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Coinbase News

Coinbase UK Branch Started Dropping Support For Zcash

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Coinbase UK Branch announced they will be dropping the support for the privacy-focused cryptocurrency-Zcash as we are reading today in the latest altcoin news.

According to the customers of the platform, Coinbase UK is sending letters to warning the users that they will have to convert their zcash (ZEC) holding or to remove them entirely to an external wallet by the end of the month. The cryptocurrency exchange provided no further reasons or explanations for the removal of the cryptocurrency but stated that all of the remaining ZEC balances on August 26 will be directly converted to British pounds in the users’ accounts.

The developer of Zcash, the Electric Coin Company has confirmed the news on twitter back on Friday saying:

 “Those affected by @coinbase UK issues: this is limited to Coinbase UK only. UK residents can still buy/sell Zcash through @cex_io. No other exchanges in the UK affected.”

The tweet continues to explain that ‘’to pre-empt speculation we confirm that Zcash is 100% compatible with the UK Regulations and KYC/AML requirements.’’ In the guidance released at the end of July, the United Kingdom watchdog- the Financial Conduct Authority stated that while some forms of crypto-assets may go under the regulatory remit, the exchange tokens such as ether and Bitcoin will not. That category also included the privacy coin Zcash. On the other hand, the British tax agency, HM Revenue and Customs, has recently started sending letters from users and crypto exchanges, demanding information such as names and transaction histories from platforms such as eToro, CEX.io, Coinbase and many more. The goal was to claw back at unpaid taxes as the agency stated.

As per the reports in the latest cryptocurrency news, Zcash allows the users to use the option to hide details on their transactions using a zero-knowledge proof called zk-SNARKs. When Coinbase PRO announced the support for Zcash back in November in 2018, they claimed they will also support deposits from both transparent and shielded addresses but they support only the withdrawals to transparent addresses. The Users of Coinbase in other jurisdictions were unaffected by the removal of the Zcash support at least until press time.

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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

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Binance News

Kraken Joins Coinbase And Binance To Allow XTZ Staking

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Crypto exchange Kraken joins Coinbase and Binance in order to provide its users Tezos staking starting today, December 13, 2019. In our Tezos news today, we can see that the price of the XTZ coin has increased 12 percent in the past 24 hours, repeating the movements when other exchanges also announced Tezos staking on the platform.The large US-based crypto exchange Kraken published an official statement regarding the Tezos staking and starting today the users will be able to leverage their coins to safeguard the network and to also receive rewards in return. According to the announcement, Kraken will provide several benefits for the clients who will decide to stake XTZ on the exchange and it said that also the users won’t have to wait for lockup periods since their payouts will be delivered every Monday and Thursday.What is even more interesting, Kraken joins some of the biggest players in the industry with a fixed rate of 6 percent so if the users decide to exit their staking position they can simply do so by transferring the tokens out of the Staking wallet back to the exchange’s spot wallets. Tezos has been one of the most important topics in the crypto community and it was even compared to the second-biggest altcoin by market cap and called ‘’The New Ethereum.’’The crypto exchanges seem quite interested in the project as Kraken is not the first one to allow the users to stake XTZ. The Binance crypto exchange announced that it will support zero-fee Tezos staking which means that the users who have XTZ in their accounts will automatically receive staking rewards every day based on their snapshots. The largest US-based crypto exchange Coinbase added Tezos to its portfolio of the staking digital asset and the investors will even receive an estimated annual return of more than 5 percent.When Binance and Coinbase emerged in the news, regarding the staking of the altcoin, the price of the asset increased by 8 percent and 70 percent respectively and XTZ noted a decent surge today as well with 13 percent against the dollar and 12 percent against bitcoin. Tezos is trading at $1.75 and has a market cap of over $1.1 billion and the technical analysis shows that XTZ will keep on surging.
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Binance News

Binance US Or Coinbase Pro: Which Suits Americans Better?

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As you probably know from the latest Coinbase news this year, the cryptocurrency exchange announced its Coinbase Pro platform earlier this year, along with Binance and the expansion with the American branch called Binance.US. This has put both of the platforms as direct rivals in the market - but is Binance US or Coinbase Pro actually better?Even though there are several other options too, these exchanges are operated by two of the most recognizable cryptocurrency firms in the space. Both of them have a major US presence now. Below, we are reviewing both of them and showing you whether Binance US or Coinbase Pro is a better option.BackgroundCoinbase is a long-established company which was created in 2012 and launched its exchange in 2015. Binance was created in 2017 but is still more dominant than Coinbase - taking it over in many ways.Trading VolumesThe Binance news today show that even though Binance ranks as the largest exchange in the world, Binance.US is much smaller since it serves only one country. Coinbase, on the other hand, does not report volumes for its non-Pro exchange and handles $100-$200 million of volume per day as details show.LegitimacyIf you are wondering whether Binance US or Coinbase Pro is more legit, we can safely say that they are on the same level. Even though they were both in the news for some fiascos over the years, Binance and Coinbase are among the most respected firms on the market.LiquidityAccording to CryptoWatch, Binance.US has $4 million of liquidity while Coinbase Pro has $15 million. However, both exchanges seem to have sufficient depth for the amount of activity that they experience.Fees And LimitsWhich is better in terms of fees and limits - Binance US or Coinbase Pro?Binance.US' fees start at 0.1% while Coinbase Pro's fees start at 0.5%. However, both offer fees as low as 0%. The limits on trading are similar too - Binance.US allows withdrawals and deposits of up to $1 million via bank wire and Coinbase Pro allows unlimited deposits and withdrawals to $10,000 per day.Supported CoinsBinance.US supports 46 trading pairs for 26 coins while Coinbase Pro offers 53 trading pairs for 22 coins.Now, as you can see, it is difficult to answer the "Binance US or Coinbase Pro" question and make a decision. Perhaps Binance.US is a bit better in terms of its fees, limits and support, but Coinbase Pro is definitely a decent competitor.
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Coinbase News

Coinbase Leads Over Other Exchanges In Holding 956K Bitcoin

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Coinbase leads over some of the largest crypto exchanges in terms of holding bitcoin since the platform reportedly has about 956K BTC which is the biggest amount compared to the others as per the recent reports that we have in our Coinbase news today.The largest US-based crypto exchange Coinbase leads alone in the interesting statistics regarding the bitcoin storage. Built-in 2012, the exchange managed to accumulate over 960K BTC over the years. When bitcoin reached $7,250 a day ago, the amount that Coinbase reached up to $7 billion. BitMEX is the closest to Coinbase with more than 265K of bitcoins which is slightly less than $2 billion.Bitstamp is in the third position since it holds up to 229K bitcoins and also 26K Ethereum. This means that the total amount that is stored on Bitstamp in US dollars reaches up to $1.66 billion at the time of writing. Further down the list is Bitfinex at $1.48B, Kraken with $1.33B, Coincheck with $256M and Poloniex at $166M.Poloniex seems to be on a downtrend in other aspects as well. As previously reported, the users don’t store large portions of Ethereum on the exchanges and it seems that the exchange has the most significant decrease as well. So far, the trading volume goes on crypto exchanges and the numbers that can be seen from the application are somewhat different. Bitcoin Margin Trading exchange and BitMEX are now using the first spot with a total daily trading volume which surpassed the $2 billion mark as per the recent charts.The exchanges now allow trading of Futures contacts and are the most widely used. Binance has about $842 million of trading volume which comes in the second position and Huobi Global is third with $644 million. The highest-ranked exchange that doesn’t provide Futures trading is BitMart at $607M and then Okex with $601M.As per the previous reports, Coinbase secures a new patent, and we can see that the system works to assess whether the purportedly non-compliant accounts are good or bad. Their classification is entered into a feedback system and the system decides whether or not to close the account.
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Coinbase News

Coinbase Secures New Patent For An Account Identification System

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The latest Coinbase news show that the major American cryptocurrency exchange is taking multiple swings at new patents. This time, Coinbase secures a new patent for a system which works to identify and flag non-compliant accounts.As a filing with the United States Patent and Trademark Office on November 19 shows, the system contains a scoring model that “determines a compliance score for each one of the accounts based on the respective factors associated with the respective account.” As such, the system then compares the compliance score for each account to detect those accounts that fail the compliance standards.Now that Coinbase secures a new patent, we can see that the system works to assess whether the purportedly non-compliant accounts are good or bad. Their classification is entered into a feedback system and the system decides whether or not to close the account.
“An investigator may be able to determine whether an account is being used for illicit activities by doing research on the parties of the transaction who receive or send payment and determining whether such parties are regularly involved in illicit activities. It may for example be relatively easy to determine that a party sending or receiving payment is in the business of conducting online services that may be illegal,” the filing shows.
As Coinbase secures a new patent, we can see that exchanges are making bigger and bigger moves towards adoption of systems that work against illicit activities.Speaking of, CipherTrace reports for the third quarter of 2019 show that the total volume of cryptocurrency related fraud and theft resulted in losses which are worth $4.4 billion in 2019. CipherTrace also showed the 120 most popular exchanges and their Know Your Customer (KYC) and Anti-Money Laundering requirements and analyzed patterns in these crypto-related crimes.In contrast to this, we can see that earlier in November this year, the lawyer and general counsel at the decentralized startup Compound Finance, Jake Chervinsky, asked whether exposing the public to data risks that KYC requirements carry with them is actually worth it. He argued and said that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, identity theft and phishing.
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