BTCC China’s first Bitcoin exchange will now launch trading services in South Korea according to our latest bitcoin news reported yesterday on October 16.
BTCC was previously known as BTC China, that has headquarters in Hong Kong, will soon start beta trading services in South Korea by the end of this month and will officially debut in at the start of November.
According to their website, this new service that is headed by Lee Jae-beom will provide a trading platform, wallet service and a mining pool to the future customers.
‘’BTCC is establishing an on/offline payment system using cryptocurrency and is expanding services for real-life use.’’
This major exchange was founded in 2011 and is one of the top five crypto exchanges in China. The exchange was under intensified pressure from the country’s regulators and the signs from the central bank of China of an imminent exchange crackdown which further led to its closure last year in September. This was the same year and month when China put up a ban on Initial Coin Offerings.
This company was acquired this January by a Hong Kong-based blockchain fund which led to re-branding BTCC and developing the mining pool and wallet software in July this year.
South Koran exchanges are also under a lot of scrutiny from domestic watchdogs since this is the period of fraud allegations and hack attacks.
On the bright side, the country is working on a draft legislation to reclassify crypto exchanges as crypto asset exchange and brokerage thus recognizing them as regulated financial institutions.
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“The launch of Facebook’s cryptocurrency will go down in history as the catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser. Buckle up.”Another crypto trader and real estate developer known as Satoshi Flipper noted that Libra will not replace Bitcoin nor compete against it in the same market.
"Once Libra goes live, nobody outside of the Facebook platform will care much for it. It’s another stable coin and it’s not replacing BTC. It will work in a centralized ecosystem. But it will bring awareness to BTC and altcoins. And I’m excited about the network effect it will have," he said.One of the Winklevoss twins, Tyler Winklevoss, has also predicted a Bitcoin YTD gains, stating the possibility for Bitcoin to break through even more in the near future. https://twitter.com/tylerwinklevoss/status/1141387824379441152 His statement went viral on many best cryptocurrency news sites.
QuadrigaCX Co-Founder Used User Deposits For His Own Trading
“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”In addition to this, the coming altcoin news show that QuadrigaCX co-founder Cotton apparently created fake "identified" accounts on the exchange under multiple aliases “into which unsupported Deposits were deposited and used to trade within the platform.” This, as EY noted, led to “inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.” In his trading on the competitor exchanges, EY noted that the QuadrigaCX co-founder incurred trading losses and incremental fees that affected Quadriga's cryptocurrency reserves. The report also cites EY saying that it has been unable to confirm the identity of wallet holders to which substantial sums of crypto were transferred. As of the filing date, around 76,000 users are owed a combination of fiat and crypto by Quadriga, at an aggregate value of around $214.6 Canadian dollars (equivalent to $162.2 million in USD).
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“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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