Category: Crypto

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Crypto

Bithumb Cryptocurrencies Exchange Plans On Launching Its Own ICO And Crypto Coin

South Korea’s renowned exchange house, the Bithumb cryptocurrencies exchange, is planning to launch an ICO and to issue its own crypto coin.

According to local reports, Bithumb initial currency offer, or ICO, would take place in Singapore in view of the fact that this fund-raising scheme for blockchain projects is banned in South Korea. So far, Bithumb has not confirmed the information, but it is given as true by TokenPost, which means that meetings have been held with investors and institutions.

“We know that the BitHumb crypto coin is routed through a local subsidiary acquired, at its turn, by a subsidiary of Bithumb. Details such as the date of issue and the amounts of cryptocurrencies have not yet been confirmed,” a spokesman for the exchange office was quoted as saying.

Bithumb follows the strategies already implemented by Huobi and Binance

Thus, Bithumb follows in the footsteps of the Huobi exchange house, which recently announced its plans to issue 500 million tokens based on blockchain technology, though not through an ICO, but would only be allowed to obtain it from those already registered in the exchange, this perhaps because of China’s strong cryptocurrencies regulations in that regard.

Another example is the Binance exchange house, which already has its own cryptocurrency, the Binance Coin (BNB), which allows its users to trade with other cryptocurrencies at low operating costs, in addition to the exchange house burning some chips to increase their shortage and encourage the increase in their value.

South Korea banned the ICOs during the past year, due to some cases scams and investment frauds that were hidden under this fund-raising scheme, something that certainly does not please the authorities. This has led some businessmen and academics to pronounce themselves in favor of fewer prohibitions and more support for blockchain.

However, Bithumb, the renowned South Korean cryptocurrencies exchange, will launch its own crypto coin and will hold an ICO in Singapore, to evade the cryptocurrencies regulations from South Korea.

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Crypto

New Cryptocurrencies Regulations Have Been Adopted Yesterday In The European Union

New cryptocurrencies regulations were adopted yesterday, as the deputies of the European Parliament approved, with a total of 574 votes in favor, 13 against and 60 abstentions, an amendment to the law on the prevention of money laundering and financing of terrorism to eliminate anonymity in the services related to money exchanges, portfolios and prepaid cards based on cryptocurrencies.

This amendment will make mandatory the identification of users of prepaid cards financed through cryptocurrencies and that have a limit of between 150 and 250 euros. According to the deputy Judith Sargentini, the French authorities were insistent on this point since the recent terrorist attacks on French soil were financed using this kind of prepaid cryptocurrencies cards.

On the other hand, cryptocurrency exchange operators and service providers must also put an end to the anonymity in their services.

The new cryptocurrencies regulations aim to create troubles for criminals, not the honest Europeans, according to the regulators

Deputy Krisjanis Karins stated that when the cryptocurrencies holders who wish to buy goods and services will have to convert them to Euros, or other fiat currency and it is at this point that the role of the law against money laundering comes in.

That’s when the cryptocurrencies will enter the European banking system and at this point we want the banks to ask who this client is and where the money originates (…) The objective is to create problems for the criminals but not for the common and honest Europeans.

Krisjanis Karins, Deputy, European Parliament

This amendment also imposes greater controls in the banking system to combat money laundering and terrorist financing, since provisions for the registries of trustee beneficiaries, and a register of bank accounts and security accounts are now included.

It should be noted that these changes in European legislation would take effect 3 days after their publication in the Official Journal of the European Union, after which the member states will have 18 months to incorporate these new rules into their national legislation.

Cryptocurrencies regulations have recently been passed in other jurisdictions to prevent money laundering and the financing of terrorist activities with crypto coins. In this regard, a few days ago in Taiwan and Australia, respectively, authorities announced the preparation of a regulatory project and the approval of a new law.

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Crypto

Ripple (XRP) Eclipses Its Top 5 Competitors, In Terms Of XRP Volume And Gains

Since its emergence, Ripple’s different ways to market Ripple (XRP) has encouraged liquidity providers’ activity and, as result, it managed to increase XRP liquidity and extended the general well-being of XRP markets. To abolish any form of concern regarding the XRP volume, Ripple company put 55 billion XRP in an escrow account secured cryptographically.

By this, Ripple (XRP) enthusiasts and holders, as well as investors, can simply see and check the XRP’s maximum volume, which can be flooded into the cryptocurrencies market.

Ripple company is only holding about 7,17 billion Ripple (XRP) tokens, while the disseminated volume is of about 39,1 billion XRP.

Ripple (XRP) scored better during the last 7 days

These numbers reflect the Ripple’s strategy, instilled to produce high growth for XRP and today we can see that in the cryptocurrencies market, where Ripple (XRP) scored better than its competitors in the top 3, Ethereum (ETH) and Bitcoin (BTC).

During the last 7 days, Bitcoin (BTC) has only increased its volume by 13.29%, while Ethereum (ETH) increased it by 20.60%. Ripple (XRP), as an absolute leader in this regard, scored a 34.77% increase in XRP volume, during the last 7 days.

These figures are totally reflecting that Ripple struggles to gain bigger trading volumes each day. Ripple (XRP) succeeded this in the last 7 days and placed itself in the leading position by trading volumes.

On the downside, Ripple (XRP) lack of consistency when it comes to both trading volume and value against the USD, make XRP lose a few percents in the last day.

Ripple (XRP) price

At the moment of this writing, Ripple (XRP) is trading at $0.86, recording a gain of 15.47% in the last 24 hours. Yesterday, the XRP closed at $0.79.

Also, Ripple (XRP) is, at this moment, the 7th cryptocurrency in the world taken by the last 24 hours gains and the 1st among the coins from the top 10, also in terms of gains.

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Crypto Finance News

Ripple (XRP) and Tron (TRX) – Is Now the Time to Take Action?

Nowadays, the cryptocurrency market has generally been pretty stable, and at the time of this article, it’s currently approaching its peak for the month. Today, we’ll be taking a short look at three different cryptocurrencies that shown consistent an increase in value: Ripple, VeChain, and Tron.

With the exception of five cryptocurrencies, all the rest of the coins listed in the top hundred have sustained downturns this morning, and as it turns out, this is actually positive news. So far as we’ve seen, there haven’t been any notably significant updates in the cryptomarkets today, and this just may very well be a good thing.

VeChain (VEN)

Sunny Lu, the CEO of VeChain, has inspired a significant upturn in the price of VeChain following her latest tweet.

So it would appear that people who’ve long-supported VeChain now have reason to see their trust in VeChain increase, as well as buy up even more of the coin.

At the time of printing this article, VEN is recorded at $3.68 per coin, up 7.76%.

Ripple (XRP)

As we see here, Ripple(XRP) has done quite well this past week. Last week, Santander Bank, a subsidiary of the Spanish Santander Group based in the United States, announced their launch of their new international mobile payment app, Santander One Pay FX. One Pay FX is the first mobile app that makes use of Ripple technology to allow users to make transactions and payments internationally, all and entirely through blockchain technology.

 

Following the announcement, XRP has enjoyed a smooth, gradual upturn. With ever-increasing numbers of businesses facilitating support of Ripple’s internationally-friendly blockchain architecture, XRP sees ever-increasing popularity and use. One might say that a significant share of banks and other financial institutions worldwide have been really sitting up and noticing, and they’ve seen the benefits of supporting not only the architecture, but the general public usage of the technology behind Ripple and Stellar’s, and this is very likely just a small taste of what we can expect in years to come.

At the time of printing this article, XRP is recorded at $0.734 per coin, up 7.74%, within the past day.

Tron (TRX)

 

The Tron Foundation are holding a programming contest, and have announced the details as of just this past Tuesday. With the total reward being staked at an incredibly lucrative one million dollars in TRX, applications to the competition have already begun coming in. The launch of the Tron main net is a little over five weeks coming. These are definitely exciting times for the cryptomarkets.

If you’ve been contemplating getting into cryptotrading, and perhaps even rounding your portfolio out by adding TRX, this is the time.

At the time of printing this article, TRX is trading at $0.051436 per coin.

Categories
Crypto News

Kraken Cryptocurrencies Exchange Will Not Answer To The New York Attorney General’s Questionnaire

Jesse Powell, CEO of Kraken, the San Francisco-based cryptocurrencies exchange, said on April 18th that they would not answer the questionnaire that was sent to them the previous day by New York Attorney General Eric Schneiderman. This happens just one day after Schneiderman announced the start of his research called the Initiative For The Integrity Of The Virtual Markets, so he sent a questionnaire to 13 cryptocurrency exchange platforms operators based in the United States, one of which being Kraken.

Kraken found an escape route from answering to the New York Attorney General’s questionnaire

In this regard, Powell indicated via email that Kraken would not answer this questionnaire, claiming this exchange house moved its headquarters from New York to San Francisco during 2015 due to the strong regulatory framework (BitLicense) that applied in that jurisdiction.

The departure of Kraken driven by BitLicense of New York in 2015 pays today another dividend (…) I realized that we made the wise decision to leave New York three years ago and that we can dodge this bullet.

Jesse Powell, the CEO of Kraken

Kraken would then be the first of the 13 cryptocurrencies exchange platforms that received the questionnaire that decided not to collaborate with the New York Attorney General.

The rest of the exchange houses that received the document are GDAX, Gemini, BitFlyer USA, Bitfinex, Bitstamp USA, Bittrex, Poloniex, Binance, Tidex.com, Gate.io, itBit, and Huobi.

The CEOs of 5 cryptocurrencies exchange platforms have already positively responded to the New York Attorney General’s request

The representatives of Gemini, Bittrex, Poloniex, BitFlyer, and Bitfinex have already expressed themselves positively and have declared that these exchange offices will answer the questionnaire of the Attorney General.

According to Schneiderman, this research is carried out with the purpose of protecting clients and increasing the transparency of the before-mentioned exchange offices. For this reason, this questionnaire was sent asking about topics such as exchange policies, procedures, suspensions, privacy, and prevention of money laundering.

The authorities of New York have not been exactly friendly with the companies that operate cryptocurrencies exchange platforms and a month ago they presented a special tariff of electric services that aims at those companies that perform cryptocurrency mining. Moreover, as a consequence of BitLicense, many of these platforms decided to move out of the New York’s jurisdiction, as is the case of Kraken.

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