Bitpanda, a European cryptocurrency investment platform, today announced that it’s now taking pre-orders for their first physical product, the Bitpanda Card. The Bitpanda Card is a debit card facilitated by the leading payment technology company, Visa.
The card is linked to any asset in a user’s Bitpanda portfolio, allowing the user to switch the linked asset at any time via the Bitpanda app and enables them to use digital assets such as Bitcoin or other cryptocurrency holdings to shop online and in stores worldwide. Transactions are processed immediately and users get a real-time push notification every time the card is used. Along with this, payments can also be contactless, through Google Pay and Samsung Pay.
Customers can use the Bitpanda app to switch between payment assets. For instance, users will be able to book their flight with Bitcoin or renew their Netflix subscription with gold: Users can pay any way they want, instantly, anywhere. All of this with no card fees, no monthly account fees, and up to 2% cashback in Bitcoin for BEST VIPs every time they make a purchase.
Bitpanda customers who are current euro area residents can apply for the new crypto debit card right away – either directly through the Bitpanda app or via bitpanda.com/card.
Scaling Across Europe
Currently doubling revenue annually with over 1.6 million users, Bitpanda has established itself as a leading platform for trading digital assets and precious metals. Through its desktop site and mobile apps, users have access to more than 50 investment assets such as cryptocurrencies and precious metals backed by state-of-the-art technology quickly, easily, and securely. After securing the largest Series A funding round last year, Bitpanda is extending its product range to further innovate the fintech landscape by soon offering stocks and ETFs, essentially democratizing access to the whole financial world.
- Tokes Trading 226.1% Higher Over Last 7 Days (TKS)
- Russian Crypto Exchange Shuts Down Amid Accusations of Exit Scam – Exchanges Bitcoin News
- Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules
- Trustee of Collapsed Exchange Moves to Resolve Crypto vs. Fiat Creditor Claims Tussle
Tokes Trading 226.1% Higher Over Last 7 Days (TKS)
Tokes (CURRENCY:TKS) traded 222.2% higher against the dollar during the 1 day period ending at 19:00 PM Eastern on January 20th. One Tokes token can currently be bought for about $0.0166 or 0.00000047 BTC on cryptocurrency exchanges. In the last seven days, Tokes has traded up 226.1% against the dollar. Tokes has a market capitalization of $3.31 million and approximately $133,419.00 worth of Tokes was traded on exchanges in the last day.
Here’s how related cryptocurrencies have performed in the last day:
Tokes Token Profile
Tokes (CRYPTO:TKS) is a proof-of-stake (PoS) token that uses the
Proof of Stake
hashing algorithm. It launched on April 15th, 2016. Tokes’ total supply is 1,000,000,000 tokens and its circulating supply is 199,999,574 tokens. Tokes’ official website is multichain.ventures. Tokes’ official Twitter account is @tokesplatform and its Facebook page is accessible here. The Reddit community for Tokes is /r/tokesplatform.
Buying and Selling Tokes
Tokes can be bought or sold on these cryptocurrency exchanges: . It is usually not currently possible to purchase alternative cryptocurrencies such as Tokes directly using US dollars. Investors seeking to acquire Tokes should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, GDAX or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Tokes using one of the aforementioned exchanges.
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Author: Sarita Garza
Russian Crypto Exchange Shuts Down Amid Accusations of Exit Scam – Exchanges Bitcoin News
The Russian cryptocurrency exchange Livecoin has shut down amid accusations that it has pulled an exit scam. Customers are unable to withdraw their funds and have been asked to provide extensive identifying information which they fear would lead to identity theft. The exchange claims that it was hacked in December.
The Russian cryptocurrency exchange Livecoin announced Saturday the decision to close down its platform.
The exchange claimed in December that it was hacked. As news.Bitcoin.com reported, hackers supposedly manipulated the prices of several major cryptocurrencies, including bitcoin whose price shot up to $500K on the platform. Since the incident, users have been trying to get their funds out of the exchange with no success, which has led many to believe that the platform’s operator pulled an exit scam.
The announcement, posted on the Livecoin website in English and Russian on Saturday, reads:
Our service has been damaged hard in technical and financial way. There is no way to continue operative business in these conditions, so we take a hard decision to close the business and paying the remaining funds to clients.
To receive a refund, customers have been asked to send a request with their name and registration date to an email address provided by Livecoin. Users have two months to file a claim, and March 17 will be the last date that requests will be accepted.
Once customers email the initial request, the exchange says they will receive “detailed instructions” on how to verify their claims. Livecoin stated that payments will only be sent after customers pass a “verification procedure.” While some users insist that Livecoin never replied to their emails, those who received an email back have shared the verification procedure on social media, which has seven steps for customers to complete in order to qualify for a refund.
The first is for users to provide details of their first deposit on the exchange. One user argued, “My account is from 2017, it is impossible to know my first deposit.” Many others share the dilemma, emphasizing that they can no longer log into their Livecoin accounts.
In addition, customers must provide a “high resolution scan” of their passport or identity card, proof of address, detailed information of the device used to log into the Livecoin account, as well as details of the origin of their funds. Furthermore, the exchange also asked for a “Selfie with opened passport of identity card” and a video verification.
One user tweeted to Livecoin: “I got [the] email but why [are] you asking [for] too much documents like you want to open a bank account with my name. I can’t understand why you are doing this.”
Another voiced the same concern, asking Livecoin, “Why do you collect so much data for a refund?” adding that with such data anyone can take out large loans. A third opined, “they ask too much and some unnecessary info which is suspicious.” A fourth user wrote:
This information they ask for is suspect, virtually no user will be able to recover their funds with this information.
Livecoin’s customers on Twitter are angry and worried that they will not be able to get their money back from the exchange. Furthermore, adding insult to injury, Livecoin’s notice warns: “In case of abuse and threats in conversation, the claim can be declined.” One Twitter user concluded:
They exit scammed … our money is gone forever and they want our identities too, to get loans with those.
Do you think this exchange is pulling an exit scam? Let us know in the comments section below.
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Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules
The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation.
During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS) certification requirements.
In South Korea, there are almost 50 crypto exchanges in operation as of press time. Upcoming regulations will become effective in March, but firms have been given a six-month grace period to meet the required measures.
The amended Special Financial Transactions Information Act was approved by the National Assembly finance committee in November last year.
Under the framework, crypto exchanges are required to follow a series of banking protocols, including linking customer accounts to individuals and their bank accounts that are verified by a local identification document.
Bithumb’s boss praised the new rules and believes his company is ready to meet all the requirements by the deadlines. Heo pointed out the importance of differentiating from “companies with bad intentions.” He said:
It is late to strengthen investor protection, but it is the right direction.
However, he still thinks that many other platforms could struggle to abide by new anti-money laundering (AML) protocols.
The new rules also name the Financial Intelligence Unit (FIU) as the regulatory watchdog to oversee the South Korean crypto industry, which also seeks to end the anonymity in crypto trading.
Nowadays, Upbit, Korbit, and Coinone are considered major crypto exchanges in the country. Experts believe these companies are able to comply with the requirements imposed by the new regulations.
On Jan. 8, the South Korean government issued an amendment to introduce a tax on cryptocurrency trading profits. It will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20% starting in 2022.
What do you think about the Bithumb executive’s words? Let us know in the comments section below.
Trustee of Collapsed Exchange Moves to Resolve Crypto vs. Fiat Creditor Claims Tussle
Ernst and Young (EY), the bankruptcy trustee for the defunct exchange QuadrigaCX, is trying to resolve a dispute over how to value the firm’s cryptocurrency assets before disbursement to creditors.
EY will head to court on Jan. 26 to argue the valuation date for cryptocurrency claims should be considered from the date of the exchange’s bankruptcy on April 15, 2019. The firm is taking a different stance from affected user, crypto startup BlockCAT, which wants the digital assets to be valued as of Feb. 5, 2019, when Quadriga received court protection to restructure under Canadian federal law.
The date used will greatly affect how cryptocurrency is valued and, thus, how much creditors receive from the remaining pool of assets.
BlockCAT has made a claim of 4 million Canadian dollars (US$3.14 million). Seeking to maximize its payout, it has brought a motion arguing the date for valuing cryptocurrency claims of other users should commence from the exchange’s initial court order with respect to the Companies’ Creditors Arrangement Act (CCAA).
The issue at hand pits Quadriga’s former users, who have predominantly cryptocurrency claims, against creditors who predominantly have claims for fiat currency. In total, Quadriga users have made 17,053 claims with a value of either CAD$224 million or CAD$291 million, depending on the date used for asset valuation.
The trustee has to pay out claims made for cryptocurrency and U.S. dollars in Canadian dollars, meaning the court must decide on a date for valuation before it can proceed with disbursement.
A factum (a statement of the facts of the case) was filed by EY to the Ontario Superior Court of Justice on Tuesday in connection with its motion for an order to use the prevailing exchange rate on the date of bankruptcy for the conversions.
According to commercial litigator Evan Thomas, who assessed the trustee’s figures as outlined in the factum, a user with a claim solely for CAD will recover 23% less if the April 15, 2019 date is used.
As shown above, the price of cryptocurrencies between February 2019 and April 2019 typically rose. As such, a former Quadriga user with a claim solely for bitcoin would get 14% more in CAD if the April date is determined as the legitimate date by the courts.
If BlockCAT convinces the court that cryptocurrency claims should be valued at the February date, the relative share of the Quadriga pool to be paid to affected users with CAD claims would increase, Thomas noted.
The case in novel in Canadian law. “No bankruptcy court in Canada has previously been asked to determine as at what date claims made in cryptocurrency should be valued in Canadian dollars,” EY states in the factum.
QuadrigaCX, formerly Canada’s largest cryptocurrency exchange, went dark in January 2019, following banking issues, stalled customer withdrawals and the reported death of its founder and CEO, Gerald Cotten, in December 2018.