CryptoCoinsInfoClub.com

Cryptocurrency Exchanges Down

Bitcoin Falls For Second Day Amid Increased Scrutiny On Exchanges

Bitcoin Falls For Second Day Amid Increased Scrutiny On Exchanges

Japanese authorities also ordered business improvements at five other exchanges, including Coincheck. The exchange lost more than $500 million worth of Nem's xem coins due to a hack in late January. A senior official from the Japanese FSA said in a Reuters report that Coincheck had enough funds to reimburse customers. The announcements followed news Wednesday that some accounts at Hong Kong-based Binance may have been compromised due to phishing. "The [application programming interface] for the exchange malfunctioned and sent sell orders into the market," said Brian Kelly, a CNBC contributor and head of BKCM, which runs a digital assets strategy for clients. Separately Wednesday, the SEC issued a "Statement on Potentially Unlawful Online Platforms for Trading Digital Assets. " The commission said if an exchange was trading digital assets that are considered securities, then the company must register with the commission or apply for an exemption. The statement also said that securities laws may apply to companies storing digital assets, or "wallets." The SEC did not specifically mention bitcoin, and analysts generally expect that the commission is focused on new digital coins sold through promotional fundraisers called initial coin offerings. A report of a sale by the trustee of funds from collapsed Japanese crypto exchange Mt.Gox also contributed to the negative sentiment. In a court document filed Wednesday, Tokyo attorney and bankruptcy trustee Nobuaki Kobayashi announced that he had sold roughly $400 million in bitcoin and bitcoin cash and plans to consult with the court on "further sale" of those assets. "The dump of the Mt. Gox bitcoin is definitely a factor. The uncertainty around the recent SEC regulations towards exchanges is another factor" behind bitcoin's dr Continue reading >>

Spooked: Two Indian Cryptocurrency Exchanges Shut Down, Despite No Government-wide Crackdown

Spooked: Two Indian Cryptocurrency Exchanges Shut Down, Despite No Government-wide Crackdown

Spooked: Two Indian Cryptocurrency Exchanges Shut Down, Despite No Government-Wide Crackdown Two Indian cryptocurrency exchanges have halted trading amongst fears of a crackdown. Although the Indian government has expressed keen interest in blockchain-based technologies, cryptocurrencies are not regulated in the country. And while it hasnt yet introduced restrictions on the coins, the threat of doing so has been enough to spook some in the industry. In an email to its customers, BTCXIndia, which bought and sold Ripple, stated that it would not be accepting new deposits. BTCXIndia, which bought and sold Ethereum, advised its customers to withdraw their funds on or before March 4th. So far, they are the only Indian trading platforms to have closed down. Others, likeZebpay, Unocoin, and Coinsecure, are still doing business. Kamesh Mupparaju, the founder and CEO of the exchanges, said they ceased operations because of threatening language. If there is a sudden [order] to withdraw the funds, that would mean trouble for the customers, Muppajaru told CNN . As we heard in the budget speech, the Indian government is discouraging crypto currency trading. This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we dont feel that we can continue our business in a professional manner any longer. Officials in the country have repeatedlywarned citizens not to tradein digital currencies. The finance ministry compared them to Ponzi schemes in late December, and Finance MinisterArun Jaitley said in February that the government would eliminate their use in financing illegitimate activities or as part of the payment system. Indias central bank has also warned that those who invest in cryptocurrencies Continue reading >>

Two More Japanese Cryptocurrency Exchanges To Shut Down As Regulations Tighten

Two More Japanese Cryptocurrency Exchanges To Shut Down As Regulations Tighten

Two More Japanese Cryptocurrency Exchanges to Shut Down as Regulations Tighten Two Japanese digital currency exchanges, Mr. Exchange and Tokyo GateWay , will be closing operations and returning customers cash and cryptocurrency holdings. These two exchanges are following the lead of three other Japanese exchanges, Raimu, bitExpress and Bit Station, which have also announced that they will be halting operations in Japan. In 2017, Japan became the only country in the world to oversee the exchange of cryptocurrency at the national level. The Japanese Financial Services Agency (FSA) initially licensed eleven exchanges in September of last year. In early December, the FSA licensed another four, and at the end of December, it licensed a sixteen exchange. In addition, the FSA allowed a further sixteen exchanges to continue operations while their applications with regulators were processing. One of those sixteen exchanges allowed to continue operations with pending licensure was the now-infamous Coincheck . In January, Coincheck was the target of the largest cryptocurrency exchange hack ever, in which 58 billion yen (~$530 million) worth of the digital currency NEM (XEM) was stolen. Following the hack, the FSA began on-site inspections of all sixteen unregulated exchanges and found issues with internal controls and corporate governance. The FSA gave several exchanges the opportunity to shut themselves down and save face, rather than wait to be shut down by the government in the event that they were not issued a license. More exchanges will likely follow in the footsteps of these five, choosing to voluntarily shut down Japanese operations, rather than waiting for the government to shut them down upon denying their applications. Japan is the worlds canary in the coal mine in ter Continue reading >>

Report: Two Japanese Crypto Exchanges To Shut Down

Report: Two Japanese Crypto Exchanges To Shut Down

Report: Two Japanese Crypto Exchanges to Shut Down Mar 28, 2018 at 21:51 UTC|UpdatedMar 29, 2018 at 15:13 UTC Two cryptocurrency exchanges in Japan are reportedly set to cease operating amid growing scrutiny from regulators in the wake of a $500 million theft. According to Nikkei , two exchanges - Mr. Exchange and Tokyo GateWay - are withdrawing previously filed applications with Japan's Financial Services Agency (FSA) in which they sought approval to launch services to domestic customers. No official statements have been published by either exchange as of press time, though Mr. Exchange posted on March 8 that it had received an order requiring it to beef up its internal protocols in the wake of the attack on Coincheck in late January. The incident resulted inapproximately $533 million worth of the cryptocurrency NEM token being stolen. Per Nikkei's report, the closures won't occur until user funds have been withdrawn or otherwise returned. Still, the development is notable, as earlier this month, Japanese regulators suspended two cryptocurrency exchanges, FSHO and Bit Station, citing security flaws. According to Nikkei, Bit Station has withdrawn its application with the agency, as have two others: Raimu and bitExpress. "More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so," the news service added. Exchanges in Japan are required to register with the FSA, as mandated by a law that went into effect last March. While a number of exchanges have received licenses to date, the agency has nonetheless stepped up its oversight of the industry in the wake of the Coincheck hack. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stric Continue reading >>

Japan Clamps Down On Cryptocurrency Exchanges To Curb Illegal Financial Activities

Japan Clamps Down On Cryptocurrency Exchanges To Curb Illegal Financial Activities

Japan Clamps Down on Cryptocurrency Exchanges to Curb Illegal Financial Activities Share on Facebook Share on Twitter Share on Telegram Share on LinkedIn In a concerted effort to crack down on money laundering, Japans Financial Services Agency (FSA) has suspended all operations for two crypto exchanges who were found to be indulging in suspicious monetary undertakings. While the ban is not permanent and applicable only for a month, it will be interesting to see how the Japanese government introduces regulations within the crypto domain in the coming future. All of these aforementioned developments come after it was reported in January that Coincheck, a well-known crypto exchange in Japan, had been hacked and the guilty parties had made their way with more than $534 million worth of NEM coins. As we speak, the Japanese cryptocurrency market is currently responsible for 61% of all global bitcoin trade. Owing to the nations crypto friendly financial laws, Japan has always been at the forefront when it comes to blockchain adoption and utilization. However, the country has also faced its fair share of problems when it comes to hacking scandals and crypto fraud. For example, the first crypto exchange that was set up within the island nation in 2010 was hacked within a year of its inception. Similarly, in 2014 the country was hit with the now infamous Mt Gox heist which saw miscreants get away with nearly $450 million worth of USD. Mt. Goxs bankruptcy proceedings will repay creditors in Japanese Yen at a price around $400USD per bitcoin (the price set by the court) and it has been reported will leave Karples with the bulk of the wealth left over. In response to the Mt Gox scandal, the government was forced to amend existing legal rules so as to make the entire crypto trading Continue reading >>

Japan Shuts Down Two Cryptocurrency Exchanges But It May Be Good News For The Industry

Japan Shuts Down Two Cryptocurrency Exchanges But It May Be Good News For The Industry

Japan Shuts Down Two Cryptocurrency Exchanges But It May Be Good News For The Industry Opinions expressed by Forbes Contributors are their own. Japans Financial Services Agency (FSA) shut down two cryptocurrency exchanges today (March 8), ordering them to suspend operations for a month, as part of a crackdown followingthe $534 million hack of Coincheck in February. On the same day, the FSA also issued business improvement orders to five other exchanges, including Coincheck (again), which had already been slapped with a business improvement order in January. This is the first time the FSA has ordered a cryptocurrency exchange to stop operations. The FSA confirmed that it had ordered two cryptocurrency exchanges, FSHO (Yokohama City) and Bit Station (Nagoya Prefecture), to temporarily halt their operations for a 30-day period starting from March 8. The icon of the Coincheck cryptocurrency exchange application is seen on the screen of an iPhone on February 16, 2018 in Paris, France. (Photo Illustration by Chesnot/Getty Images) I attempted to contact both exchanges and Coincheck for comment buthadn't received a response at the time of publishing. The FSA noted that FSHO had failed to put in an effective and appropriate system to monitor trading and had not given required training to its employees. Bit Station was suspended after a senior employee allegedly diverted digital currency deposits for his own personal use , showing a serious lack of cybersecurity. Japan has been hoping to become the cryptocurrency capital of Asia, and perhaps the world. More than 30% of all global bitcoin transactions are conducted in yen, and in April of 2017, the government made Bitcoin legal tender . In September last year, the FSA started to officially recognize virtual currency exchanges tha Continue reading >>

Two More Japanese Cryptocurrency Exchanges Shut Down

Two More Japanese Cryptocurrency Exchanges Shut Down

Two More Japanese Cryptocurrency Exchanges Shut Down The doors have closed on two more cryptocurrency exchanges in Japan following investigations by the countrys Financial Services Agency raising questions as to whether or not most exchanges will be able to meet the regulatory authoritys standards. In the face of tightening regulatory oversight from the countrys authorities, two additional Japanese cryptocurrency exchanges are ceasing operations bringing the total number of closed cryptocurrency exchanges to five. This follows the large-scale heist of digital assets from prominent Japanese exchange Coincheck. As reported by Nikkei Asian Review, Japans Financial Services Agency (FSA) ordered both Tokyo GateWay and Fukuoka-based Mr. Exchange to make significant improvements to their data security on March 8th. Both exchanges were also ordered to improve various other safeguards which were found to be insufficient. Instead of making the requested upgrades, both exchanges have withdrawn their applications to legally operate as exchanges and are set toreturn both their clients cash and digital currencies. Tokyo GateWay and Mr. Exchange have now joined the ranks of three other exchanges to cease operations following the relatively new law which forces Japanese cryptocurrency exchanges to register with the FSA.Raimu, bitExpress, and Bit Station have all previously withdrawn their applications.TheNikkei Asian Review reports that more are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so. Currently, 16 exchanges are registered with Japans FSA. All five closed exchanges were members of a group of companies which applied for registration but had not yet received it though they were still allowed to operate while th Continue reading >>

With The Rbi Cracking Down, India's Cryptocurrency Exchanges Look To Singapore, Switzerland, And Malta Quartz

With The Rbi Cracking Down, India's Cryptocurrency Exchanges Look To Singapore, Switzerland, And Malta Quartz

The Indian central banks crackdown on virtual money may drive cryptocurrency exchanges out of the country to more friendly locations. Earlier this month, the Reserve Bank of India (RBI) issued a directive that, by July 06, lenders must close the bank accounts of firms dealing in cryptocurrencies. Banks are also forbidden from offering loans or other services post-deadline. Essentially, this marks the end of the road for the digital currency-related operations in India. But the exchanges are not giving up just yet. It wont be possible for us to function in the current regulatory environment with existing business models. Therefore, several firms are looking at registering their head offices out of India, said Shubham Yadav, co-founder of Coindelta, a cryptocurrency exchange. These cryptocurrency-friendly locations include Singapore, Switzerland, Estonia, Malta, Japan, Dubai, and the Cayman Islands. This way, we wont be an India-centric exchange but will become a global player, the CEO of another virtual exchange company said, declining to divulge the firms plans. The exchanges are also considering a legal challenge to the RBIs diktat in the supreme court of India. A few are looking to approach the court collectively for a stay on the new rules. Lawyers believe the RBIs clampdown can be challenged on several counts . Till now, investors could buy digital currencies paying in rupees. That ends with the July 06 RBI deadline. The current remittance regulations will not allow customers to convert rupees into any other currency and make purchases from an international exchange. Therefore, the only option left will be crypto-to-crypto trade for (the existing) investors that allows you to buy one cryptocurrency in exchange for the other, said Hesham Rehman, CEO of Bitxoxo, anot Continue reading >>

Japan Cracks Down On Cryptocurrency Exchanges After Massive Hack

Japan Cracks Down On Cryptocurrency Exchanges After Massive Hack

Japan cracks down on cryptocurrency exchanges after massive hack by Rishi Iyengar @Iyengarish March 8, 2018: 3:48 AM ET Forget bitcoin, these are the 8 craziest cryptocurrencies Japan has forced two cryptocurrency exchanges to halt trading as it cracks down on an industry that was shaken recently by a $530 million cyber heist. The country's Financial Services Agency on Thursday ordered Bitstation and FSHO to suspend their operations for at least a month. The regulator said a Bitstation executive had used some customer funds for personal transactions, while FSHO is accused of not adequately protecting its customers. Neither exchange immediately responded to requests for comment. The Japanese regulator also imposed "administrative penalties" on five other exchanges, ordering them to strengthen their internal management and make other improvements to their operations. Related: Bitcoin plunges after SEC seeks to rein in cryptocurrencies Those exchanges include Coincheck, which lost an estimated $530 million from user accounts in a hack in late January. The cyber heist is believed to be the largest cryptocurrency theft on record, surpassing the estimated $400 million stolen from another Japan-based exchange, Mt Gox, in 2014. Coincheck promised it would reimburse most of the money its users lost in the hack from its own funds. Related: Cryptocurrency regulation is 'inevitable,' says IMF chief The exchange said after Thursday's regulatory order that it would conduct "a drastic review of internal and business management" to better protect its customers. Home to one of the world's biggest cryptocurrency markets, Japan is trying to figure out how to manage the recent explosion of interest in trading bitcoin and other digital currencies. It's a challenge faced by other government Continue reading >>

Two Japanese Cryptocurrency Exchanges To Shut Down Amid Coincheck Hack Fallout: Report

Two Japanese Cryptocurrency Exchanges To Shut Down Amid Coincheck Hack Fallout: Report

Two Japanese Cryptocurrency Exchanges to Shut down Amid Coincheck Hack Fallout: Report Join our community of 10 000 traders on Hacked.com for just $39 per month. The increased scrutiny by Japans financial regulator following Coinchecks infamous $530 million NEM theft will reportedly see two cryptocurrency exchange operators shutter and exit the industry. According to a Nikkei report on Thursday, two cryptocurrency exchange operators -Tokyo GateWay and Mr. Exchange are withdrawing their applications to operate as recognized exchange operator under Japans Financial Services Agency (FSA), the countrys financial regulator. Earlier this month, the FSA had ordered both exchanges to improve their data security and overall cybersecurity posture which were found to be inadequate by the regulator. According to the report, both operators will shutter their businesses after returning their customers fiat and cryptocurrency holdings. The development comes amid an ongoing crackdown on unregistered exchanges that are found wanting with their security measures following the theft of 500 million NEM tokens from Tokyo-based Coincheck in late January, valued at approximately $530 million at the time. The incident is now seen as the biggest cryptocurrency exchange theft in history. On March 8, the FSA issued month-long business suspension orders to exchange operators FSHO and Bit Station after pointing the finger at lax cybersecurity practices and inadequate money laundering measures. Todays report suggests that three other unregistered exchange operators Raimu, bitExpress and the currently suspended Bit Station have also withdrawn their applications to register with the FSA. The Nikkei adds that more application withdrawals are expected to follow with the FSA giving several exchanges a c Continue reading >>

One Of The Biggest Crypto Exchanges Goes Dark And Users Are Getting Nervous

One Of The Biggest Crypto Exchanges Goes Dark And Users Are Getting Nervous

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. One of the Biggest Crypto Exchanges Goes Dark and Users Are Getting Nervous Five Reasons 'Bitcoin Jesus' Loves the Digital Currency One of the biggest cryptocurrency exchanges has been down for hours and its clients are starting to freak out. Kraken went offline at 9 p.m. Pacific Time on Wednesday for maintenance that was initially scheduled to last two hours, plus an additional two to three hours for withdrawals, according to an announcement on the San Francisco-based companys website. "We are still working to resolve the issues that we have identified and our team is working around the clock to ensure a smooth upgrade," according to a status update on Krakens website posted seven hours ago. "This means it may still take several hours before we can relaunch the site." In previous updates, Kraken mentioned its working on "unexpected and delicate issues" and assured clients their funds were secure, adding that "Yes, this is our new record for downtime since we launched in 2013. No, were not proud of it." The short history of cryptocurrencies has been rife with hackers and stolen bitcoin, so issues with exchanges are quick to unnerve investors. In the most famous case, Mt. Gox filed for bankruptcy in 2014 after losing hundreds of thousands of its clients bitcoins. L Continue reading >>

Biggest Problem Facing Bitcoin Exchanges Has Nothing To Do With Price - Business Insider

Biggest Problem Facing Bitcoin Exchanges Has Nothing To Do With Price - Business Insider

A vertical stack of three evenly spaced horizontal lines. * Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our facebook linkedin twitter email copy link Bitcoin is experiencing a rough start to 2018, but that's not the biggest concern for a developer at one of the world's oldest cryptocurrency exchanges. A talent shortage is hanging over the industry, Miha Grcar, the head of business development at Bitstamp, told Business Insider. The cryptocurrency markets are awash in a sea of red, but that's not a concern for one of the oldest cryptocurrency exchanges. Bitcoin has had a terrible start to the year. The digital currency, which gripped the world's attention when it soared close to $20,000 a coin in December, is down 45% since the beginning of 2018. As for trading action, volumes across the market for digital currency have decreased since crypto mania peaked at the end of last year. But this is a much-needed break for cryptocurrency exchanges, which shepherded a niche market into the mainstream. "We are finally catching our breath," Miha Grcar, the head of business development at Bitstamp, a Luxembourg-based exchange founded in 2011, told Business Insider during a phone interview. According to the cryptocurrency data site CoinMarketCap.com, 24-hour trading volumes have been in the range of $20 billion to $30 billion since the beginning of February, down from an all-time high above $70 billion on January 4. The record-breaking volumes of December and early January put intense pressure on the weak infrastructure of cryptocurrency exchanges, often leading to hours- or days-long outages. Many even had to close the door to new customers, Business Insider previously reported . Cryptocurrency volumes took Continue reading >>

Two More Japanese Bitcoin Exchanges Will Shut Down

Two More Japanese Bitcoin Exchanges Will Shut Down

The cryptocurrency situation in Japan is evolving in many different directions. While Bitcoin is a legal payment method in the country, multiple exchanges are still facing regulatory scrutiny. So much, in fact, that two more platformshave been forced to shut down due to this mounting regulatory pressure. Curtain Call for Tokyo GateWay and Mr. Exchange Ever since Coincheck was hacked in early 2018, Japanese regulators have scrutinized the cryptocurrency exchange industry in many different ways. It is evident there are a fair few trading platforms which are under fire right now, even though they may not have been involved with hacks or anything like that. For both Tokyo Gateway and Mr. Exchange, it appears closing downwas their only course of action. More specifically, both of these trading platforms are facing a lot of regulatory scrutiny. With all trading platforms being scrutinized right now, it is certainly possible that irregularities may show up. Additionally, all trading platforms have to register with thecountrys FSA and obtain a license to legally operate. It is unclear if either of these two companies successfully did so in the past few weeks. For the time being, both companies are withdrawing their applications to register, but it is unclear if they will resubmit them in the future. With both companies being taskedwith improving their overall security in terms of data and trading, it seems both companies are taking a step back in order to address these issues. Doing so will take a lot of effort, though, as protecting consumer funds needs to be the top priority. All of the cash and other currencies held by these companies will be returned to their customers in the near future. It is a bit unclear when that will happen exactly, although it shouldnt take all that Continue reading >>

Hong Kong Regulator Says To Crack Down On Cryptocurrency Exchanges For Rule Violations

Hong Kong Regulator Says To Crack Down On Cryptocurrency Exchanges For Rule Violations

Hong Kong regulator says to crack down on cryptocurrency exchanges for rule violations Hong Kong regulator Securities and Futures Commission said it would crack down on cryptocurrency exchanges that operate without a licence or violate local securities laws.PHOTO: AFP HONG KONG (REUTERS) - Hong Kong regulator the Securities and Futures Commission (SFC) said on Friday (Feb 9) it would crack down on cryptocurrency exchanges that operate in the Asian financial hub without a licence or violate local securities laws. The SFC said it had received investor complaints they were unable to withdraw cryptocurrencies from their accounts with some exchanges, and that they had suffered significant losses due to "technical breakdowns" of the platforms. Several complaints against issuers of initial coin offerings (ICOs) - where companies or projects issue their own digital coins or 'tokens' as a way of raising real world money from the public - alleged unlicensed or fraudulent activities, it said. "We will continue to police the market and enforce when necessary," said the SFC's Chief Executive Officer Ashley Alder. "But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law." The SFC's move comes as global policymakers have ratcheted up their opposition to trading the digital currencies and have warned investors that their meteoric rise last year was a speculative bubble. Bitcoin, the best-known crypto asset, rose more than 1,000 per cent in 2017. The threat of regulatory clampdowns and bans from credit card firms to social media sites, however, have already resulted in a panic sell-off, with bitcoin plunging about 50 per cent. The SFC said it had sent warning letters to seven cryp Continue reading >>

New York Could Crack Down On Cryptocurrency Exchanges

New York Could Crack Down On Cryptocurrency Exchanges

New York Could Crack Down on Cryptocurrency Exchanges It almost goes without saying at this point that one reason cryptocurrency has been able to thrive is that its very loosely regulated. In fact, in much of the world it isnt really regulated at all, and consumers are left free to buy and sell it as they please, taking whatever risks they like in the process. In fact, its when cryptocurrency is regulated that we sometimes see sell-offs. Just last month we saw analysis in a British publication about bitcoin slumping over mere fears of a Japanese clampdown on crypto exchanges . Its for this reason that news of the state of New York taking a closer look at cryptocurrency exchanges is at least somewhat alarming. The United States as a whole has more or less established a record of allowing cryptocurrency exchanges and traders to operate unimpeded or at least, theres been a wait-and-see approach. However, there is actually some history of New York attempting to get a handle on things. A write-up at an Australian platform for topics relating to gaming, finance, and general news reminds us that a company called New York BitLicense was released in 2015 after a few years of research and discussion. It was an attempt to regulate exchanges, and the result was that some exchanges simply stopped trading in New York, rather than apply for licenses. That was a few years ago and really it hasnt had a profound impact on U.S. cryptocurrency markets (and in fact theres even been recent word of BitLicense being restructured to some degree). Building on New Yorks somewhat tighter history regarding cryptocurrency however, we did recently learn that New York is probing cryptocurrency exchanges . On the surface, this actually feels fairly innocent, and could even be a good thing. New York At Continue reading >>

More in ethereum