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BitMEX Introducing New Services For Their Corporate Customers

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BitMEX Introducing New Services For Their Corporate Customers
BitMEX Introducing New Services For Their Corporate Customers

Hong Kong-based cryptocurrency derivatives exchange BitMEX is launching a new program with benefits for its corporate clients including enhanced security service, and accounting. According to a June 22 announcement on BitMEX’s support page, the exchange is launching a new program for corporate customers, BitMEX Corporate. Accounts on the crypto exchange that are not owned and operated by an individual can now ensure their BitMEX holdings are the legal property of a corporation. 

BitMEX said the new features were created for clients who need “different ownership structures for their accounts”, the means for their employees to access and manage accounts, and security requirements. However, the announcement also stated that options like multi-user login and instant transfers between accounts would be available later in 2020.

Though BitMEX remains one of the largest derivatives exchanges in the world, many members of the crypto community have been saying they are losing confidence in it.

In addition, the derivatives giant is facing a new lawsuit in which its executives are accused of racketeering, money laundering, wire fraud, and unlicensed money transmissions. Crypto Twitter users were quick to respond to the official announcement from BitMEX with some skepticism. “Isn’t it too late, guys?” Twitter user call_aka_911 said, referring to the BitMEX Corporate news. Others including user 24Based were more blunt: “Retail is gone from your exchange, now you have to try to scam corporate’s with overload?”

Altcoin News

Cardano’s ADA Could Be Listed On Coinbase In 2020

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Cardano’s ADA Could Be Listed On Coinbase In 2020
Cardano’s ADA Could Be Listed On Coinbase In 2020

Cardano’s native cryptocurrency, ADA, may be listed on Coinbase by the end of 2020. This news comes following an announcement that ADA holders will soon be able to stake their assets in Coinbase custody.

A spokesperson from IOHK — Cardano’s development company — released the following statement replying to the question of whether a Coinbase listing is also in the works:

This news comes amid Cardano’s Virtual Summit, which revealed a plethora of news updates for the project this week. On July 2, it was announced that IOHK is launching cFund in partnership with Wave Financial Group. cFund will be a venture fund aimed at fostering adoption of IOHK’s blockchain platforms. The company has initially committed $10 million, with another $10 million to be raised by its partner. cFund is expected to make investments worth $250,000–$500,000 in “startup and early-stage businesses that build their products and services on IOHK’s blockchain technologies, including Cardano.”

In a recent tweet, Cardano founder harles Hoskinson pointed out that the Cardano Virtual Summit has already been attended by over 10,000 guests, making it bigger than popular Blockchain conference Consensus.

Charles Hoskinson

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Altcoin News

A Rupiah-Backed Stablecoin Is Launching On Binance And Tokocrypto

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A Rupiah-Backed Stablecoin Is Launching On Binance And Tokocrypto
A Rupiah-Backed Stablecoin Is Launching On Binance And Tokocrypto

Major cryptocurrency exchange Binance and Indonesian exchange Tokocrypto have listed a rupiah-backed stablecoin, Binance IDR (BIDR). According to an announcement on June 30, Binance and Tokocrypto users can now trade BIDR against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ether (ETH). Users will also be able to directly purchase and redeem the stablecoin at a rate of 1 Indonesian rupiah each ($0.000070).

BIDR is pegged to Indonesia’s fiat currency and runs on Binance Chain. Binance CEO Changpeng Zhao claims that this is the first stablecoin pegged to this fiat currency and was made possible through ample collaboration between the two exchanges:

“Stablecoins […]  are an important channel for fiat money to spread around the crypto ecosystem. […] BIDR, in particular, is especially important in supporting our growing number of users who are trading and buying cryptocurrencies with the Indonesian Rupiah.”

The news follows a May announcement that Binance invested in Tokocrypto, which is reportedly Indonesia’s first crypto exchange regulated by the country’s Commodity Futures Trading Regulatory Agency. In November, Binance also acquired the well-known Indian crypto exchange WazirX, in an attempt to further expand its presence in Asia. In April, Zhao explained that  the firm is prioritizing collaborations with domestic cryptocurrency exchanges that have banking relationships, which subsequently can help in rolling out fiat currency trading. Binance has also launched locally-regulated crypto trading platforms including Binance Uganda, European trading platform Binance Jersey, Binance Singapore and Binance.US.

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Exchange news

UK High Court Shut Downs Allegedly Fraudulent Crypto Exchange

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UK High Court Shut Downs Allegedly Fraudulent Crypto Exchange
UK High Court Shut Downs Allegedly Fraudulent Crypto Exchange

The UK High Court has appointed the Official Receiver as liquidator of the cryptocurrency trading platform, GPay Ltd. According to an announcement published by the UK Insolvency Service on June 30, the crypto exchange showed signs of being “nothing but a scam”.

The firm, also known previously as XtraderFX and Cryptopoint, advertised its services online and through social media channels. The Insolvency Service claims that the ads falsely alleged the service was endorsed by entrepreneurs who appeared in an unnamed UK primetime TV show and a high-profile money saving website. After complaints received by the local authorities, the Insolvency Service proceeded with confidential inquiries into GPay’s activities. These revealed that at least 108 clients claimed to have lost around £1.5 million ($1.84 million) while trading on the platform.

David Hill, a chief investigator for the UK Insolvency Service, commented:

“GPay persuaded customers to part with substantial sums of money to invest in cryptocurrency trading. This was nothing but a scam as GPay tricked their clients to use their online platform under false pretenses and no customer has benefited as their investments have been lost.”

The Court also received reports that clients were denied withdrawal requests if they had not actively traded their deposited funds within GPay. GPay’s case concluded on June 23, 2020 with a petition presented by the Secretary of State for Business, Energy and Industrial Strategy, or BEIS. Recently, the United Kingdom Advertising Standards Authority, or ASA, and the Internet Advertising Bureau, or IAB, launched a new system to detect and remove fraudulent online ads.

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