U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients. 

Also read: Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

Exchange Enters Into Voluntary Administration

The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.

Cubits has now appointed Steve Parker and Trevor Binyon of Opus Restructuring & Insolvency as joint administrators. In a statement, the company said it had failed to recover from the “criminal act,” which involved the accounts of three customers.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Cubits, the trading name of legal entity Dooga Ltd., said the “serious criminal act” had crippled business operations and “finally led to the difficult decision to place the company into administration.”

Three Chinese traders allegedly purchased BTC through the platform via Pay Secure Online (Paysec), a payment processor based in Malta. However, Paysec never remitted the funds to Dooga, in an alleged scam. Cubits has now filed a lawsuit in Malta to force Paysec to reimburse the €35 million ($39.2 million it supposedly owes the exchange. The reimbursement claim includes funds from the three Chinese accounts and others.)

The company stated:

The criminal act happened in February 2018 and involved the accounts of three clients. Bitcoins with a market value at that time of approximately €29 million were properly delivered and subsequently withdrawn, with the customers apparently colluding with fraudsters. Dooga has never received the equivalent in fiat from the payment processor responsible for carrying out the transaction.

Dooga stated that it had informed the responsible authorities in the U.K., Malta, China and Germany of the scam. It has also filed several criminal complaints, but nothing has materialized, forcing the exchange to file for administration.

Fruitless Efforts

With administration – the U.K. equivalent of bankruptcy – the administrator will seek to restructure the company in financial distress, especially its debt. During this period, investors or creditors cannot make legal claims against the entity, giving it opportunity to recover.

Cubits said it had made “every possible effort to recover” the funds without success. The only other option was to file for bankruptcy.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

“This decision secures the current position whilst the administrators seek offers for the business and its assets,” said the exchange. “The role of the administrators will be to work with those who are owed money by the company and to collect monies that are owed. The key objective is to achieve the best possible outcome for creditors and recover as much as possible of the funds owed to the company.”

Parker, who will also be working together with Allister Manson, technology partner at Opus Restructuring & Insolvency, and Nicholas Parton, head of forensic accounting at Opus, said his duties as administrator involve collaborating with those who are owed money by Cubits and to collect money owed to the company. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week,” he said.


U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Users reacted angrily when the Cubits platform suddenly went offline on Monday. The exchange said on Twitter that the blackout was due to “maintenance.”  Later, the website began producing a general error message before subsequently announcing that the company was being placed under administration.

User Jamil Khadem complained on Twitter: “Have we been robbed by Cubits? I’ve been waiting for a withdrawal since the 6th of December and the company won’t give me a straight answer.”

Founded in 2014, Cubits has allowed customers to buy and sell cryptocurrency like bitcoin. It also claimed to act as a bridge between virtual currency and more traditional forms of payment, specifically to the online gaming industry.

What do you think about the developments at Cubits? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam appeared first on BitcoinLinux.

Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War

Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War

Bisq, a major decentralized exchange, has announced that it is dropping support for Bitcoin Cash (BCH) as part of its latest update. Unlike some decentralized exchanges, which often trade minor tokens, Bisq has always focused on supporting leading coins. Now, one major cryptocurrency will no longer be available to users.

The removal is a direct result of the recent Bitcoin Cash hard fork, which left the coin’s mining community divided. Many leading exchanges temporarily delisted Bitcoin Cash during the fork, but quickly restored the coin once a dominant faction (Bitcoin ABC) emerged. The fork has concluded, and Bitcoin Cash is now offered on most exchanges once again — although it is trading at a much lower price than it once was.

Bisq, however, does not see eye-to-eye with those major exchanges, and it relies on community opinion to decide which coins are included on the exchange. Last week, Bisq Founder Manfred Karrer began a thread in which he expressed contempt for Bitcoin SV, a Bitcoin Cash faction that has filed lawsuits against the dominant faction, Bitcoin ABC. Karrer wrote:

“Those lunatics from the BCH [SV] camp are starting to [sue] exchanges who listed BCH (Kraken). I think now the time has come to cut any connection with those scammers. If you support that proposal please add a thumbs up.”

Karrer also criticized the hash war, in which each faction is attempting to mine more blocks than the other in order to gain control of the Bitcoin Cash blockchain:

“BCH has created so much damage and their hash-war is probably the main reason for the current price crash in BTC. So that all sums up more then enough reason to not support anything related to BCH in any way.”

Within a day, the removal had received overwhelming support, with 44 upvotes and zero downvotes. Many users stated concern about the possibility of a 51% attack on Bitcoin Cash and the coin’s declining value. Others expressed distrust in market cap rankings, which allegedly make Bitcoin Cash appear to be more significant than it actually is.

Nevertheless, there was tempered support for Bitcoin Cash. One Bisq user argued that it is “bold to remove a top 5 cap currency” from the exchange. Another claimed that it is “not a good idea to take sides” in general. However, these responses did not persuade the community to continue its support for the coin.

Suggested Reading Learn about our picks for the best Bitcoin Cash wallets.

It should be noted that Bisq has doubled back on related decisions in the past. When Bitcoin Cash was first released in August 2017, Karrer and the Bisq community stated that they would not include the coin in the exchange. Bisq nevertheless added support for the coin a few months later.

Whether Bisq’s decision to remove Bitcoin Cash will last permanently remains to be seen. Although the discussion was heated, the decision was made quite hastily. It is possible that an effort to reintroduce Bitcoin Cash to Bisq will take place, or that a forked version of Bisq that supports the coin will be created.

In any case, the Bisq proceedings are certainly part of a larger division that has formed in the crypto community. The conflict shows no signs of dying down any time soon, and whether Bitcoin Cash will be able to maintain its high-ranking position in the aftermath of the fork is still uncertain.

The post Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War appeared first on BitcoinLinux.

SeedCX Exchange Is Barring Employees from Crypto Trading

SeedCX Exchange Is Barring Employees from Crypto Trading

Having traded cryptocurrency with his own money since 2014, software engineer Alex Wachli made a difficult choice when he joined the institutional crypto startup Seed CX.

He had to give up trading.

Seed CX forbids cryptocurrency trading by its roughly 40 employees. So Walchli effectively locked up his crypto holdings by handing the compliance team a list of all his wallet addresses, so they could monitor them and confirm his holdings stayed put.

The engineer says he understands how personal investments could create a conflict of interest with regards to the customers he serves and the way his team evaluates support for various assets.

“I think everybody here is not here to try and pick and choose winners, and to let the market to decide,” Walchli told CoinDesk. “If we didn’t have these policies we might be biased and we might not be focusing on the right goals.”

Seed CX’s policy, quietly put into place last year, appears to be one of the industry’s strictest. Few exchange startups have employee trading policies comparable to those found in traditional capital markets, in part because crypto is still considered by some to be a Wild West industry without clear regulatory requirements.

“We don’t necessarily know what ‘material, non-public information’ [MNPI] means in a crypto context,” Justin Steffen, a litigation partner at Jenner & Block LLP, told CoinDesk, referring to the legal term for information that would give insiders an edge over the investing public. “That will be worked out by courts.”

In the securities markets, for example, an executive who trades stock knowing that the company is about to announce a merger or recall a defective product might be a straightforward case of illegal insider trading. But in crypto, where the assets are created with open-source software and network activity is visible to all on a blockchain, different types of news move the markets.

And sometimes the people working at crypto exchanges are privy to such information – including trading trends, technical issues related to liquidity, and decisions to list certain assets – before anyone else.

In traditional finance, “it’s rare for exchanges to have this much power to change the price of a token or asset that they list,” said Edward Woodford, co-founder of Seed CX, which has raised $25 million of venture capital and is courting instititonal investors as clients.

As such, Woodford said his company’s no-trading policy aims to foster trust among institutions that are used to established corporate norms beyond MNPI contracts, which state employees may not trade based on internal information that could move the broader market.

Speaking of rumors that some crypto exchanges trade against their customers or allow front-running, where employees make personal trades based on information general customers don’t have yet, Woodford told CoinDesk:

“We wanted to avoid any risk that these [frontrunning] allegations could be levied against us.”

Lay of the land

To put Seed CX’s employee trading ban in perspective, CoinDesk reached out to several other prominent crypto trading platforms about their policies.

A spokesperson for Binance, currently the world’s second-largest exchange by trading volume according to CoinMarketCap, said the Singapore-based company has “a strict policy in place banning insider trading, similar to that of investment banks,” but would not share further details.

In Silicon Valley, industry unicorn Coinbase’s chief legal officer Brian Brooks told CoinDesk his company’s current policy requires a small group of employees with decision-making power to self-report their holdings.

“For rank-and-file employees there is no reporting requirement. There is an MNPI prohibition,” Brooks said, referring to a contract employees must sign. “And you may be subject to certain blackout windows depending on whether we are about to list an asset and other kinds of things.”

Employees are also routinely recused from participating in decisions based on their personal holdings, he said.

A Coinbase spokesperson said this policy has been in place for “several years,” but would not be more specific. The company is fighting an ongoing class-action lawsuit alleging employees engaged in insider trading when the bitcoin network forked in 2017 to create the alternative currency bitcoin cash. Among other claims, the plaintiffs allege that insiders traded bitcoin cash at inflated prices while trading was closed for retail customers.

Coinbase isn’t the sole crypto platform with MNPI contracts. Wall Street veteran and AirSwap co-founder Michael Oved told CoinDesk that, in addition to MNPI restrictions, all employees require written approval from the legal team for trades over a certain amount, a value which Oved declined to specify.

Speaking to this point about clearing trades with an internal legal team, Steffen said MNPI policies may be insufficient without supervision. He added:

“Traditional financial institutions are actively making you report trades, transactions, and issues that may constitute insider trading. That is the norm. That is the standard. When I say ‘every trade you make and every real estate transaction you do has to go through compliance,’ that’s what I mean by supervision.”

Winds of change

Some legal experts believe courts and regulators will encourage exchanges to follow even stricter compliance standards, beyond self-reporting, in the near future.

Attorney Jeremy Deutsch, a partner at the Washington, D.C.-based law firm Anderson Kill, agreed with Steffen that the standard norm among banks and capital market exchanges is for legal experts to monitor or restrict all employee trading, and communications such as emails, and external business transactions like purchasing property.

Even beyond securities markets, Deutsch said professional fiat currency and commodities traders also have numerous restrictions related to their personal assets, adding that he sees no reason why the same should not hold true for crypto:

“What would the justification be to not apply the full scope of compliance obligations to those who are entrusted with early information on the market direction, or potentially the ability to move the markets themselves with their trading, just due to their privileged position?”

Looking forward to 2019, Deutsch said courts and regulators may specify that lower-ranking employees at exchange companies who deal with “the flow of information or orders” also require monitoring, and approvals for most significant financial activities, from the compliance department.

“Otherwise, you’re going to see a tremendous amount of private litigation,” Deutsch said.

Steffen agreed. Crypto markets, he said, involve “very fact-intensive situations” that require legal expertise because “there’s not uniformity among everyone about what is material, nonpublic information or a security.”

That’s why Woodford of Seed CX believes a no-trading policy benefits his employees as much as exchange users.

“An employee may not deem something material whereas we as a company would deem it as material,” Woodford said, concluding:

“It’s also about protecting [employees] as well.”

Edward Woodford image via SeedCX

The post SeedCX Exchange Is Barring Employees from Crypto Trading appeared first on BitcoinLinux.

Japan’s Monex Group Launching Crypto Exchange in the US

Monex Group, a major Japanese financial services company and the parent company of cryptocurrency exchange Coincheck, has unveiled its plan to launch a crypto exchange in the U.S. next quarter. The company has also shared its expansion plans for Coincheck in Japan.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

U.S. Expansion

Tokyo Stock Exchange-listed Monex Group (8698.T) held a business strategy briefing session on Wednesday to outline its U.S. expansion plan through its subsidiary Tradestation.

Japan’s Monex Group Launching Cryptocurrency Exchange in the US
Oki Matsumoto.

The group acquired Coincheck, one of Japan’s largest crypto exchanges, after it was hacked in January. Tradestation, a U.S.-based wholly owned subsidiary of the group, offers online electronic brokerage services to individual and institutional traders.

Monex CEO Oki Matsumoto said at the briefing that Tradestation “plans to offer virtual currency transactions … in the first quarter of 2019,” Reuters reported. Tradestation CEO John Bartleman was quoted by Coin Post as saying:

For cryptocurrency business, we have been preparing the virtual currency service in the U.S. for the past several months. We believe it can start in the first quarter of 2019.

Japan’s Monex Group Launching Cryptocurrency Exchange in the USAccording to Cointelegraph Japan, the new U.S. exchange will list the top five cryptocurrencies but the actual list has yet to be finalized. In addition, the company is in the process of acquiring money transmitter licenses in all U.S. states. In December last year, Tradestation began offering the trading of bitcoin futures contracts by the Cboe Futures Exchange.

Expansion Plans for Japan

Matsumoto also provided an update on Coincheck’s application to register as a cryptocurrency operator with Japan’s Financial Services Agency (FSA). “We have been consulting with the Financial Services Agency” about registration, he said, emphasizing that Coincheck resumed its exchange business last month. Currently, the exchange supports the trading of BTC, BCH, ETH, ETC, LSK, FCT, XRP, XEM, and LTC.

Japan’s Monex Group Launching Cryptocurrency Exchange in the USCoincheck is categorized as a deemed dealer which means it has been allowed by the FSA to operate a crypto exchange while its application is being reviewed. Currently, there are 16 registered crypto exchanges in Japan and three deemed dealers.

Monex detailed that since the acquisition of Coincheck, many improvements have been made to the platform, including a change in the management structure and delisting anonymous cryptocurrencies.

Nikkei Asian Review reported Coincheck’s President Toshihiko Katsuya explaining on Wednesday:

Coincheck plans to expand its services beyond trading into areas such as payments and transfers.

What do you think of Monex Group’s plans to expand in the U.S. and Japan? Let us know in the comments section below.

Images courtesy of Shutterstock, Monex Group, Tradestation, and Coincheck.

Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s Monex Group Launching Crypto Exchange in the US appeared first on BitcoinLinux.

German Stock Exchange Boerse Stuttgart Group Is Launching Crypto Trading Platform

German Stock Exchange Launching Crypto Trading Platform

Boerse Stuttgart Group, the second-largest stock exchange in Germany, is planning to launch a crypto trading platform early next year. The exchange announced its partnership with a local fintech company, SolarisBank. Together, the two aim to create an engineering infrastructure for digital asset trading.

Alexander Hoptner, the CEO of Boerse Stuttgart stated

“With its combination of technology and banking expertise, SolarisBank is a great partner for us to offer central services along the value chain for digital assets.”

Users may be able to trade ether and bitcoin on the exchange and there may also be support for other tokens after their initial coin offering.

Boerse Stuttgart’s exchange will be accessible to both individual and institutional investors. The exchange will also have features similar to the traditional stock trading platform, such as open order books and order execution.

Currently, the exchange has applied for regulatory approval from the Multilateral Trading Facility that will enable it to function as a crypto trading marketplace. SolarisBank has also partnered with Bitwala, another crypto exchange, to promote crypto banking services.

Major German Stock Exchange to Launch Crypto Trading Platform

Major German Stock Exchange to Launch Crypto Trading Platform

Germany’s second-largest stock exchange, Boerse Stuttgart Group, is set to launch a cryptocurrency trading platform in the first half of 2019.

The firm announced Wednesday that it has partnered with a local fintech company solarisBank to create an engineering infrastructure for digital assets trading. solarisBank, which operates with a banking license in the country, will also be Boerse’s banking partner for the venture.

“With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets,” said Alexander Hoptner, CEO of Boerse Stuttgart.

Initially, trading for bitcoin and ether will be enabled on the platform, with support for other tokens expected once its initial coin offering (ICO) platform – also currently under development – goes live.

Both individual and institutional investors will be able to trade on Boerse Stuttgart’s crypto platform, which will offer features similar to its stock trading platform. This includes open order books and order execution in compliance with relevant laws.

Boerse Stuttgart is also seeking a regulatory approval to offer multilateral trading facility (MTF) for its crypto trading marketplace. MTF is a type of trading system that allows matching buyers and sellers of financial instruments using electronic systems.

The stock exchange first revealed its plans to launch platforms for crypto and ICO token trading platform in August of this year, as well as a trading app called Bison and custody services for cryptocurrencies. The trading app will be launched by Boerse’s subsidiary Sowa Labs and will offer fee-free trading at launch, the firm said at the time.

Just yesterday, SolarisBank also teamed up with a crypto payments startup Bitwala to help them offer crypto banking services in the country.

Boerse Stuttgart image via Shutterstock 

The post Major German Stock Exchange to Launch Crypto Trading Platform appeared first on BitcoinLinux.

Why Has Coinbase Not Added Ripple (XRP) Into Its Crypto Trading Platforms?

Just under a week back (on Dec 7), a spokesperson for Coinbase announced that his firm was looking to integrate a total of 31 different crypto assets onto their native exchange platform.

In this regard, one of the alt currencies that the platform was looking to incorporate was the XRP token (currently the world’s second most valuable crypto coin by total market cap).

Over the course of the past few months, the folks over at Coinbase have repeatedly expressed their desire to list XRP on their exchange-interface. However, it now appears as though many investors are not satisfied by the firm’s recent actions since they have time and again avoided listing XRP, even though they have added support for tokens like Decentraland (MANA) earlier this month.

So Why is Coinbase Not Listing XRP?

Some of our readers may remember that earlier this week, Coinbase VP, Dan Romero, stated in an interview that he wants his company to eventually list “90 percent of the world’s legally compliant assets” as long as they fulfill certain quality requirements.

Additionally, he also spoke about how in the near future Coinbase wants to provide people with a host of trading options (much like the way in which the conventional traditional stock market works).

Romero then went on to add:

“Our recent shift in strategy is really driven by customers. When we asked customers the number one thing they want, they told us it’s adding new cryptocurrencies to the platform. With a traditional stock exchange, they list everything above a certain quality bar. And ultimately investors and individuals make decisions on what to invest.”

More On The Matter

With Coinbase repeatedly claiming that its number one priority right now is to “add new and unique crypto assets” to its native platform, over the past month or so, there have been many investors who have questioned the inability of the exchange to add XRP (despite it being the second largest cryptocurrency in the world).

In this regard, this cautious approach taken by Coinbase could be due to a pending court case between Ripple Labs and a group of investors who are alleging that the asset is a ‘security’.

Also, on the matter, SEC chairman Jay Clayton said that the commission is still awaiting a decision on whether the Federal court deems XRP to be a security or not (so as to then take further action on the matter). On the aforementioned issue, Clayton went on to say:

“The question I get most frequently: ‘do you think XRP is a security?’ Unfortunately, I can’t answer without giving legal advice. Even if I could, I’d only be speculating about what a judge or jury may decide and what Ripple is willing to accept in a settlement. Just have to wait.”

Final Take

Till we hear more from the US federal court in relation to the above stated matter, it is quite safe to assume that we will not be seeing XRP on Coinbase anytime soon.

Ripple And Finablr’s UAE Exchange To Debut Blockchain Payments By Early 2019

Soon by the first quarter of the 2019, Asia may experience the cross-border payment settlement system. According to the local press, UAE Exchange is joining hands with U.S startup Ripple to offer cross-border remittances to Asia based on the blockchain. Promoth Manghat, executive director and chief executive at Finablr states;

“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”

UAE Exchange Debuts RippleNet to Capture Asia’s market

Finablr is the key player in foreign exchange services where UAE exchange contributes as the networking company. However, the plan to offer cross-border payment solutions is not new, earlier in February 2018, UAE exchange has tied up with Ripple, focusing on future plan of getting into the core of blockchain. Moreover, the partnership intends to brand ‘UAE exchange’ as the sole and largest firm employing Ripple technology for international remittance.

Among the various products of Ripple, UAE exchange steps ahead with RippleNet. By employing RippleNet, it entered the row of 100+ Fintechs and banks to offer instant payment and transactions settlement.

UAE Exchange has been in a service of foreign exchange since 1980. Founded by B.R. Shetty, the firm is primarily headquartered in Abu Dhabi, UAE and observed how billions of funds transferred to Asia. Nevethless, an article notes that the roughly $613 billion sent in remittance in 2017 through various FX branches. Both, UAE Exchange and Ripple plan to grip up Asia’s market for remittance service by using blockchain technology.

UAE Exchange Plans to Progress Ahead of Blockchain Getting Into Mainstream

Though market appears with a lower volume since the later 2017, Finablr sees a huge potential and value in utilizing blockchain. Promoth Manghat, executive director and chief executive at Finablr aims to involve before it reaches mainstream; He said that;

“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,”

He further aims to view how ripple works to boost ‘B2B solutions at Finablr’. Already in the year 2016, Finablr sets a target of investing $250million-$300million towards the expansion globally and a large amount of such target is already consumed. Manghat asserted that the firm has ‘ a strong pipeline’ now.

“Blockchain is one aspect we are looking at. We want to become the partner of choice for banks and technology companies and are looking at potential bolt-ons,” .

The post Ripple And Finablr’s UAE Exchange To Debut Blockchain Payments By Early 2019 appeared first on BitcoinLinux.

Crypto Exchange OKEx Relists Bitcoin ABC Under Original Bitcoin Cash (BCH) Ticker

Another major cryptocurrency exchange has announced that they deem recent the recently created Bitcoin ABC to be the true Bitcoin Cash. Hong Kong-based OKEx will relist the digital currency under the original Bitcoin Cash ticker, BCH.

The announcement is the latest example of a large trading venue deciding similarly. Previously, both Winklevoss twins-founded Gemini and Coinbase have expressed support for the Bitcoin ABC chain over the “Satoshi’s Vision” side of the fork.

Bitcoin ABC Receives Psychologically Important BCH Ticker at OKEx

According to a report in RTT News, the digital currency exchange OKEx has decided to change the ticker listed for Bitcoin ABC to the original Bitcoin Cash one, BCH. Previously, the major trading venue had the recently created crypto coin listed as BCHABC.

Meanwhile, the opposing side of the November 15 hard fork, known as Bitcoin Satoshi’s Vision, has also been relisted. Before today’s announcement, the exchange referred to this newly created coin as BCHSV. It will now use the simpler ticket, BSV.

In addition to the relistings, OKEx will be suspending spot trading for either side of the original Bitcoin Cash chain. In a statement reported by RTT News, the company said that the remaining balances of the original BCH would be settled, prior to the removal of the asset from accounts. Spot trading for both the new BCH and BSV is expected to resume two hours after it initially goes offline.

Another Important Battle Lost For Bitcoin SV

As the newly crowned largest exchange on the planet by trading volume, OKEx has great influence over the public perception of different digital currencies. BitcoinLinux reported earlier today that the Hong Kong-based trading venue is one of only four that has managed to retain more than 100,000 active users.

Additionally, OKEx was one of the most active exchanges for Bitcoin Cash trading. This makes the exchange’s policy towards both sides of the fork all the more important. With such a major cryptocurrency (and Bitcoin Cash) market siding with the opposition, the news of the Bitcoin Cash relistings must be yet another bitter pill to swallow for the controversial Bitcoin SV camp.

To make matters worse, OKEx is just the latest of the major exchanges to announce a similar listing for the Bitcoin ABC side of the November Bitcoin Cash hard fork. In October, just prior to the chain split, US crypto trading giants Coinbase announced that they would be supporting the Bitcoin ABC chain. The reasons cited for this decision: higher hash rate and a longer blockchain.

Similarly, Winklevoss twin-owned Gemini announced earlier this week that it would only be supporting the Bitcoin ABC blockchain. They too will be listing the digital asset under the ticker BCH.

Related Reading: Bitcoin Dominance Grows to Three Month High as Altcoins Falter

Featured Image from Shutterstock.




The post Crypto Exchange OKEx Relists Bitcoin ABC Under Original Bitcoin Cash (BCH) Ticker appeared first on BitcoinLinux.

Zebpay Exchange Now Live in 21 European Countries

Zebpay, formerly one of India’s largest cryptocurrency exchanges, has launched in Europe. Euro deposits, withdrawals, and trading are now live in 21 countries. While the exchange is not accepting new registrations from India, existing users can continue to use its wallet app.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Zebpay Launches in 21 Countries

Zebpay Exchange Now Live in 21 European CountriesZebpay announced on Tuesday that its European exchange is now live. “We have recently expanded our global footprints in Europe with our exchange and wallet enabling crypto-to-crypto trading,” the company wrote, adding:

We are live with euro deposits/withdrawals and trading in 21 countries (Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, Sweden, Austria) in Europe for users and corporate investors.

Zebpay Exchange Now Live in 21 European CountriesCustomers need to sign up for an account and go through Zebpay’s know-your-customer (KYC) procedures. “After successful KYC and bank verification,” customers can then deposit euros into their Zebpay euro wallets via bank deposits, the exchange detailed. They can also trade BTC against the euro on the Zebpay exchange and withdraw fiat from the wallets. “We will soon add more digital assets that can be traded with euro,” the company wrote.

For its European grand opening, Zebpay is offering zero-fee euro deposits as well as zero maker fees. Customers will also receive a reward of 0.25 percent per transaction. The offer is valid until Dec. 31 for supported euro and crypto-to-crypto trading pairs, currently BTC/EUR, ETH/BTC, LTC/BTC, XRP/BTC, BCH/BTC, EOS/BTC, and TRX/BTC.

Indians Cannot Register

Zebpay Exchange Now Live in 21 European CountriesIn September, Zebpay closed down its exchange service in India due to the banking ban by the Reserve Bank of India (RBI). At the time, the exchange claimed to have over 3 million users. Zebpay subsequently set up subsidiaries overseas. The company is registered in Malta under the name Awlencan Innovations Malta Ltd.

Another related entity is Zeb Ventures Pte. Ltd. Zebpay explained that this Singapore-registered company “is engaged in the service of providing a platform for the buying and selling of bitcoins and other cryptocurrencies through its mobile application known as Zebpay App, being listed on Android and iOS platforms.” The exchange’s website states:

We are not accepting new registrations from India.

The crypto banking ban in India is still in effect but the country’s supreme court is scheduled to hear all of the petitions against the ban in January 2019. Meanwhile, the crypto community is eagerly awaiting the recommendations submitted by the government panel headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.

What do you think of Zebpay launching an exchange in Europe and disallowing Indians to register? Let us know in the comments section below.

Images courtesy of Shutterstock and Zebpay.

Need to calculate your bitcoin holdings? Check our tools section.

The post Zebpay Exchange Now Live in 21 European Countries appeared first on BitcoinLinux.