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Roger Ver to launch Exchange with BCH as base currency.

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Until further notice, Roger Ver has just said propelling his very own cryptocurrency exchange with BCH as the base currency.

Roger Ver planning to launch a fiat to Crypto Exchange keeping BCH as the centric currency.

Until further notice, Ver has just said propelling his very own cryptocurrency exchange with BCH as the base currency.

Amid a meeting in Malta, announced by Bloomberg, Roger Ver said another trade as a plausibility, yet gave minimal in excess of a meager diagram of how the product would in the long run look.

Roger Ver is the Cheif Executive Office of Bitcoin.com, a site giving news, crypto wallet administrations, developer instruments, and different highlights with all around inclination towards BCH. As per the man behind the page, the new trade being considered would be “posted on Bitcoin.com“. He proceeded to estimate that such a situation would permit “a huge number of new clients each and every day.”

As you may have speculated as of now, Ver’s exchange will utilize BCH as the base money. Be that as it may, he gave no sign in the event that he was planning to make a full fiat-to-crypto entrance ramp, which completely sidesteps the present predominant cryptocurrency – Bitcoin.

Approaching a relentless stream of movement could imply that Ver’s exchange will be fiscally lucrative. Be that as it may, since he was one of the soonest financial specialists in the cryptocurrency space, cash is probably not going to be the thinking behind such a move into the exchange business.

It is significantly more likely that he is trusting that its situation on Bitcoin.com will advance his vision of what Bitcoin ought to be to the large number of potential guests he says. It is additionally likely that such a move is expected to lessen industry dependence on the first Bitcoin (BTC).

As specified, the thought is still especially at the planning phase of its development. Ver isn’t even certain whether he would like to develop a totally new stage for purchasing and offering cryptos or in the event that he ought to just find an accomplice willing to offer utilization rights to him. The two choices offer distinctive upsides and downsides:

 

“If we build it ourselves, we can do it really, really cheap, and we get exactly what we want… But we don’t have the security of a battle-tested exchange that’s been around for a while.”

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Zebpay moves to Europe leaving behind India

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Zebpay, which was known to be the largest cryptocurrency exchange in India has moved to Europe after the Reserve Bank of India ban.

Zebpay, which was known to be the largest cryptocurrency exchange in India has moved to Europe after the Reserve Bank of India banned financial institutions to deal with crypto exchanges in the country. Zebpay had closed down its operations in India in September while it had more than 3 million users already registered on the exchange. After the ban, Zebpay registered its entity under the name of Awlencan Innovations Malta Limited in Malta which is one of the most friendly countries known for crypto and blockchain business.

 

Zebpay now in 21 European Countries:

Zebpay announced on Tuesday that it has successfully launched its operations in 21 nations across Europe. The platform lets users trade crypto to crypto on its exchange and wallet. Also after a successful KYC procedure and banking verification, the users can deposit and withdraw EUROS to their Zebpay accounts. Currently, users can trade just Bitcoin with Euro but the company claims that they will soon add other cryptocurrencies to trade with Euro as well.

 

Zebpay Marketing

For the start, Zebpay has planned a good marketing scheme of offering zero fee deposits and zero maker fees. Also, the exchange is rewarding 0.25% of every transaction to its users till the 31st of December this year. Users can currently trade BTC to EURO, ETH to BTC, LTC to BTC, XRP to BTC, BCH to BTC, EOS to BTC and TRX to BTC. The new Bitcoin hardfork BSV is currently excluded from the list.

 

Zebpay Entities:

Zebpay is currently registered as Awlencan Innovations Malta Limited in Malta for its exchange and also registered in Singapore as Zeb Ventures Pte Ltd for buying and selling of cryptocurrencies on its mobile application or Zebpay App.

 

No Registrations from India:

Zebpay has clearly declared that it is not accepting any new registrations from India, the country where Zebpay originated. Cryptocurrency banking is still prohibited in India and there are rumors all around the country that the government is soon going to declare cryptocurrencies totally illegal which means that no one would be allowed to trade or even store any cryptocurrency such as bitcoin.

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Is BitMEX trading against their customers? Foul play at BitMEX?

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Many users suspect that BitMEX gives unfair advantages to its desk. Registered in Seychelles, BitMEX is not required to report to any regulator.

BitMEX is currently the largest Bitcoin Exchange according to trading volume, and BitMEX research is going pretty good regarding market research, but is BitMEX really that ethical? Let us explore.

Registered in Seychelles, BitMEX is not required to report to any regulator. This article is sourced through various articles submitted on Medium, Reddit and social media like Twitter.

 

Does BitMEX trade against its Customers?

Before I start to answer this question, let us understand the concept of Market Making. Market makers are the one responsible for filling up the order books. They also buy and sell continuously, proving the necessary liquidity to the market.

Market makers quote on both sides of the order book, that means both the buy side and the sell side. If their buy order gets executed, their immediate plan is to execute the sell order as well, thus acting as a neutral market maker. So a market maker profits from a spread instead of up-down movements of the market, in return offering quick liquidity to the users.

The question is thus, is BitMEX acting as a neutral market maker (which is a positive service to its customers) or not.

On 30th of April, 2018, MitMEX updated its Terms of Service. It says:

“BitMEX has a for-profit trading business that, among other things, transacts in products traded on the BitMEX platform. The trading business primarily trades as a market maker”

 

BitMEX also states that its profit does NOT come from trading:

 

BitMEX claims that its goal is to breakeven regarding profit and loss and that they make money by the service fee paid by the business. But unfortunately, there is no way to check BitMEX’s audit report as they have never released an external audit of their business.

BitMEX’s legal counsel, Sullivan & Cromwell was silently removed from their blog post from April. It’s earlier post stated this:

Later in May 2018, the updated post said this:

It is a possibility that Sullivan & Cromwell separated from BitMEX because it had issues with the exchange’s plans.

 

BitMEX’s Desk should not be allowed to trade freely on the exchange

Let’s assume the owner (or owner’s employees) of an online casino is allowed to play its own game, can he resist from not looking at everyone else’s cards?

Same goes with an online Bitcoin exchange. If BitMEX’s desk is allowed to trade on their own exchange freely, we can expect a similar outcome. This gives “extra information” to the desk, which is not available to all other customers. While some information is available to all the customers, for example, the order book or the past trades, additional information like the degree of leverage of each position or the price at which it will run out of margin is private and is only available to the BitMEX’s desk.

In a blog post, BitMEX has denied that it gives this explicit information to its desk, but BitMEX has not agreed to give out equal information to all the customers especially the two mentioned above.

Many users suspect that BitMEX gives unfair advantages to its desk. What are your views on the above? Comment below and let everyone know.

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Will Switzerland’s FINMA license boost cryptocurrency prices?

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The Financial Supervisory Authority of Switzerland is planning to authorize cryptocurrency exchanges to act like commercial banks with new licensing.

The Financial Supervisory Authority of Switzerland is planning to authorize cryptocurrency exchanges registered in the country to act like commercial banks with new licensing starting from 2019 allowing them to store the deposits of trades up to 100 million Swiss Franc (100302400 USD).

The government of Switzerland has been cryptocurrency friendly by providing cryptocurrency regulations and inviting more and more cryptocurrency related businesses to register in the country.

 

What the FINMA license will work?

The reserves held with the exchange which has a limit of 100 million Swiss Franc cannot be invested funds. The exchanges who would like to register under the new license shall convey their request to FINMA demonstrating their business plan and scope for the next 3 years and mentioning about their targeted customers.

The registrations shall be checked in depth by FINMA and the history and criminal records of the officials of exchanges applying shall be examined carefully before granting the license. For the overseas exchanges (outside of Switzerland) wanting to obtain the license shall register all their shareholder who holds more than 5% of the companies stake under the license agreement.

 

The government of Switzerland has been adopting new technologies such as blockchain and cryptocurrencies very quickly in comparison to other nations which make Switzerland one of the top nations for crypto and blockchain businesses. Recently, the government of Switzerland had approved the world’s first cryptocurrency ETP on SIX EXCHANGE which is one of the largest stock exchanges in Europe.

 

The question which arises here is that with more and more nations around the world are adopting cryptocurrency and blockchain technology, is a price boom foreseen? What are your thoughts? Tell us in the comments section below.

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