After a five-week-long suspension of all user withdrawals, cryptocurrency exchange OKEx resumed normal services at 8:00 am UTC on Nov. 26.
Having announced the re-opening last week, OKEx then indicated it would be launching a compensation and rewards program to express its gratitude to customers for holding out during the disruption.
These programs include commission rebate cards denominated in Tether (USDT), a one-time compensation payment based on users’ asset and transaction histories, and a doubling of the asset weight calculation for holders of the exchange’s native token, OKB.
Despite these efforts, today’s data shows that the programs have not been enough to forestall users from withdrawing their funds, having apparently lost confidence in the exchange.
While withdrawals have not been open for long, some telling initial data is emerging on social media transaction trackers. Mason Jang, the chief operating officer of Crypto Quant, tweeted:
– OKex BTC Reserve: 101,686 => 98,821 BTC
– 2,822 BTC outflows has been occurred
– 446 BTC moved to #Binance
– 54 Accounts withdrew their $BTC
Source: https://t.co/tAPwJdhpw4 pic.twitter.com/dkWOsQh8ZZ
— Mason Jang (@mason_jang) November 26, 2020
More data from CryptoQuant shows that “the first OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame,” which is “the year-high in the block time frame”:
Crypto tracking service Whale Alert also traced at least a couple of high-value transactions within an hour of withdrawals opening:
198,467 #OKB (1,033,580 USD) transferred from #OKEx to #FTX
— Whale Alert (@whale_alert) November 26, 2020
As reported, OKEx had suspended withdrawals on Oct. 16 while one of the holders of the exchange’s private keys cooperated with an investigation led by authorities and was therefore unable to authorize transactions within the hot wallet system.
The exchange has maintained it was not involved in any illegal actives, although there have been reports that its founder, Star Xu, had been questioned by police that same week.
The sudden withdrawal suspension in mid-October caused significant volatility in the markets at the time, prompting a dip of 3% in Bitcoin’s (BTC) trading price.
With outflows continuing from the exchange to other exchanges and wallets, bearish sentiment is circling in the market. BTC/USD has just lost support at $17,000, reporting its largest losses since March.
Crypto exchange Coinbase hit by connection, latency problems as bitcoin plummets
By Tom Wilson
LONDON (Reuters) – Cryptocurrency exchange Coinbase said on Thursday its retail and professional-focused platforms were hit by tech problems, with users reporting difficulty trading as bitcoin plunged towards its biggest one-day drop since September.
California-based Coinbase said on its website at 14:14 GMT it was investigating connectivity problems, adding at 14:42 GMT that it had identified the problem and implemented a solution.
In a separate post at 15:21 GMT on its Coinbase Pro site it said “increased latencies impacting order entry and settlement” for its Coinbase Pro service, adding it was investigating the problem.
A spokesman for Coinbase, one of the biggest cryptocurrency exchanges, declined to comment.
Coinbase users on Twitter reported problems trading.
One Coinbase Pro user told Reuters by message: “The outage prevented me from submitting a buy limit order which would’ve been executed as the limit price was met. At this time the order finally went through but I missed the price for now.”
Bitcoin, the world’s biggest cryptocurrency, slumped as much as 13% on Thursday to its lowest since Nov. 16., slamming the brakes on its red-hot rally and sparking a sell-off of smaller coins.
It was last down 9% at $16,904 and on course for its biggest one-day drop since Sept 3. The move represents a sharp correction from its three-year high of its near-record $19,521 hit on Wednesday.
(Reporting by Tom Wilson; Editing by Tom Brown)
Author: Syndicated Content
Bitcoin news today: Exchange Coinbase hit by connection, latency problems as cryptocurrency plummets
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Coinsquare files application to operate as regulated crypto exchange in Canada • PaulCrypto.com
Originally reported by-CryptoNinjas
Coinsquare, a Canadian cryptocurrency trading platform, has announced the appointment of Nicholas Thadaney and Wendy Rudd to its board of directors. The appointments follow the confirmation of Stacey Hoisak as Coinsquare’s new Chief Executive Officer, and the appointments of Lawrence Truong as Chief Compliance Officer, and Eric Richmond as Chief Operating Officer.
Coinsquare Capital Markets Ltd. (CCML) has also submitted a dealer membership application to the Investment Industry Regulatory Organization of Canada (IIROC) and an application to the Ontario Securities Commission (OSC) to operate Canada’s first regulated marketplace for digital assets. The proposed marketplace will provide automated trading systems bringing together institutional and retail orders from buyers and sellers of digital assets deemed securities under the Ontario Securities Act.
“The outstanding leaders who have joined our executive team and Board will play an important role in informing and executing our mandate to deliver full transparency and compliance in all aspects of our operations,” said Stacey Hoisak, CEO of Coinsquare. “The measures we have taken are in strict adherence to regulatory requirements and demonstrate Coinsquare’s strengthened commitment to our clients, employees, shareholders, and the digital asset community. Our goal is to create a customer-centric safe place for Canadians to trade digital assets.”
CryptoNinjas » Coinsquare files application to operate as regulated crypto exchange in Canada