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Cloudflare Outage Brings Several Cryptocurrency Exchanges and Websites to a Halt

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Cloudflare, a major internet infrastructure provider, recently encountered extensive issues, causing several crypto exchanges to go down.

The content delivery network (CDN) revealed in a Tuesday update that it is experiencing problems with its services and network and that a remedy is in the works. However, the company has yet to explain what went wrong, resulting in the suspension of services throughout the world.

Crypto exchanges were affected due to the Cloudflare outage

FTX, a cryptocurrency exchange, announced on Twitter that many individuals would have difficulty accessing its platform and other sites, alleging that the exchange is currently in “post-only” mode. Bitfinex and OKEx, two cryptocurrency exchanges, also tweeted about the problem, with the latter inquiring whether there would be a Web3 option in the future.

Cloudflare, which went public around three years ago, provides businesses with a web network infrastructure that allows them to publish their content online. Security services, such as distributed denial of service protection, are also provided by the infrastructure (DDOS).

Binance seems to be unaffected, and one user asked CZ, “Why are all exchanges down except yours?” For this, CZ replied:

This isn’t the only time a Cloudfare disruption has reverberated across the cryptocurrency community. A similar disruption pulled Bitfinex, Coinbase, and other big websites to a stop in August 2020.

Aside from crypto exchanges, additional sites and applications with 500 internal server errors are now unavailable, including Indian brokerages Zerodha and Upstox, as well as messaging platform Discord.

Coinbase is Allegedly in Plans to Purchase Crypto Exchange Btcturk for $3.2B

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Coinbase, one of the largest cryptocurrency exchanges, is apparently intending to buy BtcTurk for $3.2 billion.

The two exchanges negotiated a price based on the market behavior of the Turkish lira and Bitcoin (BTC), landing at around $3.2 billion, according to Turkish digital media source Webrazzi, which cited a Thursday report from Mergermarket.

A term sheet has apparently been signed by one or both of the two companies.

Coinbase CEO Brian Armstrong has announced ambitions to expand to every country where the exchange is legally permitted to operate.

In March, Coinbase planned to buy 2TM, the parent company of Mercado Bitcoin; a crypto trading firm focused on Latin America.

Coinbase is also looking for a country director for its Turkish business. Part of the director’s tasks, according to the job description, include increasing the exchange’s “strategic alliances” in the nation.

Binance said on April 14 that it had opened a customer care center in Turkey to combat cryptocurrency fraud. As Turkey embraces the digital future, crypto and non-financial tokens (NFTs) are being regulated.

BtcTurk, which was founded in 2013, is one of Turkey’s largest and oldest cryptocurrency exchanges, competing with Paribu and others for market share. The business has seen more than $196 million in trade activity in the previous 24 hours, according to CoinMarketCap data.

Coinbase launched the NFT beta marketplace

As per the details from a blog post published on Wednesday, Coinbase NFT beta testers will be able to build online accounts as well as purchase and sell NFTs.

Sanchan Saxena, Coinbase’s vice president of product and ecosystem, suggested that the marketplace’s architecture will be a mix of a social networking platform and existing NFT markets like OpeaSea during a Tuesday press event.

Even though the marketplace is still in beta, Coinbase has promised $0 transaction costs for a limited period, and the exchange has partnered with 0x Labs to lower gas fees for Ether (ETH) transactions.

Users have the option of using their own wallets or the Coinbase Wallet.

The company is expected to extend access to the NFT marketplace depending on users’ waiting positions. The platform becomes available to anybody over the age of 18 “in the coming weeks.”

In addition, it also stated that it would “decentralize additional functions” in the future, such as user comments.

The Indian Government Puts 11 Crypto Exchanges Under the Radar for Tax Evasion

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The Indian government has taken action against 11 cryptocurrency exchanges in the nation, including CoinDCX and CoinSwitch Kuber, for tax evasions totaling Rs 81.54 crore, Minister of State for Finance Pankaj Chaudhary said on Monday.

Chaudhary said in a written response to a Lok Sabha question that the total amount recovered from cryptocurrency exchanges, including interest and penalty costs, is Rs 95.86 crore.

In addition, the Indian government stated that it does not gather any information on cryptocurrency exchanges.

The Indian government is “trying to gain a foothold in understanding the many issues it will encounter in execution once rules are in place,” according to Pratik Gauri, creator of 5ireChain, a blockchain ecosystem.

The Indian government and crypto tax

According to Chaudhary, central GST organizations have only uncovered a few examples of crypto exchanges evading GST.

He went on to say that 11 cryptocurrency exchanges were examined for tax evasion, with Rs 95.86 crore seized in total, including interest and penalties.

The case of CoinDCX involved a Rs 15.7-crore tax evasion inquiry. According to the Lok Sabha reply, Rs 17.1 crore has been collected, including interest and penalties.

Buy Uncoin was charged with Rs 1.05 crore in tax evasion, of which Rs 1.1 crore was recovered. The CoinSwitch Kuber case featured tax evasion worth Rs 13.76 crore, with a total recovery of Rs 16.07 crore.

Awlencan Innovations India (Zebpay) was implicated in a Rs 2.01 crore tax evasion, with Rs 2.5 crore confiscated. UnoCoin is being investigated for Rs 2.97 crore in tax evasion, of which Rs 4.44 crore has been recovered.

Following huge GST evasion by cryptocurrency exchange WazirX earlier this year, the Directorate General of GST Intelligence came down hard on cryptocurrency exchanges in the nation.

Crypto’s confused stance in India?

Finance Minister Nirmala Sitharaman said on February 1 in the Budget 2022 that profits from any virtual digital asset will be taxed at 30%, with no loss set off. She stated that no expenditures or allowances will be recognized while calculating such revenue, except the cost of purchase.

The Indian government also clarified last week that losses resulting from the transfer of virtual digital assets cannot be offset by profits from another. Mining expenditures, it added, cannot be considered acquisition costs.

Due to the lack of regulatory law, the legal status of cryptocurrencies is still unclear. Investors argued the clauses in the Indian government’s tax proposal on cryptocurrency essentially legalized crypto trading.

Spanish Department Store Group El Corte Inglés Plans to Establish Its Crypto Exchange

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El Corte Inglés has opted to enter the cryptocurrency world despite the opposition of the major central banks and the majority of regulatory agencies.

According to sources, the distribution business has recruited Deloitte to construct a technology platform via which it may offer this new investment concept to the more than 11 million users registered with its credit card.

The ‘holding’ controlled by Marta lvarez Guil has entrusted the consultant with creating a new firm, Bitcor, allowing its clients to purchase and sell currencies such as bitcoin and ethereum.

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El Corte Inglés Store

El Corte Inglés enters the crypto realm

Last year, El Corte InglĂ©s registered Bitcor with the European Union Intellectual Property Office (Euipo) to offer “financial services, financial activities relating to currency exchange and currency trading.”

Last summer, the European Commission granted the corporation clearance after no resistance or accusations against the brand was filed by any natural or legal person.

After months of internal debate about the suitability of entering the world of alternative investments, El Corte Inglés has decided to take the plunge and entrust itself to Deloitte.

It will be assisted by Minos Global, a company specializing in Blockchain technology founded by former Deloitte employees.

El Corte InglĂ©s’ decision coincides with Six Group, the owner of the Spanish stock exchange, partnering with LMAX Group, the leading provider of currency and cryptocurrency trading platforms for institutional investors, to offer cash-settled and centrally cleared futures on crypto assets.

Investors will be able to invest in bitcoin and ethereum futures paid in dollars, which will be traded 24 hours a day, seven days a week.

However, European supervisory authorities (the European Banking Authority, the European Securities and Markets Authority, and the European Pension and Retirement Insurance Authority, respectively, EBA, ESMA, and Eiopa) have recently issued warnings to consumers that many crypto assets are highly risky and speculative.

As a result, “they are not acceptable as an investment, a method of payment, or exchange for the bulk of retail customers,” they say.

El Corte Inglés clients are primarily retailers, or small savers, who will now be able to participate in mutual and pension funds, according to a business agreement inked with the insurance giant.

According to sources close to the shopping center firm, Bitcoin will be one of several options for average investors or those looking to diversify.

FTX embarks into Australian crypto market

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Following the acquisition of a key financial license in Australia, prominent cryptocurrency exchange FTX has officially opened its doors, as reported by local media. The company’s CEO Sam Bankman-Fried announced its formal debut of FTX Australia during a virtual talk to a gathering assembled for the country ‘s yearly Blockchain Week.

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Sam Bankman-Fried, CEO of FTX

Following the acquisition of an undisclosed company that formerly held an Australian Financial Services Licence, the crypto exchange has established a local presence. Other big exchanges, such as Binance and Kraken, had previously created a local presence in the last two years, and this decision seems to be in line with them.

Australians have had access to the exchange’s global basis for a while, but FTX is seeking to be in the foreground of the regulatory curve by satisfying policymakers and engaging with authorities ahead of time. In addition, Bankman-Fried said,

“We’d love to work with regulators and lawmakers on understanding the crypto ecosystem and build out regulatory frameworks for analyzing them.”

He went on to say that the firm was doing everything it could to help build a strong, healthy ecosystem in the country that prioritized consumer protection. According to a statement released on Sunday, the domestic exchange would offer most of its parent company’s bells and whistles while offering its goods in the crypto derivative and spot markets. It has also been announced that options contracts, futures contracts, contracts for difference, and leveraged tokens will be issued by FTX Australia, which will be based in Sydney.

Australia serves FTX as regional hub

When asked why he thought Australia was a significant territory that global exchanges should pay attention to, the 30-year-old CEO said the country had a huge chance to advance the rest of the continent through innovation.

According to the exchange, the establishment of an Australian subsidiary highlights the firm’s long-term commitment to the local market and is the inevitable next stage in its global expansion.

Furthermore, the exchange was awarded a licence to operate in the United Arab Emirates this week, following the passage of the UAE’s Virtual Asset Regulation Law, which also established a watchdog to oversee the nascent industry.

How to Get the Most Out of a Crypto Exchange Platform

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Despite the volatility of cryptocurrency, more people worldwide are finding reasons to invest in it. And now, various exchange platforms exist as options for crypto traders.

A crypto exchange platform is a platform where you can buy and sell cryptocurrency. And to help you get the most out of a crypto exchange platform, we have gathered seven tips for you. Read on to know them.

Do your research

Cryptocurrency exchanges require proper research. To get the most out of it, you must ensure you thoroughly research the deal you are considering.

Check out the reputation of the exchange platform and what other investors are saying about it. You may also want to go to website pages of the different platforms to have more information about them.

During your research, don’t only seek the good sides of the exchange but also watch out for any negative feedback hidden from potential customers.

If there aren’t enough details displayed on their website, you may contact them to ask questions. After all, it’s better to be safe than sorry.

Choose your broker carefully

You will most likely be performing your exchanges using a broker. However, you should ensure you choose your broker carefully.

Though you can easily find a broker on the internet, you must take your time to study various exchanges and brokers. Learn about their charges and the security measures they have to keep your investments safe.

Regardless of how profitable an exchange platform is, you need a reputable broker to get the best returns. If you cannot find one yourself, you may get recommendations from a trusted source.

Look out for fees and currency pairs

After confirming the reputation and credibility of an exchange platform, you should consider how each exchange you make will affect your investments.

There are two influential factors you should consider here. First is the exchange fee of the platform. Most exchange platforms charge exchange transaction fees.

Charges are determined based on either the size of the transaction or your level of activity on the platform. You should be aware of the basis for charges.

Secondly, you should consider the cryptocurrency pairs that your exchange offers.

Cryptocurrency pairs are assets that can be traded for each other on an exchange. As you get this information, understand how they affect your investment.

Consider accessibility

Location affects crypto exchanges. Due to specific regulations, some states and countries don’t have access to trade on several platforms. Some countries have entirely banned their citizens from accessing crypto exchanges.

It would be best to look out for the regulations in your location. This will enable you to select a platform that is accessible to you. You can get information about the areas where an exchange is limited on the platform’s website.

Take note of liquidity factor

Liquidity refers to the ability of a cryptocurrency to be converted into other currency forms. When trading your crypto, ensure you choose an exchange platform with enough trading volume.

It will help to ensure your holdings have high liquidity. Exchange platforms with high liquidity factors provide prices that are not constantly swinging in ways that affect the cryptocurrency exchange rate.

Ensure you are well secured

To get the best from a crypto exchange platform, you must ensure your investments and transactions are secure. You cannot afford to trade on a platform that cannot guarantee the security of your assets. Digital theft has become rampant in the market nowadays.

Cybercriminals deploy strategies to steal and transfer crypto assets without the knowledge and authorization of the owner. For this reason, you should get private codes to your wallet so as not to fall prey to cyberattacks.

If you perform exchanges on a platform that cannot guarantee your asset’s safety, you may be setting yourself up for some unpleasant experience.

Keep your eyes on crypto exchange trends

While it’s good to focus on the present, you should have an eye on rising crypto exchange trends. Doing so will put you in a vantage position and enable you to make the most of your exchange platform.

Crypto exchange is becoming a hot topic amongst investors as more and more people are becoming interested in it.

Additionally, several measures are being taken to regulate crypto dealings. While you may not make exact predictions of future trends, you can pay attention to the significant conversations about crypto exchanges.

By doing so, you will be able to make timely decisions that will guarantee profitable returns on your exchange platforms.

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Spanish Department Store Group El Corte Inglés Plans to Establish Its Crypto Exchange 4

Conclusion

A crypto exchange platform allows you to trade your cryptocurrency for other currency forms. There are several crypto exchange platform options for crypto investors.

However, you should ensure you do your research on whichever you choose. Analyze the features of the platform and keep yourself updated on evolving trends.

Grow Your Crypto Assets Through KuCoin Exchange’s Crypto Lending

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Lending crypto-assets can provide an investor with instant returns without having to sell one’s coins. KuCoin Exchange, one of the world’s leading cryptocurrency exchanges, allows investors to lend their crypto assets for a term period of 7 days, 14 days, or 28 days. KuCoin exchange offers the highest return on lending stablecoin, which could be as high as 730% APR on a 14-day term. It also offers fairly higher returns on coins like ATOM and DAO with APRs that could hover around 73% for a 14-day lock-in period.

KuCoin Exchange: Your Gateway to Making Passive Income

KuCoin exchange could be your gateway to making passive income. The unique thing about KuCoin is users don’t need to submit KYC information to use the exchange, including trading and lending Before delving into lending, it is imperative to mention the KCS bonus which is also a means to making passive income without doing anything much. KCS bonus entails rebates and gratuities for people who hold KCS, the native/utility token of KuCoin exchange.

The major utility of holding KCS is that it earns trading discounts for investors. If a user has KCS on account they will get discounts on their trades by default. Kucoin crypto exchange calculates all the trading fees and distributes a percentage of that among KuCoin users, especially those who hold KCS on the account. A user needs to hold a minimum of 6 KCS to enjoy bonuses and earn an annual yield on their holdings within a range of 15% and 50%.

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Spanish Department Store Group El Corte Inglés Plans to Establish Its Crypto Exchange 7

KuCoin Exchange supports all the major coins for lending. Being the world’s premium exchange for niche coins, it also offers favorable returns on low-priced coins like DODO with a 36.5% APY on a 14-day term, at the time of writing. DODO was priced at $1.37 at the time of writing. It is the native coin of a DeFi liquidity provider that aims to improve the current algorithm of automated market-making and provide better liquidity and price stability for crypto coins in a liquidity pool.

In a similar vein, the KuCoin crypto exchange offers a 73% APR on SUPER coin, priced at $0.00396, at the time of writing, on a 14-day term. SUPER coins come into circulation through Proof of Stake mining. Experts are predicting a 1-year growth of up to 25% for this coin, which makes it a viable long-term investment option.

Users looking to generate a stable income on niche coins may consider lending on the KuCoin exchange. KuCoin is one of the exchanges to offer the highest return on USDT. Lending USDT can earn a lender somewhere around 43% APY given the borrowing rate is around 0.12% which is reached from time to time. The optimal borrowing rate usually
remains between 0.05% and 1% daily which would generally turn around an APY of 18.25% and 36.5% respectively.

KuCoin exchange experts are of the opinion that holding on to USDTs for lending at a time when there is a spike in crypto price and there is not enough USDT to lend can bring about great returns. KuCoin cryptocurrency exchange displays the total amount of loaned out crypto assets on the order book against a particular rate and
terms. It displays the total amount that an individual may lend at that interest rate.

KuCoin Exchange’s Auto lend Feature


Auto-Lend is an option to automate lending without the users having to keep an eye on the lending market 24×7. Users have to set the reserve amount, terms, and minimal daily rate before enabling Auto-Lend. Reserve Amount is the amount users wouldn’t want to lend out to make sure the system doesn’t lend out all the
funds in case the user has reservations.

With Auto-Lend, users can click all three terms – 7 days, 14 days, and 28 days to deploy an error-free automated matching system and generate the highest interest possible. Additionally, users can set up the Minimum Daily Rate which is the rate the users want the system to at the least generate from the borrower.

Risk Control: The KuCoin Exchange Promise

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Spanish Department Store Group El Corte Inglés Plans to Establish Its Crypto Exchange 8

Being a centralized crypto exchange, the KuCoin cryptocurrency exchange is better positioned to return lenders their money in comparison to DeFi platforms with no proper protection plans in place for their users. Crypto lending comes with its set of risks. Counterparty risk is a common phenomenon of crypto lending. So that lenders do not have to bear the brunt, the KuCoin exchange takes the onus of repaying the principal amount and the interest rate promised when a borrower defaults.

KuCoin maintains an insurance fund to ensure its investors are paid in full in times when the market is going through extreme conditions and the borrowers are likely to default. Stablecoins are the best crypto assets to withstand price volatility even when other coins are going through a topsy turvy. KuCoin exchange keeps the APY or daily yields on non-stable crypto coins, like BTC and ETH low, while keeping higher rates on USD tether. This is to ensure investors enjoy high highs of stablecoins while being exposed to lower risk for lending out high-volatile crypto assets.

Conclusion


KuCoin Exchange is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users across 207 countries and regions around the world. The exchange offers some lucrative benefits to crypto holders in the forms of crypto lending and KCS bonus among others.

KuCoin Exchange recently partnered with Blockwiz, a global crypto marketing agency that provides integrated cryptocurrency marketing solutions across crypto influencers, PR, SEO, and social media; in an effort to strengthen online communities and meet their business objectives. So, don’t forget to check out their social media handles to stay updated with the latest developments!

India welcomes Coinstore despite regulatory ambiguity

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At a time when India’s leadership is seeking to impose curbs on most of the private cryptocurrencies, Singapore-based digital exchange Coinstore’s latest venture into the country is reflective of the growing adoption among the netizens in the digital asset industry. According to the blog post, the crypto exchange has set up its web and application platform and is planning to open branches in Delhi, Mumbai, and Bangalore that will serve as a foundation for expansion in the future.

Citing the latest development, Charles Tan, head of the marketing division at Coinstore stated,

With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market. There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.

In addition to that, Tan revealed that the crypto exchange is planning to hire roughly 100 individuals in India and would allocate $20 million for advertising, recruiting, and development of crypto-related products and services exclusively for the domestic market. Apart from India, Coinstore is also planning to expand into countries such as Japan, Korea, Indonesia, and Vietnam, as per the marketing Exec.

Interestingly, Coinstore is the second foreign exchange to gain entry in the subcontinent in recent months, after CrossTower, a US-based trading platform launched its operations in the country back in last September this year.

Latest buzz in India’s crypto environment

India’s first crypto unicorn, CoinDCX, is considering to launch an initial public offering [IPO] after the country’s regulation permits it, as per the trading platform’s co-founder, Neeraj Khandelwal. In an interview held with Bloomberg, Khandelwal revealed that sale of the share would mirror US largest Crypto exchange, Coinbase Global Inc.’s listing on Nasdaq on April this year.

CoinDCX latest announcement comes at a crucial time in the Indian crypto landscape as the administration plans to introduce a bill to regulate cryptocurrencies. With respect to the Reserve Bank of India [RBI] stance on imposing ban to all private cryptoassets while it works on creating a digital currency. The government’s recent publication of banning most private crypto assets has too dampened the hopes for a friendlier approach.

FTX exchange raises another $420 million, following a $900 million round

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Earlier this year, the popular crypto exchange FTX raised $900 million in a Series B round with a valuation of $18 billion, which included as many as 60 investors. In today’s announcement, FTX declared that it had raised another $420 million after a Series B-1 round.

The Series B-1 funding round involved as many as 69 investors, including giants like BlackRock and Tiger Global, who have now come on board. FTX attained the largest-ever investment round back in July and now aims to maintain a global presence.

The exchange also reported in the announcement that the firm witnessed a surge of 48% in the number of users after July while the trading volume rose by as much as 75%. Now, the exchange is on its way to being a worthy contender for the top spot.

FTX plans to expand into more countries

FTX exchange has huge plans for the future, as the CEO of the firm, Sam Bankman-Fried, claims. The exchange moved its headquarters from Hong Kong to the Bahamas because of the regulatory pressure from authorities. This movement was planned to increase the influence of the firm in other crypto-friendly nations.

“FTX is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and is furthering its commitment to providing all our clients with a safe, trustworthy and compliant exchange.”

FTX Spokesperson to CoinDesk

Also, the CEO told CoinDesk in a telephonic interview that the firm is looking to create new openings through acquisitions, projects, and partnerships. With a great deal of money flowing in, the firm has already implemented half-billion dollars in acquisitions.

The company’s growth has been surprising to its rivals as it has invested a lot in summertime marketing through advertisement deals with Major League Basketball. Furthermore, the firm has been actively involved in deals regarding crypto futures derivative products.

Binance, Coinbase web traffic takes a hit as collective figures slump by 42%

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June has been quite an unsettling month for users. Web traffic to cryptocurrency exchanges such as Binance, Coinbase has taken a massive hit. According to the latest stats by blockchain analysis firm, ICO Analytics, the figures for cumulative web traffic to crypto exchanges in June have decreased by 42%.

This includes some of the most prominent centralized cryptocurrency exchanges [CEX] as well as the decentralized ones [DEX]. Thailand-based platform, Bitkub recorded the most decline of 59%, followed by Seychelles-based, OKEx with 57%, California-based Binance US with 56%, and Kraken at 51%.

Following the development, Binance CZ tweeted,

“June is a down month, nothing new there. What stood out is that PancakeSwap, a DeFi on BSC, is ranked 4th of all exchanges. Bigger than many CEX. Amazing”

DEXs outpace CEXs as DeFi continued to scale

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Spanish Department Store Group El Corte Inglés Plans to Establish Its Crypto Exchange 10

Cayman Islands-based, Binance’s remained at the top of the game with 150 million visits in June, a decline of 40% since the previous month. Nasdaq-listed Coinbase followed suit with 71 million visits. Binance Smart Chain-based DEX PancakeSwap amassed a weekly monthly visit of 18 million. Uniswap, on the other hand, slipped to the 10th position with 9 million, down by 44% since May.

In addition, popular derivatives exchange FTX fell to 25% this June to 8.4 million.

On the contrary, the web traffic for cryptocurrency exchanges had hit an all-time high in May this year. As the cumulative figures surged to 638.2 million visits owing to the market’s unpreceded rally.

Binance’s Regulatory Snub

Binance, for one, has come under a raft of criticism and clampdowns from regulators across the world. The cryptocurrency exchange ash witnessed not just the wrath of the UK’s Financial Conduct Authority [FCA] but also from countries across the world such as Canada, Japan, among others. CZ had recently penned down a letter regarding the same,

“I believe a well-developed legal and regulatory framework in the long term will be a solid foundation that truly makes crypto essential in everyone’s daily life.”