US Regulator Investigating Crypto Exchange BitMEX — Report

United States regulator the Commodity Futures Trading Commission (CFTC) is reportedly investigating derivatives giant BitMEX. CFTC wants to know if Americans using BitMEX According to sources citing people familiar with the matter speaking to Bloomberg on July 19, the CFTC suspects that BitMEX, which is registered in the Seychelles, allowed U.S. residents to use its platform to trade. Under current law, the U.S. is one of the countries excluded from using BitMEX and similar crypto-based financial services, but users may have sought to circumvent the geoblock using services such as…

Hacked BITpoint Exchange to Refund 50,000 Affected Users in Crypto

Cryptocurrency exchange BITPoint Japan has said that the roughly 50,000 users who lost funds in its recent hack will be reimbursed in cryptocurrency. The company told reporters in Tokyo on July 16 that customers will receive refunds of crypto on a 1:1 basis, The Asahi Shimbun reports Wednesday. The company’s latest estimate of losses from the security breach comes to around 3.02 billion yen ($28 million) – roughly $4.6 million less than originally thought, the report says. The thousands of exchange customers are said to have lost 2.06 billion yen ($20 million) in…

Binance Eyes Launch of Crypto Exchange in South Korea

Binance, the world’s top exchange by trading volume, is considering launching a branch in South Korea, according to reports. Changpeng “CZ” Zhao confirmed the possibility to local news source Block In Press on Tuesday, saying (via translation) that the firm is “working with local partners, but we do not know the details.” However, according to a report by CoinDesk Korea, a business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin. A Binance representative reportedly told Block…

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time. Administrative Error In an astonishing development, the…

Hacked Crypto Exchange Bitpoint Discovers More Millions Are Missing

After announcing a $30-million hack last week, Japan-based cryptocurrency exchange Bitpoint says it’s discovered that another $2.3 million is missing. A report from Japan Today on Monday said the extra losses were discovered at exchanges outside Japan that were using Bitpoint’s trading system and announced Sunday. The firm announced Friday that it had suffered a security breach arising in the loss of around 3.2 billion yen (almost $30 million) in cryptocurrencies. As a result, it halted all services including trading, deposits and withdrawals of all crypto assets. The platform’s parent company Remixpoint…

Crypto News Today | Poloniex Now Accepts Cards, Will Gemini Join Libra?

The cryptocurrency sphere is bustling today. Crypto news regarding Poloniex is causing a stir. The exchange will now accepts credit cards and bank accounts. Elsewhere, prominent crypto-advocates the Winklevoss twins, along with their Gemini exchange, might be buddying up with Facebook’s Libra. Let’s check this out. Crypto News Making Moves Major cryptocurrency exchange Poloniex has announced that customers can now use credit cards and bank accounts on the platform. It announced the move in a Medium post published yesterday. The release states that users from over 80 countries can now…

Polish Crypto Exchange Bitmarket Suddenly Shuts Down

Polish cryptocurrency exchange Bitmarket has just shut down without warning. According to a brief message posted late on July 8 on its website, Bitmarket – said to have been Poland’s second-largest crypto exchange – stated: “We regret to inform you that due to the loss of liquidity, [from] 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” While it’s not clear exactly what caused the “loss of liquidity,” a Reddit post suggested that the exchange had been exhibiting odd behavior in the weeks prior to…

High-Frequency Trading Is Newest Battleground in Crypto Exchange Race

The Takeaway High-frequency trading (HFT), a longtime and controversial practice in traditional markets, is becoming commonplace in crypto, too. Placing trading servers physically close to exchanges’ matching engines can win an edge on speed. This helps HFT firms make large profits in the legacy markets. Crypto exchanges such as ErisX, Huobi and Gemini are trying to attract large algorithmic traders with colocation offers. Demand for the service is high, but its benefits are a matter of debate, due to the structure of the crypto market. A handful of cryptocurrency exchanges…

Blockchain Firm AmaZix is Tackling Crypto Scams on Telegram

When something becomes popular, illegal activity tends to follow. The cryptocurrency market knows this all too well, which is why AmaZix this week opened up its “moderation bot” so crypto scams can be booted from Telegram, a popular messaging app. Here’s what we know. Telegram Crypto Scams On Wednesday, AmaZix, a blockchain advisory firm, said it was opening up access to its “moderation bot,” in an attempt to boot the crypto scams that have found their way to the Telegram app. For the past two years, AmaZix has used the…

FCA’s Ban on Crypto Financial Instruments Affects UK Retailers

Earlier today, the UK’s market regulator, the Financial Conduct Authority (FCA), announced a proposal that would ban financial instruments linked to digital cryptocurrencies. The regulator has warned that such instruments using cryptocurrencies could incur huge losses for retailers who don’t understand the great risks associated with using them. The FCA’s Ban Proposal The FCA is targeting products such as derivatives and exchange-traded notes (ETNs), in particular, but it is also suggested that crypto-assets themselves simply didn’t suit small investors. It cited cryptocurrencies’ “extreme volatility,” ambiguous value, and the lack of public knowledge…