According to some local sources, Coincheck, which is the major Japanese crypto exchange known for the $500 million hack that it suffered this January – is still unsure about reopening its exchange. This is what makes the news today in our crypto news section.
According to the claims of one cryptocurrency miner and an analyst based in Japan, the president of the exchange reportedly said that he “does not know the prospectus of reopening.”
Meanwhile, Coincheck is famous for suffering the largest security breach in history of cryptocurrency – one that made it lose more than $500 million in XEM which is the native currency of the NEM blockchain – to a (still) unknown group of hackers.
Due to its inability to compensate all of the investors affected by the hack, Coincheck reached a deal with Monex which is a local and publicly listed company in Tokyo with the aim of obtaining sufficient funds and refunding its investors.
Currently, the platform is unable to accommodate new users until the Japanese Services Agency (FSA) which is the country’s main financial watchdog – grants a license to the exchange to operate as a fully regulated and compliant exchange.
Even though the exchange dropped 66% in terms of its revenue, the company has apparently been able to record some revenues from their existing investors.
“Since service suspension in January 2018, Coincheck only allowed existing customers to sell their cryptocurrency. This limited revenue stream resulted in segment loss of ¥ 0.6 B [around $5.3 million]. Coincheck has improved in governance, internal control and internal audit, aiming for full service resumption.”
Coincheck will still be able to reopen if it can demonstrate to the FSA that the exchange has conducted a complete overhaul of its previous internal management system and its security measures.
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
"Today's Order stands as yet another in the string of cases showing the CFTC's commitment to actively police the virtual currency markets and protect the public interest," is what is written in the CFTC enforcement document.
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:
“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing
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- CFTC With A Fine Of $1.1 Million To Crypto Fraudster
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- CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
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