The world’s 7th largest crypto exchange by daily trading volume Huobi reaches our blockchain news today after re-launching in Japan as a fully licensed platform after it merged with BitTrade, announcing the news in an official press release.
According to the press release, Huobi Japan Holding Ltd has officially acquired a majority stake in BitTrade back in September 2018 and at that time BitTrade was one of the rare exchanges that actually had a license from the national financial regulator.
The CEO of Huobi Group Founder Leon Li pointed out that securing the license is a huge milestone for the company. In the press release, you can also look up how the security provisions are emphasized saying that Huobi Japan has a specialized distributed architecture or a Distributed Denial of Service countermeasures system and an A+ SSL certification.
Also, Huobi Japan supports trading of Ethereum, Bitcoin Cash, Litecoin, Bitcoin and Ripple.
Having a license as a crypto exchange in Japan is mandatory since April 2017 after the amendment of the country’s Payment Services Act was imposed but the agency has continued to look out for applicants in 2018 as well after the huge $532 million theft of NEM tokens from Coincheck happened.
BitTrade, on the other hand, was the first FSA-licensed platform in Japan and was acquired by the Singaporean multi-millionaire Eric Cheng. He also acquired FX Trade Financial Co. which is BitTrade’s affiliate company.
As of now, there are exactly 17 crypto exchange platforms in Japan that hold the FSA license.
In the past 24 hours, Huobi made $299 million in trades.
Silvergate Bank Will Expand Services Including Cryptocurrency Lending
Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
Coinbase Confessed To Have Put Traders’ Funds At Risk
‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
Join us on Facebook
- Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
- Winklevoss Twins Consider Joining The Libra Association
- Israeli Startup Libracamp Is The First Incubator Behind Facebook’s Libra
- Silvergate Bank Will Expand Services Including Cryptocurrency Lending
- Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Mysterious BTC User Claims He Is Hodling $10 Billion In Bitcoin
Regulation4 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Bitcoin News2 days ago
The Bitcoin Family: A Story Of 5 People Spending BTC For 2.5 Years
Analysis2 days ago
Ethereum Could Climb Above $200 According To Analysts
Regulation3 days ago
Crypto Laws In Europe Are About To Tighten Up This Year
Bitcoin News3 days ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Bitcoin Scams5 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Analysis2 days ago
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021