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Will Gemini Exchange listing increase the price of BCH and LTC?

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Prior this week (September 26, 2018), Gemini sent a tweet declaring they when the US exchange will exchange Litecoin (LTC) and Bitcoin Cash (BCH).

Prior this week (September 26, 2018), Gemini sent a tweet declaring they when the US exchange will exchange Litecoin (LTC) and Bitcoin Cash (BCH).

 


Even though Coinbase as of now enables clients to purchase and offer LTC and BCH for USD, this new market will add advance liquidity to these altcoins. Right now Bitfinex and Coinbase represent around 80% of BCH USD exchanging volume so a Gemini will be a welcome regulated contender.

This announcement comes hot off the tails of Gemini’s ZCash listing, which made Gemini the main licensed ZCash exchange on the planet.

This tweet demonstrates Gemini’s responsibility to straightforwardness concerning new coin listings. Since late 2017, there has been contention encompassing cryptocurrency listings on real exchanges.

At the point when Coinbase began exchanging Bitcoin Cash, it was broadly affirmed that there was insider exchanging. Coinbase did not announce when BCH exchanging would start, so the listing of BCH overwhelmed brokers totally, making prices spike quickly before exchanging was ended.

Only three days after BCH was recorded on Coinbase, the price dove from a high of $4,290 the distance down to $1,550. After this occasion, exchanges have been considerably more straightforward about their listing procedure.

 

Gemini Exchange

Made in 2015, Gemini is the crypto exchange established and claimed by the Winklevoss twins. Well known for their job in the formation of Facebook, the Winklevoss twins have been an instrumental piece of Bitcoin’s development.

Gemini at present records BTC, ETH, and ZEC, and permits USD exchanging against these coins. Coinbase’s every day exchanging volume is over ten times Gemini’s. The expansion of Litecoin and Bitcoin Cash could convey more clients to Gemini’s site.

Both Coinbase and Gemini hold the dubious New York BitLicense. Propelled in 2014, this license is issued by the New York State Department of Financial Services, and enables companies to purchase, offer, and exchange cryptocurrencies for their clients.

At the point when the BitLicense legislation was announced, numerous crypto companies ended supporting New York clients, keeping in mind the end goal to stay away from New York’s broad regulations. At the season of this composition, just nine companies are holding BitLicenses.

 

Will this listing impact the price of Bitcoin Cash and Litecoin? What do you think? Tell us in the comments section below.

#Exchange

Japan to establish new regulations for cold wallets of crypto exchanges

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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.

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Kraken Sued for $907,000 by ex-Employee

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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.

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Alert: Singapore Exchange DragonEx Hacked

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DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack on telegram.

DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack through an official message on their telegram channel.

 

DragonEx Hacked:

According to the announcement, the hack led to the theft of the cryptocurrencies that belong to the exchange as well as the cryptocurrencies that belong to the users. The hack was instantly identified by the DragonEx team.

 

According to the official announcement by the admin, they were able to retrieve only a portion of the total cryptocurrencies and the team is working hard to get back the other stolen cryptocurrencies as well. Also, the team has informed many judicial administrations about the cybercrime base lodged by the exchange which includes Singapore, Thailand, Hongkong, Estonia etc. The team is currently trying to assist the police in the investigation and the exchange has currently shut down its operations.

 

The admin also told the users that DragonEx is taking full responsibility for the lost assets of users. The total amount of cryptocurrencies that were compromised during the hack is however still unknown.

 

The admin also stated a warning that the exchange will never ask the users about any personal information such as password, verification code, SMS code etc and users shall be aware of such fact. The admin also provided twenty addresses to which the hacked or stolen cryptocurrencies were sent. These twenty addresses are of twenty different cryptocurrencies such as BTC, LTC, ETH, XRP etc.

 

The admin also requested other cryptocurrency exchange as well as the people in the cryptocurrency industry to help them in investigating the case and trace the cryptocurrencies.

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