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LocalBitcoins Users Remain Without Access To Their Tokens

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Most of the LocalBitcoin users remain without access to their tokens, two weeks after the exchange suspended their accounts without a word. The account-holders said that they have been frustrated by the move which has brought their trading operations to a stop, as per the latest cryptocurrency news.

LocalBitcoins is based in Finland and is a platform where buyers and sellers can trade Bitcoin directly. It incorporates escrow for security and is also licensed by the Finnish regulator or the Finnish Financial Supervisory Authority. The platform is available in more than 248 countries and generates revenues per year of 31 million USD. The company has more than 67 employees. Back in 2019, the exchange tightened its compliance requirements thus removing the ‘’in-cash’’ person option. despite that, however, the exchange suspended the accounts of many of the LocalBitcoins users without prior warning.

Customers in Africa have also been affected mainly those in Uganda and Nigeria. The account holders in Asia have also been affected including people from Pakistan, Afghanistan and other countries in the Middle East. There were many users in the United Kingdom that were affected as well. The localbitcoins users have been asked to withdraw their bitcoin holdings and erase their accounts if they don’t want to wait for activation. Many say that they have been unable to take any action since their accounts have already been suspended with thousands of dollars worth of Bitcoin locked.

Rizwan Ali was one trader from Pakistan who was affected, he said:

 “It’s devastating. The exchange suddenly blocked our funds and suspended accounts without any warning. My 0.5 BTC is blocked, and I am waiting for it to be released. It’s been 14 days today since I made my account deletion request. There was no notice. They violated their own terms of service. I am sure what they are doing is illegal.”

Another localbitcoins user in Nigeria said that he was unable to access the account even after he received notifications about customers that want to sell him bitcoins:

 “One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go – only to notice on his way to the airport that he could not even access his funds.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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India Sees Crypto Trading Volumes Rise Due To COVID-19 Lockdown

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India is the world's second most populated country and right now, it is increasingly embracing cryptocurrencies amid the domestic economic issues as well as the coronavirus-related lockdown. As we can see from the cryptonews now, India sees crypto trading volumes shooting higher due to the COVID-19 pandemic. It all started on March 4, when the country's highest court quashed a Reserve Bank of India (RBI) order which was dated for April 6, 2018 - prohibiting banks from providing services to entities dealing with cryptocurrencies. This is when the activity on exchanges started increasing.
“There has been a considerable increase in trading volumes on exchanges catering to Indian clients due to the clarity offered by the Supreme Court’s ruling,” said Ashish Singhal, who is the CEO and founder of the cryptocurrency exchange CoinSwitch.
The crypto banking services platform Cashaa India noted that there was a spike of 800% in the past 48 hours in the trading volumes following this decision. So, it is clear that India sees a rise in this trading aspect - “the platform also registered a volume of 600+ BTC in the first 24 hours,” said Cashaa CEO Kumar Gaurav. Even though back then the Indian traders were in a rush mainly because of the rumors that the government would intervene by declaring cryptocurrencies illegal, India sees a spike in crypto trading now and every trader is looking to take advantage of the time window offered by the Supreme Court's ruling. The momentum remains storing and as the Bitcoin news today show more increases, it will likely go up in the near future. The activity on exchanges in India further improved after the fourth largest lender in the country, Yes Bank, collapsed on March 6 and damaged the confidence that Indians have in the national banking system. This is how a national panic was triggered - and why now India sees a potential havoc. However, the prices of crypto remain strong and the exchanges are working full steam to satisfy the traders. Meanwhile, traditional markets such as equities and bonds panicked in March as the coronavirus outbreak gathered pace across Europe and the United States. India's benchmark equity index NIFTY 50 dropped by 23% as a result, while the Indian rupee hit a record low of 77.40 per US dollar.
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0x Price Charts Show Altcoin Increasing By 1.48%

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The 0x price charts show that the altcoin increased by 1.48 percent from the previous day and the price is now hovering around the $0.17 USD. The price from yesterday is a reversal from the previous day and in terms of trend, the current price is now at 11 percent above the 20-day moving average and is currently in an uptrend in the past 14 days. Some of the others 0x price charts show that the altcoin has increased 7 percent of the previous 10 days and in regards of volume, the price move of yesterday happened when the volume as 56% less than the 7-day average volume. In terms of the expected trading range, the Bollinger bands suggest that the price could shift between $0.13 and $0.17 based on the current momentum and volatility, compared with the one from the past 14 days. The price’s current proximity can make shorting a very attractive opportunity for the traders that are interested in trading the range. Yesterday, there were 1147 transfers among the 0x holders and there as a wallet count rise by 125. To better understand the loyalty or the usage among 0x holders, we can see that there were 388 wallets making a transaction yesterday while the 9,077 wallets have sent or received tokens over the past month. As for the wealth distribution, the top richest 1000 wallets own about 137% of the money supply and this number is bigger by 100 percent because of the many token holders that are not able to sell them yet. The numbers are not included in the supply yet but can be regarded as future sellers once they become able to sell the tokens. The percent of the currency that is owned by the wallets that both belong to exchanges and wallets of the tokens, 7.63 percent belongs to the top 1000 richest wallets and contributes to the money supply. In terms of growth rate, the total supply of the richest 1000 wallets grew by -0.08 over the past week and for the exchange wallets within the 1000 richest wallets, there was a share growth by 0.18%. The NA transactions among the 0x holders happened yesterday and for the number of holders yesterday, the number of wallets that hold 0x was NA by NA.
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Cryptopia Users Receive Good News After New Court Verdict

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The cryptopia users who lost their funds in the exchange hack could be one step closer to recovering their funds according to the new court verdict by the New Zealand High Court as we are reading further today in our crypto news. After a year of investigating, the liquidators Grant Thornton finally got some good news from the court. The cryptopia users can expect some good news as the exchange posted an update to the Twitter account earlier today. After the long battle, it seems that the victims could be recovering their funds. Justice Gendall from the High Court of New Zealand delivered some important notes in his 74-page document:
‘’TL;DR? Cryptocurrencies are “property” and despite the fact that the assets were held in co-mingled wallets, they are officially owned by the account holders and not the company itself.’’
This is good news for the Cryptopia users because it means that the hacked exchange liquidators can start the process of getting the funds back without having to perform a long reconciliation process which was a part of the game plan last month. The liquidators had a tough job since they got the case in 2019. They found out that the users’ funds were mixed in the co-mingles wallets and also found breaches in AML requirements which looked like the users could never get their funds back. The New Zealand Judge, however, threw them a lifeline. Some of the Cryptopia users noted that the liquidators could do a better job at communicating with them since many people don’t have the time nor the knowledge to understand the lengthy legal document. Some of them took it to twitter:
‘’When and how are we receiving our coins back? Don’t expect people to read your lengthy report everytime, your report needs to come in with more of highlighted decisions and next actions.’’
However, after a long time, it now looks like the legitimate users are getting closer to recover their funds but the only question remains is when will that happen? As well as reported previously, The Cryptopia liquidators from the New Zealand crypto exchange successfully recovered about $11 million in the past six months but they claim that the process is still very difficult.
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Crypto Exchange OKEx Tackles Small Balances With New Offering

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The popular crypto exchange OKEx recently announced a new feature that allows its users to convert small balances to the firm's proprietary token OKB. As OKEx announced on April 7, the new product will allow its users to convert all the crypto asset balances worth less than 0.001 Bitcoin (BTC) which is $7.38 at press time into OKB. The upper limit for conversion value is 0.01 BTC ($73.84 at press time) and there is no limit on conversion time but the conversion will be only available when the price fluctuates within 5%. Recently, a trader told the media that this small balance handling is an important feature for long-term traders because it prevents users from wasting resources when trading different assets. He said that small balances are a big issue on crypto exchanges since they are funds that cannot be used” to trade. The latest Binance news show that there is a similar feature letting users convert small balances (often called dust) into the proprietary token Binance Coin (BNB). When the feature first launched in late April 2018, the co-founder of Binance and CEO Changpeng Zhao joked on Twitter, “I hear the team has built a broom, who wants it?” In a February 16 blog post, the crypto exchange OKEx explained some of the advantages that OKB holders have on its exchange, stating:
“There is only one trading fee discount program for OKB holders on OKEx, in which users only need to hold 500 OKBs to enjoy fee discounts. To receive the maximum discount, users only need to hold a maximum of 2000 OKBs.”
The CEO of OKEx, Jay Hao, urged traders to avoid speculating on OKB and stated that "A principle that I recommend all our users stick to is that if you do not fully believe in the long term growth of OKEx, then please do not trade OKB.” Over the past year, the crypto exchange OKEx was in the cryptonews a lot and grew a lot within the cryptocurrency ecosystem. As the media reported at the end of March, OKEx recently became the world's top Bitcoin Futures exchange by daily trading volume, overtaking the industry veteran BitMEX. According to Hao, the competitors of OKEx are probably not appreciating the growth of his platform - earlier this year, the blamed them for denial of service attacks against the exchange.
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