Cryptocurrencies are mixed as Bitfinex destroys 500 million USDT, more than half of its treasury supply
After Coindesk accused Bitfinex, a major cryptocurrency exchange and operator of stablecoin Tether (USDT), of publishing trading volume data from, “a market that doesn’t exist,”, Bitfinex responded, saying they do not publish fake numbers. In its article, Coindesk noted that Bitfinex does not offer a USDT/USD pair, however, their exchange reports substantial trading volume on its exchange for the pairing -- at the time of this writing, daily trading volume for USDT/USD on Bitfinex is reported as USD$33,598,474, or 18.30% of USDT’s total 24-hour trading volume. Bitfinex clarified in its rebuttal, saying they reach their daily trading volume calculation for USDT/USD by calculating the sum of USDT deposits and withdrawals to and from Bitfinex. Bitfinex provided a link to the application program interface (API) where this data is supposed to be visible, however, the link did not work at the time of this writing.
As per the Taipei Times, Taiwan is planning to release draft initial coin offering (ICO) regulatory framework by June 2019. The Taiei Times cited Welington Koo, chairman of Taiwan’s Financial Supervisory Commission (FSC), who spoke at a meeting of the Legislative Yuan Finance Committee, saying, “The more we regulate, themore this new economic behavior wanes.”
Binance, the world’s largest cryptocurrency exchange, has officially launched Uganda’s first ever fiat-to-cryptocurrency exchange, as per an official announcement on Medium. Currently, Ugandans are only able to trade Bitcoin (BTC) and Ethereum (ETH) through the domestic Ugandan shilling (UGX). Called Binance Uganda, the new fiat-to-cryptocurrency exchange is offering zero-fee trading until November 24th, 2018. According to the company statement, the launch of Binance Uganda is part of Binance’s initiative to contribute to blockchain technology development across the African continent -- shortly after their announcement, Binance’s charity wing donated USD$500,000 aid Uganda.
In a blog post published on Wednesday, Tether, the issuer of stablecoin USDT, announced that it, “redeemed a significant amount,” of USDT from circulation and that it will destroy 500 million USDT from its treasury wallet -- the 500 million destroyed USDT represents a whopping 52.8% of its total treasury supply for future issuances. This news comes after the value of USDT dipped below USD$0.90/token last week and after Circle and Coinbase partnered to list stablecoin USDC on Coinbase. Tether refered readers of the announcement to their white paper, where the firm states, "every tether issued or redeemed, as publicly recorded by the Bitcoin blockchain will correspond to a desposit or withdrawal of funds from the [company's] bank account."
Nasdaq, the world’s second largest stock exchange by market capitalization, has been awarded a new patent to tackle the implementation of blockchain in releasing new information to the media industry. Originally filed in January 2017, the patent references, “an information computer system […] provided for securely releasing time-sensitive information to recipients via a blockchain.” The patent explains the purposed system’s process, saying, “A submitter submits a document to the system and a blockchain transaction is generated and submitted to the blockchain based on the document […] An editor may edit the document and an approver may approve the document for release to the recipients.” This past June, Nasdaq tested a blockchain proof-of-concept system for securities collateral.
Setl, a UK blockchain startup, has received approval from French securities regulators and is set to enter the European Union’s settlement system. Setl aims to launch its Target2-Securities platform, a EUR1 billion network built to span across the European Union and settle securities processed by the European Central Bank. Setl is expected to launch in early 2019.
South Korea’s Financial Services Commission (FCS) issued a statement today warning investors to be cautious when investing in cryptocurrencies. Documents published on the FSC’s website warn investors that they could be misled by cryptocurrency funds and that investors could mistake cryptocurrency funds for legal public funds that comply with South Korea’s Capital Markets Act. The FSC added that cryptocurrency funds must be approved and registered with the FSC to operate legally -- something no South Korean cryptocurrency fund has done yet.
Binance Exchange and a Cryptocurrency Project Tron Will Become Partners
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The Bill CLOUD was first introduced by the senators in the February of 2018. Its essence lies in the possibility for the US to enter into bilateral agreements with other countries and to get access to data on citizens and companies that is stored on foreign servers from technology companies, Cointelegraph. The EFF wrote: "This final, legislatively enacted bill will lead to an erosion of the protection of confidentiality around the world". "Our companies have long advocated for international agreements and global solutions to protect our customers and Internet users around the world. We have always stressed that dialogue and legislation - not litigation - is the best approach. If enacted, the CLOUD Act would be notable progress to protect consumers' rights and would reduce conflicts of law." He wrote in his Twitter on the eve of voting in Congress that the vote on the bill is an "Important step" in the significance of CLOUD. According to him, changes in the legislation will allow law enforcement agencies to "Legally receive data from other countries". Now the judges are deciding whether the US Department of Justice had the right to force the company to provide the customers' emails, which are stored on the servers of the company in Ireland, without the permission of the Irish government.
Currently, there is no uniform international approach to Bitcoin and its legality will depend on where in the world that you reside. However, as authorities gain more experience and knowledge about Bitcoin, and the cryptocurrency industry in general, it is likely that at least a certain minimum levels of regulation will come into place in the vast majority of countries. Binance CEO Changpeng Zhao has apologized for causing concern among the crypto community when he openly spoke about the possibility of a rollback for the Bitcoin blockchain following confirmation of a hack leading to the theft of USD 40 million worth of bitcoins on its platform.. The rollback had caused a sharp backlash, particularly among Bitcoin-only communities, aghast at the very concept ... Bitcoin climbed 17% in a 24-hour period from Wednesday to Thursday afternoon, sharply rising after the Department of Labor reported a staggering 6.6 million new unemployment claims during the week ... In the UK, the Financial Conduct Authority in Britain has declared Bitcoin a commodity and has no plans for crypto regulation. Japan. Japan was the first country in the world to declare Bitcoin as legal tender. Japan passed a law in 2017 bringing ... Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC ... Data: Retail Interest in Bitcoin Peaked Just Before 13%... Bitcoin’s price has rebounded following a brief selloff seen earlier today that caused it to dip as low as $11,200 The cryptocurrency’s recent strength has come about due to the... Cole Petersen 7 hours ago; Bitcoin Likely to Reach $12,000 Following Robust Weekly... Bitcoin’s price has been sliding lower throughout the past few ... In fact, a renowned cryptocurrency exchange Binance had fallen prey to Bitcoin blackmail when an anonymous blackmailer demanded almost three and a half million US dollars ($3.5 million) for illicitly obtained Know-Your-Customer data.. Bitcoin blackmail on the rise in the UK. However, the UK’s recently revealed figures show that the problem may be much more deep-rooted than we thought. Binance. The world’s largest cryptocurrency exchange is also a bastion of KYC-less trading. There are some caveats though. For one thing, U.S. citizens must trade on Binance US, which comes with ... Bitcoin’s became less correlated with other cryptocurrencies in Q2 2019, according to a Binance Research report. According to the 2019 Q2 Crypto-Correlations Review, the second quarter marked ... Binance.US looks to be far more limited than regular Binance, with only Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and Tether trading available to start. Further, Binance.US will require identification information to sign up in order to comply with regulations.
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