the exact issue became clear: the BTXChange.ro lead developer had gained control of the exchange servers, and was keeping everyone else out. This action was a direct result of the company asking for his letter of resignation, and lead developer Ivan Lucian Aron refusing to do so.
Despite the team’s best efforts – and after taking legal action against their lead developer – the service could not be resumed. On February of this year, the official message was posted confirming that BTCXchange.ro would be shut down for an undetermined period. Whether or not the “servers being held hostage” ever was the real story or not, remains unclear at this time.
BitcoinXRomania Opens Its Doors
It took a few months, but Romanian Bitcoin enthusiasts now have a new exchange platform at their disposal. BitcoinXRomania, which is powered by Crypto Next, is putting a strong focus on compliance with AML, KYC and CFT regulations, thanks to Crypto Next’s Isle of Man-based regulation.
“Romanians need to feel extremely secure about a new local bitcoin exchange after having been exposed to a security issue in the past. The Crypto Next platform, with its global network of exchanges, Isle of Man regulations and cutting edge security technology from Israel, should provide peace of mind to Romanian users.” – BitcoinXRomania Founder Andreas Zabari told the media.
At the time of publication, BitcoinXRomania supports six different fiat currencies – EUR, GBP, USD, Bulgarian Lev, Romanian New Leu and Hungarian Forint – as well as Bitcoin, Litecoin, Dogecoin and Crypto Next Coin. There is no official word on whether or not additional currencies will be supported in the future.
Source: Ein News
Images courtesy of Shutterstock and BitcoinXRomania