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…

For $15K, He’ll Fake Your Exchange Volume – You’ll Get on CoinMarketCap

The Takeaway Gotbit inflates trading volumes on obscure cryptocurrency exchanges for a fee and has about 30 token projects as clients. The firm programs bots to trade tokens back and forth with each other, creating the illusion of active markets so the assets can get listed on CoinMarketCap. Its co-founder says exchanges are aware of this manipulation but are not interested in stopping it. While it’s rare to hear market manipulators talk openly about their trade, there are other businesses like this out there, experts say. To cryptocurrency professionals trying…

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…

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…

Winklevoss Twins’ Gemini Exchange May Join Facebook’s Libra Project

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency. “We’re definitely looking at it in earnest and we’re excited about the project,” Cameron told CoinDesk Tuesday. Tyler added that in their view, Libra is a harbinger of cryptos to come: “Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have…

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…

Former Ripple Exec to Lead Binance’s US Expansion as New Exchange CEO

The operator of Binance’s upcoming U.S. crypto exchange, BAM Trading Services, has hired a former Ripple executive as its CEO. BAM announced on Tuesday it had appointed Catherine Coley as CEO, who will be responsible for rolling out Binance U.S., as well as expanding the exchange’s marketplace in North America. Prior to joining the firm, Coley was the head of  XRP Institutional Liquidity at San Francisco-based distributed ledger tech startup Ripple, BAM said in the announcement. Before entering the blockchain and crypto space, Coley worked for banking giant Morgan Stanley…

S&P 500 Gains Can Earn You Bitcoin on New Bain Capital-Backed Exchange

Crypto investors have a new way to bet on the price of bitcoin – or on traditional assets – with the formal launch of EverMarkets Exchange (EMX)’s derivatives platform. The Palo Alto, California-based startup was founded two years ago and opened the exchange to a restricted audience at the end of May 2019. Effective Monday, the market is now available to participants worldwide – though U.S. residents are excluded. Co-founder Craig Austin told CoinDesk that the company wants to give customers access to a “world market” by trading derivatives tied…