Connect with us

#Exchange

Premier of Bermuda: QuadrigaCX would not loose its keys if it was registered in Bermuda and not Canada

Published

on

According to E. David Burt, the premier of Bermuda, QuadrigaCX would not have lost its keys if the company was registered in Bermuda rather than Canada.

According to E. David Burt, the premier of Bermuda since 2017, QuadrigaCX would not have lost its master keys if the company had been registered in Bermuda rather than Canada. He gave his statements during an interview with the Fortune on ‘Balancing the Ledger’. He mentioned that a case like QuadrigaCX is not possible in Bermuda because of the cryptocurrency regulations in the country.

 

The sudden death of the founder of QuadrigaCX exchange in December last year has led to a bunch of issues for the investors and traders who had kept their holdings on the exchange. QuadrigaCX is not being able to gain access to the cold storage wallets where the funds of the users were stored. According to the company, the founder was the only person who had the keys to the wallet.

 

As stated by the premier of Bermuda, if QuadrigaCX was registered under the Bermuda Monetary Authority and not in Canada, the current situation would not have happened because according to the regulation for the custody of the master keys, the keys shall never be held by any single individual.

 

The premier also stated that Bermuda’s Digital Asset Business Act which was incorporated in 2018 has set a frontier for the companies that deal with blockchain technology and cryptocurrencies and makes sure that the rights of the clients always stay protected. The Act explains about the master keys, the handling of things, to make sure they are not lost, and even if they are lost, there should always be a method of recovery.

 

Blockchain and Cryptocurrency in Bermuda:

Bermuda is well known for being a crypto and blockchain friendly nation. The Bermuda government also made an announcement last year of its plans for amending the current Banking Act for establishing the latest class of banking system for rendering services to the blockchain and fintech businesses in the country.

#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

Published

on

Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

Continue Reading

#Exchange

Japan to establish new regulations for cold wallets of crypto exchanges

Published

on

The Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets of cryptocurrency exchanges.

As reported by Reuters, the Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets for the storage of cryptocurrencies for cryptocurrency exchanges.

 

According to the report, the financial regulator of Japan is going to need a more strict internal supervision of the cold storage wallets (offline wallets) within the crypto exchanges.

 

The Financial Services Agency of Japan is going to mark the issues of protecting the security of the cryptocurrencies and other endangers to the country by establishing new regulations since the agency wants to uplift the fintech industry in order to encourage the economical growth.

 

Even though the cold storage wallets are in offline mode (not connected to the internet) and are considered a lot safer than the online wallets, Japan’s Financial Services Agency is considering the internal thefts within the organization itself. Currently, a lot of cryptocurrency exchanges do not have a procedure of rotating the individual responsible for the cold storage wallets.

Continue Reading

#Exchange

Kraken Sued for $907,000 by ex-Employee

Published

on

An ex-employee of Kraken, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company.

An ex-employee of Kraken, a major cryptocurrency exchange, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company. The lawsuit has demanded more than $900,000 from the company.

 

Kraken Sued:

According to a publication on Bloomberg, Jonathan Silverman was responsible for managing the institutional sales and trading desk of the exchange. He was posted in New York and had an agreement with Jesse Powell, the CEO of Kraken for a salary of $150,000 for his job. They also had verbal communication regarding the payment of 10% of the yearly profit of the desk to Jonathan.

Jonathan is alleging that the desk had made more than $19 million profit in 3 months during his working period in 2017 and did not receive the 10% payment as a commission as he was promised.

However, according to Christina Vee, one of the spokeswomen for Kraken mentioned that Jonathan Silverman is giving false statements and also violating his confidential agreement.

 

Did Kraken leave New York in 2015?

Jonathan Silverman also claims that Kraken had not left New York in 2015 despite the fact that the controversial Bitlicense was introduced by the State’s department of financial services back then. He said that the company has been misleading the common people and the government regulators about not operating in New York since 2015. Jonathan claims that most of the OTC (Over the counter) traders of the exchange were done in New York.

In 2015, Kraken had posted an official publication which said that the exchange is shutting down its services in New York due to the controversial BitLicense of the State that was being brought out by the financial services department.

 

The lawsuit claims that when he left the job, Jonathan Silverman had reached an agreement with the company that he would receive $907,000 as a settlement amount which was never received by him.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.