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Crypto Firm OSL Receives In-Principle License Approval From Hong Kong’s watchdogs

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The Asian-based cryptocurrency firm, OSL Digital Securities, won the Hong Kong market regulator’s in-principle decision to issue an exchange platform license to operate its crypto-related business in the region.

With this crucial development, the Fidelity-backed BC group is now one step closer to operating as a regulated provider for brokerage and automated trading services, including security tokens. After the latest move, OSL asserted that it would continue to work under the SFC’s regime in a bid to secure a full-provider license in Hong Kong.

Commenting on the authorization, BC Group CEO Hugh Madden stated,

“Securing approval-in-principle for a virtual asset trading platform license in Hong Kong, inclusive of security tokens, underscores our commitment to comprehensively addressing the demands of institutional investors”

In response to growing anti-money-laundering [AML] and know-your-customer [KYC] concerns, Hong Kong’s Securities and Futures Commission expanded its regulatory oversight for cryptocurrency exchange treating them as traditional securities brokerages and allowed these platforms to opt into regulation under its new rules.

Essentially, the “in-principle” decision is the first step of the full authorization process in which the applicant platform is required to satisfy one or more requirements set by the Securities and Futures Commission [SFC] in order to obtain a license.

SFC had unveiled its new set of rules for the cryptocurrency exchanges in November last year. It details how the Platforms must address custody and compliance, in particular with regard to the KYC and AML rules. The published documents also state that exchanges can only offer products to “professional investors.” In addition, they will also be required to file a monthly report to the Commission.

The 61-paged document stated,

“The adoption of the new regulatory framework will enable the SFC to formulate its future
regulatory strategy for virtual assets through close supervisory interactions with an
evolving and dynamic industry.”

The exchanges will need the regulator’s approval for offering new products. Besides, SFC does not consider direct peer-to-peer platforms for licensing. Interestingly, OSL was the first and the only platform to apply for the license.

Hackers Steal $3.1 Million in Bitcoin From Crypto Exchange Cashaa

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The U.K.-based crypto exchange, Cashaa, claims that hackers stole 336 bitcoins worth about $3.1 million from the exchange. The exchange firm has now halted all cryptocurrency transactions, such as withdrawals and deposits, in order to pave the way for security breach investigations.

Cashaa revealed through a tweet that the attacker hacked one of their wallets on Blockchain.com. The wallet is used to maintain the BTC and to make transfers to the crypto exchange platform. It is believed that the hacker has embedded malware into one of Casha’s computer systems.

Crypto exchange Cashaa attack took 3 minutes

Moreover, as one of the employees accessed the computer on July 10 to validate two separate transactions, the attacker swooped in, getting away with 336 Bitcoins worth approximately $3.1 million under the current market price. The incident took place within three minutes, between 1:23 pm and 1:26 pm. The CEO of Cashaa, Kumar Gaurav, reportedly told media outlets that:

“We are still investigating the damage caused by the incident and suspend all withdrawals for 24 hours. We have called the board meeting to decide whether the company will bear all the losses.”

Cashaa CEO wants exchanges that allow transfer of stolen funds to be shut down

According to Cashaa crypto exchange, the funds were transferred to this bitcoin address: 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek. There are some suggestions that the crypto mixing software is being used to transfer the stolen BTC; to confine the digital trails. Cashaa also suspects that the perpetrator is from East Delhi , India, and has therefore filed a report with the Delhi Police Cyber Crime Department.

In addition, Cashaa has reported the address involved to all crypto exchange platforms in an attempt to prevent the hacker from spending the stolen crypto. Through a statement directed at exchanges that permit stolen funds transactions; Guarav said attackers are assured of hacking cryptocurrency addresses and moving the funds via these exchanges.  Gaurav also noted the need to shut down these platforms and charge owners for money laundering.

China based Ebang International to Expand into Establishing Offshore Cryptocurrency Exchange

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The spread of coronavirus has resulted in catastrophic consequences all across the planet, with several companies and organizations feeling the pinch. Cryptocurrency companies have also begun to diversify their portfolios in order to ensure their survival in the coming months.

Chinese cryptocurrency Miner Producer Ebang International Holdings Incorporated was the latest company to offer new services in the midst of a raging pandemic. Ebang claimed that an offshore exchange for digital assets would be launched in the third quarter of 2020 with the hope of expanding out of the Bitcoin ecosystem.

According to sources close to Ebang, the move would help dabble in a sector that was independent of the highs and lows of Bitcoin. Mining companies like Ebang generally depend on price variations for large cryptos like Bitcoin, which is not always a sustainable model. These companies only make a profit when the price of crypto is rising on a bullish ramp.

At the time of the press, Bitcoin traded for $9222.4 with a total market cap of $169.88 billion. A 0.65 percent price increase over the previous 24-hour lifted the daily trading volume to $15.99 billion. This stagnant price increase does not make much of a profit for a large company like Ebang Holdings. New reports on the Hangzhou-based rig maker showed that the new expansion rates could increase the revenue stream by 40%.

Ebang also plans to set up a crypto exchange outside the mainland of China, a road map for which it is still under construction. In a recent interview, Ebang Chief Financial Officer [CFO] Chen Lei stated that foreign exchange could contribute at least 10% to the current revenue stream. Despite new developments, Ebang registered a 14 percent drop in its IPO pricing, raising more than $100 million.

The company reiterated that its services would help counter Bitcoin’s volatility in the wake of the currency’s wild move over the past year. Ebang recorded gross revenue of $109 million in 2019, which is expected to exceed that benchmark by 2020. This predicted spike comes at a time when rivals like Bitmain and Canaan were focusing on a blend of AI and physical technology.

Ebang International also plans to list Nasdaq under the EBON symbol. AMTD Global Markets, Loop Capital Markets and Prime Number Capital are proposed to act as project lead managers.

Coinsquare Attacker Discloses Evil Plan to Steal Bitcoin

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The hacker behind the Coinsquare attack is now planning to use the data he stole during the attack to steal bitcoin and other digital currencies. The Coinsquare attacker plans to use the personal information he stole from the cryptocurrency exchange in Canada in a series of SIM swap attacks to steal digital currencies.

According to an anonymous attacker during an online chat with the media outlet, “The original intent was to sell it, but we figured we ‘d make more money by swapping SIM accounts.”

SIM swapping tactic to be used by Coinsquare attacker

SIM swapping refers to the action of cloning a victim’s SIM card to develop a copy that works exactly like the original. This strategy will facilitate the criminals in receiving any information that is sent to the original SIM card which includes confirmation codes, 2-factor authentication codes, and many other data.

For instance, access to this information could be used to access the victim’s cryptocurrency exchange accounts and steal BTC among other cryptocurrencies. In fact, SIM Swapping has been a common practice by criminals to steal valuable information from their victims. Last year, two criminals were charged in Massachusetts for using the SIM swapping strategy to steal crypto worth $550,000.

Hacker wanted to prove the exchange wrong

According to the Coinsquare attacker, the Canadian-based crypto exchange annoyed them by claiming to be the most secure cryptocurrency exchange in the country; and he took it as a challenge so as to embarrass them. The anonymous hacker said:

“I set out to embarrass the company for claiming they (sic) the most secure Canadian exchange; and obviously that is a lie.“

Furthermore, the individual revealed evidence that he did actually breach the exchange in the form of a list with email and physical addresses; as well as cellphone numbers of more than 5,000 Coinsquare clients. Notably, Coinsquare users can be relieved that the list did not contain any passwords.

Bitcoin Shed 9% of its Value- It ‘s a Perfect Time to Invest

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Monday was an exciting day for the crypto-world as bitcoin ultimately broke the $10,000 psychological resistance. Just as people were speculating whether this was a start of a $20,000 ride, the market unexpectedly placed a damper on them-the price of bitcoin fell more than $800 in five minutes, dragging many cryptocurrencies to the red.

While the sudden plump was just another volatile episode of bitcoin, it was the umpteenth time such a huge fluctuation occurred on the market, so naturally, it creates some doubts for bitcoin enthusiasts as to whether bitcoin will see a significant increase in the near future, and how long it will be.

 

bitcoin pr

We often say that the bitcoin market is a rollercoaster ride, but in the last few months, it seems more like a combination of a rollercoaster ride and a merry-go-round that keeps hovering around $9,000 and $10,000. sNow, for spot traders and hodlers, it seems like a really lackluster moment.

So, is it still wise to invest in bitcoin right now? Is there anything we can do in addition to waiting for the price to rise?

Compare with spot trading, leveraged trading is tailored made for volatile markets. Here are some advantages of leveraged comparing with spot trading:

  • Generate Profits on Both the Ups and Downs of the Market

Leveraged trading is more flexible than spot trading. In leveraged trading, you can make profits by speculating the price movement of bitcoin, instead of waiting for the price to increase. You can earn as much as bitcoins even in the bull market. 

  • High Liquidity

While spot trading requires you to prepare a large sum of money, leveraged trading enables you to “borrow” money from the exchanges, so the pressure on your cash flow is much lower. Besides, in spot trading or hodling, it might take days or even months for the market to gather pace and generate profits for you. But with leveraged trading, every small fluctuation is an opportunity to earn money. 

To illustrate, with the 100x leverage provided by Bexplus, you can open a position 100 times bigger than your initial capital. Let’s assume you open a short position 2 days ago with 1 BTC when bitcoin was changing hands at $10,000. With 100x leveraged, your position will worth 100 BTC. Now, the price of bitcoin nosedived to $9,500 in just a few hours. Your profit would be: ($10,000 – $9,500) * 100 BTC / $9,500 = 5.26 BTC. Your ROI would be 5.26 / 1 *100% = 526%. 

beplux

Bexplus – The Go-to Futures Exchange for Beginners and Veterans

Headquartered in Hong Kong and established in 2017, Bexplus is a leading crypto derivatives platform offering 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts. 

No spread, no KYC requirements, no deposit fee, Bexplus is trusted by traders worldwide, including USA, Japan, Iran, Singapore, and Sudan. 

Highlighted Features of Bexplus Exchange

  • Intuitive Interface

The user-friendly trading interface caters to the needs of both beginners and veterans. All the necessary data are clearly listed on the right side. For advanced traders, powerful tool-kit can help them better analyze the market. 

exchange

  • Learn to Trade with 10 Free BTC

Upon registration, which takes only about 1 minute, traders will get a real account and a demo account. Even if you’re a beginner, you can still make profits like other veterans! There are 10 replenishable BTCs in the demo account for traders to practice as much as they like. You can also learn how to analyze the market and use the demo account toolkit.

  • Stop-loss and Take-profit

Bitcoin trading has its own risk. Since it is traded around the clock, it’s impossible for us to watch the market all the time. Bexplus’ stop-loss and take-profit options help traders better manage their positions and protect them from huge price swings. 

  • No Deposit Fee, Easy to Convert Your Funds

Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. With one Visa Card, you can start your journey of accumulating bitcoin. 

  • Best Ranking Mobile Apps

Bexplus mobile app rank in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. 

mobile

You can check the market, enter or close a trade, or deposit your funds in the interest-bearing wallet wherever you like. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement.  

All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets. Bexplus app is available on Apple App Store and Google Play.

To boost the confidence of bitcoin traders, Bexplus now provides up to 10 BTC deposit bonus to users. Users can get a 100% deposit bonus for every deposit on Bexplus, and the profits gained with the bonus are withdrawable. Furthermore, active users can get 10% off of their transaction fee. You might miss the opportunity to buy bitcoin when it was trading at double-digit, but you still can catch this opportunity to earn handsome money on Bexplus!

btc

Find out more about Bexplus:

Website: https://www.bexplus.com/ Telegram: https://t.me/bexplusexchange
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8
Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus

Crypto Exchange Bisq Halts Trading due to  ‘Critical’ Vulnerability in Security

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Decentralized peer-to-peer cryptocurrency exchange Bisq has halted trading due to a “critical security vulnerability” until further notice.

The developers said they were investigating the security problem in an announcement posted on April 8, and are warning users not to send any funds if they are involved in any trade.

Bisq is expected to issue a hotfix “within a few hours” for the critical vulnerability, so far an alert key has been used to “temporarily disable trading.”

“Bisq is a proper distributed peer-to-peer network. So you can override the latest alert key functionality that blocks trading. But we highly discourage you from doing this for your own security,” authorities said

The  Bisq exchange is a peer-to-peer application that lets users buy and sell crypto in exchange for fiat currency.

Now let’s take a look at what peer-to-peer exchange is and how it functions, and some of its benefits.

Peer-to-peer exchange is a decentralized form of exchange that is maintained and operated exclusively on software. As the name implies, peer-to-peer means that there is no third party in between. Simply put, P2P or peer-to-peer exchanges allow buyers and sellers to trade with each other directly without having to trust a third party to process their trade.

Since you deal directly with other traders, whose funds are not managed by the owners of the platform themselves, the element of confidence would be higher. That also provides privacy benefits.

Since there is no third party involved, merely the buyer and seller negotiate. Communication between the two parties shall be kept confidential. This only becomes public after the order has been issued and is ready to be applied to the blockchain. Because the exchange happens on the blockchain, no identifying information will be used. In addition, features of blockchain, such as distributed ledger, immutability, and encryption further improve the security of the entire network.

Secondly, fees on the P2P exchanges are far more reasonable. Fees range from 0 percent to 0.7 percent on most P2P exchanges.

Thirdly In a p2p exchange, every transaction occurs in the public ledger of the blockchain. It removes the need to think about the credibility of the counterparties. Furthermore, their KYC information remains in line with the blockchain database. So the risk of identification and other kinds of fraud will be much less.

Kraken Ramps Hiring as Other Companies Struggle to Stay Afloat During the Coronavirus Pandemic

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Bitcoin’s price movement has been an active part of the cryptocurrency industry and during the current crisis, the financial space took a massive hit. The market crash sent stock tumbling which resulted in several organizations firing a considerable part of their workforce.

One business has chosen to take the complete opposite path in between these pressing times. Kraken, one of the most successful cryptocurrency exchanges, has decided to recruit more manpower while the coronavirus has kept industries shut down.

Kraken has always been predominantly a company that lets its employees work from home, and that ideology has served them well in the ongoing lockdowns. The United States Congress also took the desperate step to infuse $2 trillion into the nation’s economy so that companies could stay afloat.

Members of the IMF had recently said that the US had entered into recession with the ramifications expected to be worse than the 2009 crisis. It was Kraken’s hiring spree during the financial scenario that took a lot of members by surprise.

According to the exchange, it had hired 67 more people to its roster bringing the total number of employees to 867. Kraken was seen to be riding the employment wave in the cryptocurrency industry, which had risen by a good margin since December 2019.

Reports showed that between the time that the Coronavirus started spreading and March, the hiring rate had increased by 3. This came after an spike in the crypto jobs submitted, which went from 114.5 per million to 118.4 per million. Another interesting fact about the hiring phase was that the new employees had skill sets best suite for liberal arts majors or the hospitality industry.

The cryptocurrency industry seems to be working on a different tangent to the fiat world as the latter was stuck between a rock and a hard place. On one hand, the financial industry was already a wreck from bear attacks which was then followed up by the coronavirus. At the moment, the Dow and Nasdaq were struggling to bear the weight of industry closures and massive layoffs.

Bitcoin was holding well after its earlier price crashes as the world’s largest cryptocurrency traded for $6252. BTC’s market cap was $114.3 billion while its 24-hour market volume clocked $32.9 billion. The 5.94 percent fall in value was the second-largest dip among the top 5 cryptocurrencies. Bitcoin Cash fell by the biggest margin in the top 5 club as the crypto shed 7 percent of its value in the span of 24 hours.

 

 

South Korean Exchange Announces Closure And Returns Thousands of ETH Tokens

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Since the coming and going of the 2017 crypto-currency bull run, crypto-businesses, as well as projects, have found it hard to survive if not completely wiped out.

This phenomenon was again put on display when Content Protocol, a Korean cryptocurrency company announced its closure. The Startup focused essentially on content exchange and the lack of business opportunities and regulatory uncertainty killed any chance of its growth. One of the biggest highlights of the shutdown was that the Contents Protocol decided to refund its assets to the investors.

Contents Protocol will refund its investors, distributing just under 27,000 ETH on a pro-rated basis. These were the total holdings of the company before it decided to announce its shutdown. The startup is barely 2 years old and had made news in December 2018 by raising $10 million in Ethereum during a token sale. The official announcement from Content Protocl stated:

“We inform you that due to continued regulatory uncertainties in cryptocurrency and lack of business prospect, we have decided to end our project. Based on the legal opinion and advisory from law firms in Korea and Singapore, we will convert our remaining assets to ETH and distribute it on a pro rata basis to CPT holders who have requested ETH compensation until specified date.”

Contents Project was made to collect consumer data from Korean platforms such as WATCHA PLAY and WATCHA to create a better content ecosystem. In this way, the company plans to rewards the users for its data with its native token Contents Protocol token [CPT].

The US SEC has been involved in the case of multiple cryptocurrency companies. Earlier in 2018, Pantera Capital estimated a quarter of the ICOs it invested in could be sent back to their original backers.

New Nolex Exchange – Elegant Experience in the Heart of Tron

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I wondered what makes an exchange elegant and then I saw Nolex. It’s like they were communicating life is a game of intuitive experience and you refuse to be boring. 

The Nole community launches its first interactive exchange – Nolex. This exchange will be simple, have an intuitive user experience and community-driven. The exchange will give members a 50% discount on trading fees. Members will also be able to earn commissions by inviting friends. Nolex exchange referral program guarantees a 10% commission every time your referrals make a trade.

The blockchain leader announced the progress of its ecosystem in a mind-blowing letter to its community. Saying they are creating more trust and reliability this year. A prior letter on the firm’s medium page acknowledged 2019 as a great year. 

When three community managed to grow more value and more community for its tokens. 

Excited about a successful 2020, Nole anticipates building more trust and reliability. With these comes the proud announcement of the NoleX cryptocurrency exchange. Next in the development is Nolegends, a blockchain platform for gaming and giving.

Nolelegends will disguise itself as an educational and philanthropy among gamers. While the platform will create a fun experience for its community, it will also inspire people to confront global issues. 

Nole highlighted that they are not only building great products but also creating a name for themselves in the crypto space. 

“Great products are not enough, we should squeeze in a little more” 

Among the key insights that will guide the next development phase on Nole include: 

  • NOLE -FIAT  exchange ATMs
  • More diverse exchange listings
  • Philanthropic events 
  • Attain 10,000 active members 

The firm also launched a new initiative in a move to create more transparency in the ecosystem. Nole team members are an important part of the community. The blockchain leader, therefore, launched an initiative dubbed “Introducing the Nole Team” on February 1. 

Deba
Mr Debasish Das

“Introducing the Nole Team” is a series of blog posts on its medium platform, that will help users get to know the team behind Nole better. Meanwhile, they kicked off the series by first introducing Debasish Das. 

Nole hopes the series will build more trust in the community. 

 

Crypto Exchange that Warned About Data Leaks Denies its Claim Now

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Poloniex exchange recently warned its users to reset passwords for some users to protect their accounts from possible data leak –however, the exchange today states that the information on social media didn’t originate from the crypto exchange.

Poloniex on Data Leak

Initially, the email was reportedly sent across its users on December 30, stating that “someone” posted a list of account credentials (email address and passwords) on Twitter and enforced a password rest on a group of users”. While it stated that not all the email addresses listed belong to Poloniex exchange, it claimed that the leak data could be used to log in to Poloniex accounts.

However, the exchange on Jan 03 posted an official detail blog post, noting that “no information or data leak was originating from Poloniex”. While elaborating the further stance, the exchange added;

Our immediate priority was to ensure that our customers’ accounts were safe. As a result, we reset the passwords of potentially impacted customers, as users often reuse passwords or minor variants of the same password. Our second priority was to determine the source of the leak and we can now confirm that neither this list nor the information contained, originated from Poloniex.

As part of concluding the matter, Poloniex details that “approximately 90% of the passwords listed already appear in the haveibeenpwned.com list of exploited passwords”. More so, it quickly assures users that they do not store user’s data in plain text. For those whose email Id wasn’t on the list, Poloniex said, ‘their data is secure’, by continuing…

 “Less than 5% of the email addresses on the posted list were associated with Poloniex accounts”. 

Since the exchange has been marked with the hacking incident in a history of the crypto industry, traders and users are still sceptical about the company’s rickety announcements quite often. Echoing the similar concern, a Twitter user, “Joshua Thomas” mocked by tweeting;