Binance Announces Listing Of USDC (USD Coin Stablecoin) With BNB Coin Trading Pairs

Binance constantly keeps their investors involved in the changes that they bring to the platform constantly through official announcements on their website. Most frequently, at least lately, has been new listings and coin pairings. On an announcement on November 14th, they decided to let their users know about the newest listing – USD Coin (USDC).

According to the post, trading for USDC will begin on November 17th. Presently, the token is only being paired with BNB and BTC, though updates to these limits happen all of the time. Binance also included that users can prepare for the listing by depositing USDC in their wallets now.

The announcement explains,

“USDC is a stablecoin designed to be pegged one-to-one with USD (1 USDC = $1 USD). Please be cautious if/when the price deviates from this ratio.”

Considering how necessary it is for a stablecoin to remain at a 1:1 value with the local currency, Binance added that there will be a “top-ranking auditing firm” available to maintain the transparency of the coin. This firm is scheduled to release a testimony each month, offering the USDC and USD balances that are held/issued.

To caution users, the company issued a “risk warning” in the announcement, which almost seems like a courtesy for anyone that deals in cryptocurrency, even without Binance.

The warning simply states,

“Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. Binance will make best efforts to choose high quality coins but will not be responsible for your investment losses.”

Bitcoin ATMs Most Common Scam Payment Method in Australia

The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phone scammers demanding payment through bitcoin ATMs. It said payments via BTC cash machines have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority.
Also Read: IMF: Central Banks Could Issue Digital Currency
Tax Month November Is Prime Time for Fraudsters
Around one million Australians are due to pay their taxes to the ATO on Nov. 21. In a statement on Wednesday, ATO assistant commissioner Kath Anderson said fraudsters are growing increasingly sophisticated. They hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information, she lamented.

“November is a prime time for scammers as they know lots of people have tax bills to pay. Be wary if someone contacts you demanding payment of a tax debt you didn’t know you owed,” Anderson warned.
She added that the tax collector “will never ask you to make a payment into an ATM or via gift or prepaid cards such as iTunes and Visa cards, or direct credit to be paid to a personal bank account.” If uncertain about the legitimacy of a call, Anderson advised taxpayers to “hang up and call us.”
 Bitcoin Scams on the Rise
Incidents of bitcoin scams are on the rise throughout the world. In November last year, police in Canada said more than 40 people had lost 300,000 Canadian dollars (U.S. $228,000) to phone scammers, who compel victims to make bitcoin ATM deposits on the threat of arrest for tax default.

Similarly, a Canadian woman suing for $48,125 sent to a phone scammer over a bitcoin ATM lost her court case in October. A judge of the Charlottetown Provincial Court ruled that the fiat money deposited by the woman into the teller machine belonged to Instacoin ATM Canada Inc., owners of the digital cash dispensing unit.
In Australia, scammers have made off with $1 million Australian dollars (U.S. $720,000) since the beginning of July after fooling people over tax according to the ATO. During the period, the tax body attended to more than 28,000 reported cases of scam attempts.
Anderson, the tax office assistant commissioner, stated that ATO officials would never demand immediate payment of a debt, use aggressive or rude behavior, or threaten taxpayers with arrest. She said:
That’s just not how we do business. We understand that it can sometimes be difficult to pay tax bills on time, so we urge anyone who is worried about paying to contact us as soon as possible as there are a range of ways we can help.
Phishing for Financial Information
Australians with tax bills of under $72,000 have the option to set up a payment plan with the authority, said Anderson, warning people against sharing their personal information with strangers. Since July, about 6,000 taxpayers have given away their personal or financial information to fraudsters through phishing scams.

“Your identifying information like tax file numbers, bank account numbers or your date of birth are the keys to your identity, and can be used by scammers to break into your life if they are compromised,” she warned. Some of the signs that give away scammers include aggressive or abusive behavior, threats of immediate arrest, and requests for payment through bitcoin ATMs or gift cards.
What do you think about the rising incidences of bitcoin ATM tax fraud in Australia? Let us know in the comments section below.

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Stablecoins Fetch a Premium as BTC Hits Year Low

Officially, Wednesday, Nov. 14 will go down as the worst trading day of the year, as BTC sunk to record lows. Unofficially, there were still green shoots to be found if you knew where to look — mostly to the stablecoin sector. These dollar-pegged assets, normally so resistant to volatility, have been trading at a premium as investors seek sanctuary from the storm.
Also read: Preparing for the Looming Bitcoin Cash Fork
Nov. 14: Bad Day for Cryptocurrency –
Good Day for Stablecoins?
On a day when the the market turns red, any crypto-asset that can produce a profit is generally hailed. But when that asset is a stablecoin whose primary directive is to hold fast, it’s hard to know what to make of things. As the price of BTC reached its lowest point since Oct. 24, 2017 — bringing the rest of the market down with it — the only winners were stablecoins. As demand for these pegged assets intensified, the charts for many of them began to to resemble a classic altcoin pump.
TUSD/BTC on Binance
On Binance, trueusd (TUSD) reached $1.07, with paxos (PAX) not far behind at $1.05. The two coins were the biggest gainers out of all 158 assets on Binance, up almost 15 percent, while most of the market nursed deep double-digit losses. TUSD was the sixth-most popular asset on Binance on Nov. 14, with volume of 2,650 BTC. On other cryptocurrency exchanges, it was a similar story, with the Gemini dollar (GUSD) passing $1.03.
TUSD, on the right, appears as the largest green square on the grid.
The Tether Premium
One pattern that has emerged during times of deep market losses is for BTC to trade at a premium on tether-based exchanges. This so-called “risk premium,” attributed to the mistrust some traders have in tether (USDT), even during times of extreme volatility, sees BTC trade for as much as $300 more per coin than on exchanges that aren’t wholly reliant on USDT. Tether’s relative volatility over the past month, slipping from its dollar peg to as low as $0.88 at one point, has prompted traders to seek out ways to profit from flipping USDT. A guide to trading tether, published today, advised:
It’s an important cryptocurrency to understand as it facilitates trading and access to some of the most liquid currency pairs in the crypto markets … It’s also an important linkage between different exchanges, allowing for arbitrages between fiat and non-fiat exchanges more efficiently due to its relatively stable price.
Most dollar-pegged stablecoins were trading at over $1 at the time of writing, but there have been a couple of exceptions. Bitusd, which is only tradable on the Openledger DEX, flash-crashed to $0.83 earlier today, and was sitting at $0.97 prior to publication. Dai, meanwhile, was trading at just under a dollar, having gone as low as $0.97. For the more liquid stablecoins, however, which boast a significantly larger market cap than the likes of dai, today’s buying pressure has created a premium. While most traders are closely eyeing the BTC and BCH tickers, they may as well be watching a stablecoin such as TUSD or GUSD. When the stablecoin spike finally flattens out, the worst should be over.
Do you think BTC will plunge lower still or is this the bottom for 2018? Let us know in the comments section below.

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Russian Developers to Help Iran Build Its Crypto-Economy

Experts from Russia will provide support for the development of Iran’s crypto-economy. The cooperation is part of an agreement reached by representatives of leading industry organizations from the two countries, both subjected to western sanctions.  
Also read: Vietnam at Crossroads on Cryptocurrency Regulations
Crypto Associations Sign Cooperation Agreement
The document has been signed by the Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL), an innovation hub tasked with the implementation of digital technologies in the economy of the Islamic Republic. The research and advisory center has been established by the Sharif University of Technology and with the participation of the Central Bank of Iran.
According to RACIB’s President, Yuri Pripachkin, Iran can take advantage of the expertise of Russian blockchain developers. The situation around the U.S. sanctions there is much more complicated than in Russia, he remarked. The country was recently cut off from Swift, but Pripachkin revealed that an Iranian alternative to the global interbank network is currently under “active development.”
Russian legal experts can also support Tehran’s efforts to legalize and regulate its nascent crypto sector. The Russian official noted the “supranational character of the instruments of the crypto-economy,” which in his words can be effectively used to circumvent sanctions and restrictions. “In the current geopolitical situation, it is necessary to utilize that potential,” the head of the Russian crypto association added, as quoted by RBC.

The cooperation was agreed during Chain Point 18, an international conference held on Nov. 14-15 in the Armenian capital Yerevan. The document was signed by Yuri Pripachkin on behalf of RACIB, Mohammad Davatgar, the chief executive of IBL, and Vigen Arushanyan, president of the Armenian blockchain association “Nooor,” which is also taking part in the joint effort.
Tehran Trying to Evade US Sanctions
The news about the Russian-Iranian agreement comes days after Iranian financial institutions were denied access to Swift, the international system that enables banks to transmit messages and transfer funds across borders. The measure severely limits the options for making international payments to and from the Islamic Republic, which is a major oil and gas exporter. The decision to implement it was taken after earlier this year the U.S. pulled out of the Iranian nuclear deal and reintroduced harsh economic sanctions.
Iranian authorities, which initially opposed the spread of cryptocurrencies and related technologies in the country, have in recent months recognized the opportunity to use them to evade the sanctions. In September, Tehran took steps to legalize cryptocurrency mining as an economic activity and regulate the import of mining equipment.
Meanwhile, it was reported that a number of global cryptocurrency exchanges have also excluded Iran from their lists of supported countries. However, Iran stepped up its plan to introduce a national cryptocurrency. Last week, Iranian officials announced that the country has finalized the development of a digital coin backed by the Iranian fiat currency, the rial.
What do you think of the new Russian-Iranian agreement on the development of Iran’s crypto-economy? Share your thoughts on the subject in the comments section.

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Fork Watch: Disputed Consensus and an Abundance of Game Theory

In less than 24 hours the Bitcoin Cash (BCH) network will be facing a hard fork involving consensus changes that are currently disputed and may lead to a blockchain split. Two development teams have proposed different paths for the Nov. 15 upgrade and the clashing BCH reference implementations will be incompatible with each other after the fork commences.
Also read: Preparing for the Looming Bitcoin Cash Fork
Nov. 15: Two Incompatible Clients With Different Ruleset Changes
The Bitcoin Cash community plans for a network hard fork twice a year and this year it has become apparent that the Nov. 15 upgrade may have issues due to the release of two competing ruleset changes. The Bitcoin ABC developers plan to add a new opcode called OP_CHECKDATASIG (DSV) and the introduction of canonical transaction ordering. Then the Bitcoin SV team has plans to introduce four new opcodes: OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. Additionally, SV wants to remove the limit of opcodes per script and raise the block size to 128MB.

Bitcoin SV Captures Over 75% of the Global BCH Hashrate
According to data taken from Coindance Cash, there is a significant amount of hashrate currently signaling for the Bitcoin SV client. Data shows that over the last 48 hours or more, the Bitcoin SV implementation has been backed by 75-82% of the global hashrate. However, even though the hashrate is backing SV by an overwhelming percentage of computational power, not everyone in the community is pleased with the outcome.
SV supporters believe they are supporting a move toward a “stable protocol” and are witnessing the first time Nakamoto Consensus is used to make important development decisions.
While some SV supporters believe they are wholeheartedly following “Nakamoto Consensus,” there is a clear amount of BCH supporters who view the hashrate as a “51% attack.” Unlike the 80 percent of miners who supported the Segwit2X upgrade for BTC last year, the amount of hashrate voting for SV is extremely concentrated into just a few pools.
Bitcoin Cash (BCH) global hashrate on Nov. 14, 2018. This week the marketplace Openbazaar discussed people’s concerns with the hashrate. “When things settle it is entirely your choice what you do with your coins, but we also recommend being cautious of a chain with hashpower of 50% or more controlled by one entity,” Openbazaar states on Nov. 12. 
For instance, on Nov. 14, the day before the consensus changes, there are three pools that have most of the BCH hashrate and all of them support SV. Today’s data shows that Coingeek currently has 46.53 percent of the global hashrate. This is followed by SV Pool with 11.11 percent, and BMG Pool with 9.72 percent at the time of publication. The amount of hashrate controlled by a single entity, specifically Craig Wright and associates, has people concerned about the security of the network and many supporters have been vocal about this issue. For instance, some BCH supporters have stated they won’t follow Wright’s SV plan even with the considerable amount of hashrate pointed at the client.   
Cornell Professor Emin Gun Sirer speaks about selfish mining attacks after the SV hashpower breached 51%.
Despite the Hashpower, Some Community Members Just Won’t Follow the ‘Vision’
The early Bitcoin adopter and entrepreneur Olivier Janssens has explained he will not follow Wright’s vision and possibly even retract his support for BCH. “I’m not against Nakamoto Consensus and will support it until the very end — I just won’t support a project where the majority of hashpower is controlled by or in support of a fraud,” Janssens detailed on Twitter.
When the mining pool Viabtc was asked whether or not they will join the SV hashrate, the Chinese miners detailed they would not follow Wright’s Satoshi Vision strategy. Viabtc explained to its Twitter followers on Nov. 12:
I am sorry we don’t feel right to support the tyrant or lunatic who wishes to kill BCH and just try to invent a new coin of his own to develop his own mining industry, and wishes to kill other companies just out of sheer personal grudge — This is totally unacceptable.
Drivechain developer Paul Sztorc believes sidechains can possibly help avoid these hash war conflicts.
Certain Statements Furthering the Complexity of the Situation
A lot of the community complaints against the SV roadmap have stemmed from Wright’s recent statements and threats toward the ABC fork. For instance, on Twitter Wright has explained that he will make the ABC side of the chain untradeable if there is a split. In fact, BCH users have collected screenshots and Twitter statements of Wright threatening to double spend, orphan blocks, and reorg the ABC chain in order to force miners toward the ABC side.
“If you support ABC, we will remove you,” Wright detailed on Twitter on Nov. 12. “When you say I will not go through with this — You will be bankrupted and I will watch — You are wrong,” he adds.
Coingeek’s Calvin Ayre wholeheartedly agrees with Wright’s SV roadmap and explained on Nov. 14 that he believes miners not showing SV support will eventually follow the SV implementation. In a post called “Bitcoin finally comes of age with adult supervision,” Ayre states:
When the dust settles, I predict that Bitmain’s ABC implementation will no longer exist – at least not in the current POW algorithm – and Bitmain itself will be mining Bitcoin BCH using Bitcoin SV.
The founder of the wallet Cointext, Vin Armani, has also outlined his beliefs concerning Wright’s recent statements and the big hashrate move toward SV. In a very hypothetical video, Armani emphasized that he believes Wright and followers will follow through with the ultimatums told to ABC supporters.
Cointext founder Vin Armani has been very vocal about his theories concerning the “hash war.”
Further, due to the complexity of the contentious fork, Coinbase has released a new statement concerning the consensus changes.  
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00 a.m. PST on Thursday on, in the iOS and Android apps, and on Coinbase Pro and Prime,” explained the San Francisco exchange. “Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase. If you wish to have access to your BCH during the pause, you will need to remove it from the Coinbase platform prior.”
The Great Divide
At the moment there is a clear divide between users who support the two different Bitcoin SV and the ABC rulesets, and it is unclear what will take place during the fork. Another indication of the ideological separation is the 73% of Bitcoin Cash companies who are currently supporting the ABC roadmap, according to Coin Dance statistics. Moreover, there’s been a lot of discussion concerning Bitmain’s Jihan Wu lately, and whether or not he will be bringing more hashrate to the ABC side. Even though there’s been a bunch of conversation about Bitmain and Wu over the last few weeks, the founder has been quiet during the week of the fork. One of the last things Wu had said about the conflict was that he believed “the whole BCH community was working together to kick Fake Satoshi out,” on Nov. 8.
Wright has stated in a recent Medium post that he is prepared for a quick “burst” of hashrate. Moreover, after cryptocurrency markets plunged on Nov.15 losing $17 billion in very little time, Wright tweeted this to his followers.
Since then there have also been rumors of Bitmain prepping 90,000 machines in the southern regions of China. A local media report has recently detailed that mining farms in China may be donating to the ABC hashrate. A source familiar with the matter said, “‘Half of its marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment.” There hasn’t been any sign of fresh hashrate coming to the BCH chain yet and right now it is 21% more profitable for SHA256 miners to mine blocks on the BTC chain.
Despite the low amount of hashrate Bitcoin ABC has the most network nodes and company support on Nov. 14.
No one truly knows what will happen during the fork but there are many hypothetical scenarios proposed by those on both sides of the fence. While ABC proponents have stated they will not follow Wright, Nchain, and Coingeek, SV supporters believe that ultimately hashpower and “Nakamoto Consensus” will settle this conflict. has recently published information on how users can prepare for the fork, no matter which side they support. Alongside this, our news crew has also compiled a comprehensive list of wallets, exchanges, and payment services providers that have outlined their plans for the consensus changes.
Feel like you need more information concerning the fork? Check out these articles below for more reference:

Preparing for the Looming Bitcoin Cash Fork
Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
Fork Watch: List of BCH Services Providing Fork Support
Discussions Intensify as BCH Fork Approaches
Chopsticks API Gives BCH Application Developers Options During a Contentious Fork

What do you expect to happen on Nov. 15? Let us know what you think about this subject in the comments section below.

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Korea’s KAIST University Adds Blockchain Application Courses to Curriculum

South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.  “We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told BitcoinLinux. “We’ll also start a student club focused on the Theta project, where we’ll work with students to start building applications on the open-source Theta blockchain alongside our engineering team. In Q1 2019, our team will be teaching a one-week course at the K-School at KAIST, which is the university’s entrepreneurship-focused program. This will be a wide-ranging course on building a successful startup, from establishing a team and fundraising to go-to-market strategies.”KAIST is just the latest in a growing number of post-secondary institutions, including MIT and the University of Edinburgh, that have added blockchain-related courses to their curricula. Liu claims that South Korea is one of the most important leaders in the blockchain space, and that its biggest contribution is its ongoing investment in blockchain education and development. “The Ministry of Science is investing millions in public sector applications of blockchain [technology], and its top engineering schools like KAIST and POSTECH are creating a pipeline of talented blockchain engineers that will drive continued education in the space,” he said. “We hope to use this opportunity at KAIST to bridge the gap between academic research and real-world usage of blockchain [technology]. Our focus will be on applied knowledge that students can use to start working on their own projects.”In addition to working with KAIST, Theta has also announced partnerships with two of South Korea’s leading media companies — Maekyung Media Group and CJ Hello — to bring its decentralized video-streaming services to wider audiences. Liu says that both groups are very open to adopting new technology and understand the potential of using decentralized networks to improve their business models.“They expressed a desire to pioneer in using blockchain [technology] in the media space, and that’s exactly the type of early adopters we like to work with,” he concluded.

This article originally appeared on BitcoinLinux.

New York Department of Financial Services Issues 14th BitLicense

Today, November 14, 2018, the New York State Department of Financial Services (DFS) announced that it has approved the application of NYDIG Execution LLC, a subsidiary of NYDIG LLC, for a virtual currency license and a money transmission license. The approval of this so-called “BitLicense” or “Virtual Currency License” application is the 14th of its kind and is required under New York State law in order for a company to engage in “any Virtual Currency Business Activity.”Under the BitLicense, NYDIG Execution LLC is allowed to offer secure custody and trade execution services, as well as to operate as a custodian for virtual currencies, including bitcoin, bitcoin cash, ether, ripple and litecoin.DFS Superintendent Maria T. Vullo approved the request, stating, “Today’s approval further demonstrates that operating within New York’s robust state regulatory system leads to a stronger fintech marketplace and promotes innovation and necessary compliance with effective risk-based controls.” First enacted in August 2015, BitLicense regulations caused an outcry from the community. Some industry companies such as Circle pursued a BitLicense, and others such as itBit (now Paxos Trust Company) received approval to operate as a “chartered trust company” with DFS oversight. However, many left the state for more accomodating jurisdictions in what the New York Business Journal called “the Great Bitcoin Exodus,” citing overly burdensome regulatory hurdles, excessive disclosure requirements and financial disincentives in pursuing the license applications. San Francisco–based exchange Kraken withdrew from servicing New York residents because of the state’s new licensing requirements. In a blog post titled “Farewell, New York,” the founders of Kraken stated, “Regrettably, the abominable BitLicense has awakened. It is a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.”The process of granting Virtual Currency Licenses had been slow initially, with Coinbase acquiring the third-ever BitLicense in January 2017, 16 months after the final rules around virtual currencies were adopted. However, 2018 has seen a rise in the number of licenses granted, with nine this year, the seventh of which was awarded to ATM operator Coinsource only two weeks ago. NYDIG’s license comes eight months after a proposed alternative to BitLicense regulations was put forth in the New York State Assembly. As of this writing, that proposed legislation is still in committee.

This article originally appeared on BitcoinLinux.

$30M Shanghai-Based Cryptocurrency Trading Fund to Launch in Early 2019

Shanghai cryptocurrency trading fund

Shanghai-based digital asset management company is reportedly set to launch a new cryptocurrency trading fund in partnership with an unnamed licensed asset manager in Hong Kong.

Cryptocurrency Trading Fund: Arbitrage Strategy

Point95 Global – a digital asset management firm based in Shanghai, is reportedly planning to set up a new cryptocurrency trading fund in partnership with an unnamed licensed asset manager in Hong Kong.

Purportedly, the private fund will target professional investors and will use “arbitrage trading strategies.” These aim to capitalize on simultaneous buying and selling of related instruments by taking long or short positions on the same across a range of markets.

It’s worth noting that Point95 Global is already trading the major top 10 digital currencies with these strategies with its own seed money of $3 million.

Supposedly, Point95 Global will be enrolled as a sub-adviser for the new fund. Meanwhile, an unnamed Hong Kong-based asset manager will be the fund distributor and in charge of fund management. The starting size of the fund is reported to be $30 million.

Blockchain Global Summit a Smashing Success, Bitcoin - Shape the Future Documentary Premieres to Resounding Acclaim

Meanwhile, Hong Kong has been clamping down on cryptocurrency trading as the Securities and Futures Commission (SFC) recently started requiring cryptocurrency funds to obtain special licenses. According to the reports, however, Point95 Global’s fund will be abiding by the new regulations and is expected to acquire the necessary licensing.

Rising Despite the Decline

Cryptocurrency hedge funds in 2018 have been launching at a surprising pace, in spite of the prolonged bear market.

According to Circuit Capital, the declining price action has shifted people’s attention from something more important – actual adoption.

“Despite what is happening with prices, we’re seeing adoption growing and a lot of people are looking to scale crypto businesses. […] We are starting to see talent moving into this space and institutional infrastructure developing,” said Eugene NG, Circuit Partner.

Circuit, for example, is a new San Francisco and Singapore-based hedge fund set to launch in the first quarter of 2019 after raising $30 million from its partners.

According to Ng, there are a few factors which have been holding back the next bull run. He explains:

Fund redemptions, retail community not participating, funds buying via equity not ICO, institution-grade market infrastructure not ready for institutions to fear-of-missing-out, potential rehypothecation issue (#FakeGoodNews), and smart money shorting.

However, he also holds that 2019 will be a good year for the cryptocurrency market as the fundamentals are cemented. He explained:

I am excited for 2019 because the foundations for a marketplace will be laid. The buildout of this infrastructure will grow alongside clarity in regulations and regulated investment product offerings that will bring massive inflows of capital.

What do you think of the cryptocurrency market in 2019? Don’t hesitate to let us know in the comments below!

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Kucoin Exchange Raises $20 Million in Series A Funding Round

Singapore-based cryptocurrency exchange Kucoin has announced it has raised a combined total of $20 million in series A funding. Taking part in the Kucoin founding round were IDG Capital, Matrix Partners and Neo Global Capital.

Also Read: GMO Internet Reports Crypto Exchange Profit Up Over 34% in Q3 2018
$20 Million for Kucoin Exchange
Opened for cryptocurrency trading in September 2017, Kucoin reports it now has more than five million registered users, coming from over 100 countries. It is the 52nd most popular venue in the world by trading volume, with close to $600 million of cryptocurrency traded a month. Full details of the Series A deal have not been released yet, so it is impossible to calculate what valuation it was based on.
“This is truly a dynamic and significant partnership,” commented the exchange’s CEO Michael Gan. “The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help Kucoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
Expanding Across the World
The capital is earmarked for helping the exchange with a number of developments. Firstly, Kucoin Platform 2.0 is expected to go live in Q1 2019 and allow the exchange to scale and add new features such as stop orders, upgraded APIs and a dust collector. The company will also hire more customer support staff to offer ‘concierge-level’ service to traders. And a large portion of the newly secured funds will help expand the Kucoin research team.
Kucoin, which entered Australia two months ago, will also leverage the new capital for a global expansion with targeted marketing and advertising campaigns. The company said that in the coming months it will expand in different markets, with Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries as the main focus for growth in Q4 of 2018. It estimates that a total of 10 global markets will be up and running by Q2, 2019.
Where should Kucoin expand to next? Share your thoughts in the comments section below.

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Target and Google Official Twitter Accounts Hacked, Used for Crypto Scams

In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies.Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways.
Google’s G Suite Twitter Account is Hacked!!— Burton (@B_u_r_t_o_n) November 13, 2018

Target’s Twitter account, which is followed by nearly 2 million users, posted a tweet, confirming the hack which occurred on November 13, 2018. The retailer stated:”Early this morning, our Twitter account was inappropriately accessed. The access lasted for approx. half an hour & one fake tweet was posted during that time about a bitcoin scam. We have regained control of the account, are in close contact with Twitter & are investigating now.”Seemingly targeted by the hacking syndicate, Google’s G Suite Twitter account was breached hours after Target fell victim. The hack on Google was marked by the same tactics as the one that plagued Target — a scammy tweet ridden with typos promising free bitcoin to G Suite’s 800,000 followers.A Google spokesperson confirmed the hack to Business Insider in a statement:”This morning an unauthorized promoted tweet was shared from the G Suite account. We removed the tweet and are investigating with Twitter now.”These incidents are a more sophisticated version of the Twitter scams that have become a constant nuisance for the cryptocurrency community. Typically, these scams include bad actors merely imitating popular figures in the crypto industry with near-identical profiles, though it’s rare for the real accounts themselves to be taken over to advertise the scams. While it’s unclear how scammers are gaining access to the brands’ social media account, it’s obvious new measures are needed to combat the scams. Criticized in the past for its failure to devise a clear defense against these incidents, Twitter is reportedly working on counter security measures to prevent similar breaches like the one witnessed by Target on its platform in the future.Earlier this year, anti-fraud software company MetaCert released Cryptonite, a browser extension that safeguards users against fraudulent accounts.

This article originally appeared on BitcoinLinux.