Chinese CEO Of OKEx Crypto Exchange ‘Arrested’ Again; Whales Bail

“Chinese traders are still able to use other trading platforms, including decentralized exchanges, so temporary difficulties with one exchange will not …
Nathan Road, Hong Kong

Star Xu, OKB coin founder and main man behind OKEx, missing in action.

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OKEx users found out that they couldn’t cash their chips early Friday as the founder of the cryptocurrency exchange was ‘arrested’.

Mingxing Xu, also known as Star Xu, was reportedly being questioned by police, Chinese news agency Caixin reported today. The news from Caixin came shortly after OKEx issued an “Announcement on Suspension of Withdrawals ” of crypto assets on its platform, meaning no one could get their money out. The company’s digital coin, OKB, fell nearly 11%.

Some of the company’s key personnel are said to be cooperating with an investigation into Star Xu and that shuttered accounts as of 11:00 am in Hong Kong. The company said that “other functions of OKEx are guaranteed to be normal” and “asset security is not affected.”

Hong Kong-based crypto sources said that Xu may be being held to help an investigation into the backdoor listing of OK Group in Hong Kong in 2019 and is not related to the exchange’s withdrawal issue.

Caixin also reported that Xu had been arrested at least a week ago and had not appeared at the company for many days. Mysteries abound. He was also part of a fraud investigation in 2018.

Looking at this from a the big picture: what does this mean for the industry in China?

The OKEx case is a clear reminder for the blockchain industry in China that it needs to be totally decentralized. It proves that only when there are no key owners of an organization (such as a crypto exchange) can it be immune from political influence and interference. Some industry insiders see decentralization solutions benefiting from problems such as this, as it is a reminder that so-called DeFi projects could be scaled to industries, other than finance, in order to protect against crises exemplified by today’s OKEx withdrawal ban.

Some big crypto traders are moving on the actions out of OKEx. Some $56,557,316 was transferred from OKEx to Binance today. According to data by Glassnode, a total of 10,000 BTC (around $113 million) was withdrawn in two large batches in the past 48 hours.

“Chinese traders are still able to use other trading platforms, including decentralized exchanges, so temporary difficulties with one exchange will not have a significant impact on those traders,” says Alexandr Denisov, CEO and co-founder of Deep Quant, a Russian software company specializing in algorithmic trading of cryptocurrencies. They are currently looking to partner with OKEx.

For the most part, people don’t see this as a death knell to OKEx yet, or a shot across the bow of China and Hong Kong’s crypto market.

“We don’t know yet if they did anything unlawful at OKEx,” says Kirill Bezverhi, CEO of Moscow based FinPR Agency, which works with blockchain and new tech companies in Russia. “I’m not sure that this is a sign that China has something against blockchain. In the short term, we can really see the outflow of deposits from the Chinese crypto exchanges today, simply because people are trying to reinsure themselves and protect their assets.”

OKEx is one of China’s three biggest exchanges, with more than $6 billion in daily trading volume. Some 1.1% of the circulating Bitcoin supply is held in OKEx cryptocurrency wallets.

Europe Reveles Its Digital Finance Strategy and Legislative Proposals on Cryptocurrency

… European countries look to be leading other nations from various continents as far as cryptocurrency and distributed ledger technology is concerned …
Sep 27, 2020 at 10:43 // News
Author

Coin Idol

These newly introduced measures could be vital in backing up the EU's economic salvage

The European Commission (EC) approved on Thursday September 24, a digital finance package, including a retail payments plan, digital finance strategy and legislative proposals on cryptocurrency and digital resilience, for a booming European Union (EU) financial sector that gives customers access to state-of-the-art financial goods and services.

These newly introduced measures could be vital in backing up the EU’s economic salvage since it will help unbolt fresh means of channeling funds and other crucial aid to firms and dealings in the region.

The EC is working around the clock to give more above-board clarity plus cast-iron certainty for the digital currency landscape within the 27 member nations of the EU. This has been the first time to see the Commission suggesting new regulation on cryptocurrencies.

EU to Implement Digital Finance Package for Stablecoin

The authority is paying special regard to stablecoin, a cryptoasset created to abate the instability of the price of the coin, in relation to some particular “stable” asset or a couple of assets. Stablecoins can be pegged to a cryptoasset, traditional currency, or to exchange-traded commodities (ETFs) like valuable products including precious and industry metals.

The fresh proposals are targeting bringing in stricter regulations and rations for stablecoin creators with reference to capital, rights of venture capitalists, as well as supervision. The issuance agency/company of stablecoins will be required to be authorized by a national competent agency in case the sum of stablecoins is more than €5 million. However, the requirements that will be enacted on cryptocurrency issuers and service providers, must be proportional to the risks caused by the services offered.

If the package is finally considered by the EU Parliament and the EU Council, the digital friendly and safer guidelines created by the Commission for both cryptoasset issuers, digital currency start-ups and users will play a bigger part in heightening technological innovations in the EU’s fintech industry.

Regulation for Cryptocurrency

So far, apart from the United States and China, European countries look to be leading other nations from various continents as far as cryptocurrency and distributed ledger technology is concerned. Europe is trialing central bank digital currency (CBDC) with several countries including Lithuania, Sweden at the forefront. Switzerland is regulating the banking licenses, cryptocurrency and capital market using the rules for stablecoin created by Swiss Financial Market Supervisory Authority.

In an effort to combat illicit activities associated with cryptoasset like terrorism funding, drug trading, money laundering, etc., the EU drafted the 5th Anti-Money Laundering Directive in 2018, and these measures have helped to reduce such activities in the region.

Bitfinex Lists UNI as DeFi Token Price Doubles in Two Days

After launching $UNI, Uniswap is the DeFi smart contract with the most value locked up in its smart contracts—$1.85 billion, according to data from …

In brief

  • Major crypto exchange Bitfinex has listed Uniswap’s new token, $UNI.
  • It is the latest large exchange to do so, after OKEx, Coinbase Pro and Binance.
  • $UNI has doubled in price since its launch.

Crypto exchange Bitfinex is the latest major cryptocurrency exchange to list $UNI, the governance token that powers decentralized exchange Uniswap.

Bitifnex today opened trading of pairings for UNI/USD and UNI/USDT (that’s Tether, the US dollar-pegged stablecoin). Deposits, trading and withdrawals are all open. Bitfinex follows Coinbase Pro, OKEx and Binance, major cryptocurrency exchanges that have also listed the token.

$UNI, which launched on Wednesday, traded for $3.21 on Thursday. Its value has since doubled; as of this writing, it is worth $6.56, according to data from metrics site CoinMarketCap.

$UNI is a governance token, meaning that holders can stake it to vote on proposals to upgrade the network. High-rollers can propose their own upgrades.

Those who provide liquidity to the network earn the token as an extra reward. Uniswap is a decentralized exchange that relies on a liquidity pool to facilitate trades. A liquidity pool is a bunch of money that Uniswap’s customers can draw on to swap tokens.

Uniswap’s $UNI token matches the offering of SushiSwap, a Uniswap clone that last month added the same governance token distribution mechanism for its token, $SUSHI.

SushiSwap, which today has $487 million locked up in its smart contracts, had been eating up Uniswap’s business. After launching $UNI, Uniswap is the DeFi smart contract with the most value locked up in its smart contracts—$1.85 billion, according to data from metrics site DeFi Pulse.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Different Beginners for Bitcoin Fundamentals

Bitcoin backers say that money is the future. … Bitcoin these days, even if they don’t really appreciate the most common virtual currency in the world.

Bitcoin backers say that money is the future. Doubters term it “evil.” Decent, poor or simply wrong, everyone has something to tell about Bitcoin these days, even if they don’t really appreciate the most common virtual currency in the world. After Mt. Gox insolvency and shake-down FBI Silk Road, many are as yet attempting to understand Bitcoin. Also, we do not censure them for that. The dubious cryptographic money, and pretty much every part of it, is extraordinarily befuddling, particularly on the off chance that you accept that the established press is reusing the misguided judgments about that. If you want to invest in bitcoin then visit max your profit app

• Introduction about bitcoin

Bitcoins are decentralized, basically automated virtual coins that are lawfully traded electronically between two gatherings with no middle person. In contrast to current fiat cash, Bitcoin isn’t directed or financed by any bank or legislative central body, for example, the Federal Reserve, and has become perceived normally as the Internet cash. Bitcoins are pieces of devices code that speak to money related units — numerical equations, really — Currently there are around 11 million Bitcoins. Taking all things together, during that time 2140, just around 21 million Bitcoin will ever be produced. Not at all like charge card buys, Bitcoin moves, which occur each day around the world, are irreversible; just the person who gathers the assets may reimburse them.

• Are Bitcoins confidential and out of schedule

No, they aren’t against the regular conclusion. Despite the fact that Bitcoin clients don’t need to uncover those pieces of recognizable proof subtleties, for example, their financial balance and quantities of government-managed retirement or physical locations, a discernible record of every exchange are abandoned in an advanced record called the blockchain. The open record thinks that it’s more than once unthinkable for people to get to the indistinguishable bitcoins. Bitcoin trades that run in the U.S. get from their client’s delicate distinguishing subtleties that can be acquired by a solicitation.

• How the user purchase Bitcoins

Bitcoins are transferred electronically by Bitcoin exchanges and private traders using very clear cash U.S. dollars, Japanese yen, etc. A portion of the Bitcoin trades that are more normal incorporate Bitstamp and Coinbase, yet there are hundreds to browse over the globe.

• How would investor get the opportunity to begin using Bitcoin

The investor needn’t have a clue about any of Bitcoin’s essential intricate details to begin utilizing it. You will at that point need to acquaint a Bitcoin wallet with your flexible or device. Bitcoin wallets are likewise regularly alluded to as Bitcoin-Qt, Armory, Electrum, Hive, and MultiBit clients. In the event that you are utilizing a Virtual Wallet Service, ensure your PC is upheld up occasionally.

Digital Bitcoin wallets, such as Android’s Bitcoin Wallet, allow you to use Bitcoin to pay for products in physical stores that accept them by scanning a QR code by using a “press pay” NFC. Web wallets, for example, Coinbase and Blockchain.info, permit you to get to Bitcoin from any program or cell phone and furthermore have extra highlights, for example, most recent Bitcoin rates and news, and the chance to acquire, utilize and perceive digital currencies.

On the off chance that you have joined, your Bitcoin wallet supplier can deliver your first Bitcoin address and, as indicated by The Bitcoin Website, you will construct more whenever you need one. You can trade users’ messages with companions and associates so they can pay you in Bitcoin, and you can pay them.

Binance.US launches regulation-compliant services in Georgia, USA

… U.S state of Georgia. Some of the crypto exchanges currently operating in Georgia are Coinbase, Coinbase Pro, Kraken, Coinmama, and Gemini.

Residents in the US state of Georgia can now register on the Binance.US cryptocurrency exchange which will function under the state’s regulatory requirements, according to a company announcement published today.

🍑 https://t.co/AZwoBOy3iq is now live in Georgia 🍑

Georgians can start registering & trading today!

— Binance.US 🇺🇸 (@BinanceUS) September 15, 2020

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This move comes after the exchange announced launch of its trading services in Alabama, yesterday. Currently, Binance operates in 40 U.S states that now include Georgia and Alabama. Binance.US’ CEO, Catherine Coley said that the addition of these new states would allow more Americans to participate in their digital financial future. Coley further added:

We’re thrilled to bring Binance.US to two new states…Alabama and Georgia are key states on our way to being regulatory compliant across the U.S. I’m excited to hear from new users on their trading needs and preferences as we work to become the best crypto exchange in America.

The release further stated that the exchange’s goal was to bring about more understanding to cryptocurrencies amongst users in these states who could benefit from new options for cryptocurrency traders in each state. The release also shared a beginner’s guide to cryptocurrency trading which included the submission of identity and address verification documents.

While Binance.US is aiming to get new users to adopt cryptocurrency, it will have to face competition with other crypto exchanges that are already operating in the U.S state of Georgia. Some of the crypto exchanges currently operating in Georgia are Coinbase, Coinbase Pro, Kraken, Coinmama, and Gemini.