Cryptocurrency exchanges

South Korea’s FIU will force crypto exchanges to delist privacy coins starting next month

South Korea’s FIU will force crypto exchanges to delist privacy coins starting next month

South Korea’s crypto scene will soon see some changes as the country’s regulatory bodies start to oversee cryptocurrency-related activities. One of the major changes to be expected is the delisting of privacy coins from the country’s crypto exchanges.

The Financial Services Commission’s Financial Intelligence Unit (FIU) has confirmed that privacy coins will soon be delisted from South Korean crypto exchanges, according to FIU explained that privacy cryptocurrencies carry a high risk of money laundering because of the difficulty in getting the transaction details for such type of token.

FIU’s confirmation shouldn’t come as a surprise for those who have been following the recent regulatory developments in South Korea’s crypto industry. In November 2020, the regulator announced its intention to ban privacy tokens such as Monero (XMR), Dash, and Zcash (ZEC), which will take into effect by March 2021, according to

Platforms such as Okex have already delisted several privacy tokens to comply with anti-money laundering rules. At the moment, no privacy-centric cryptos are listed in South Korea’s major crypto exchanges.

The Financial Intelligence Unit will also be requiring exchanges to report unusual transactions “within three working days.” The reports should reflect the transaction’s value on Korean won based on the released guidelines.

The FIU, which handles Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)-related matters, also oversees the country’s crypto exchanges, according to Crypto firms and platforms that wish to continue trading in digital assets are now required to obtain a license from the regulatory body.

One of FIU’s requirements for the license is proof of having obtained information protection management system certification. Exchanges are also required to “have real-name authenticated banking contracts in place with domestic banks,” and ensure that their staff is qualified for roles that involve key decision-making and security.

The FIU is giving crypto exchanges until September 24 to comply with the new requirements. The regulatory body can forcibly close, conduct spot-checks, or audit platform operators for non-compliance.

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Study: Top-Tier Cryptocurrency Exchanges Increased Their Market Share by 13% Since October 2020 – Exchanges Bitcoin News

Study: Top-Tier Cryptocurrency Exchanges Increased Their Market Share by 13% Since October 2020 – Exchanges Bitcoin News

A recent study unveiled that top-tier cryptocurrency exchanges increased their market share since October 2020, in the context of lower-risk exchanges. The bitcoin bull market fueled that both retail and professional traders utilized such risk, data shows.

Per information from crypto market data provider, top-tier crypto exchange gained 13% market share from October 2020 to January 2021. In fact, it increased from 61% ($347 billion) to 74% ($1.41 trillion).

But the study — which covered over 160 exchanges — clarified the following about the market share’s proportion:

Based on the most recent ranking update, the proportion of Top-Tier exchange volume in Jan 2021 would be 88% to reflect the increase in the number of Top Tier exchanges meeting the minimum threshold – 68 in July 2020 vs 76 in current update.

Cryptocompare highlighted that exchange’s standards “improved” as regulatory requirements toughened to meet anti-money laundering (AML) compliance. Also, they praised that crypto exchanges increased their transparency in terms of data provision.

The research backs up its statement by showing that 44% of the surveyed exchanges “offer the ability to query full historical trade data via a public API endpoint.”

In terms of security, the crypto market data provider pointed out “fewer hacks” in the last year:

20% of exchanges state that they hold more than 95% of crypto in cold wallets (vs 15% in July 2020). 1% of exchanges have been hacked in the last year (vs 4% as of July 2020). 18% of exchanges use a third party custody provider to store user assets, up from 12% in July 2020 and 9% in our Q4 2019 Benchmark.

Funds’ security was also another topic discussed within the study. According to Cryptocompare, 9% of crypto exchanges formally offer some form of insurance. Moreover, 37% of the surveyed exchanges hold a legal license to run the business.

What do you think about the study’s findings? Let us know in the comments section below.

Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Author: Exchanges

Felipe Erazo

Skrill to Allow Withdrawals Direct to Crypto Wallets

Skrill to Allow Withdrawals Direct to Crypto Wallets

Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future.

There is great news hitting the cryptocurrency and blockchain marketplace today as a major player in the payments industry is making everyone’s life easier and allowing users to withdraw funds directly to a cryptocurrency wallet address.

Skrill, a global payments provider, is allowing this feature to take place on their global digital payments integrated platform Paysafe.

This is a phenomenal step in the right direction for cryptocurrency as it will undoubtedly mean more adoption from retail users of cryptocurrencies on the Paysafe platform. Having this feature in place takes the world one step closer to using cryptocurrencies as a normal and socially accepted means of payment. We would expect this to happen on both sides as the Skrill Paysafe platform has been predominantly fiat currency focused up until this point so when this new cryptocurrency feature is added it will mean that different wallets, distributed across different applications, exchanges, websites and platforms can be easier integrated.

This integration will come as a direct result of users being able to withdraw directly to cryptocurrency wallets as many platforms and exchanges out there currently host their own hot and cold wallets for users, meaning the user can store cryptocurrency on that platform or exchange. Furthermore, users of cryptocurrencies may be more prone to using Skrill’s integrated platform, Paysafe, as it now means they can withdraw their capital in a much easier and more fluid manner.

For the first time, users won’t even have to convert their fiat to crypto before withdrawing from the Paysafe platform. Not only is Skrill allowing users to withdraw to cryptocurrency wallets but they have also made the entire process that one bit easier by ensuring that a user can withdraw fiat money directly.

This may seem like a small additional feature relative to the ability to withdraw directly but many companies in the payments industry have not yet caught on that this can revolutionize the user experience and process of withdrawing to a cryptocurrency wallet. Think of it in terms of a process flow map. The majority of payments providers that offer crypto and allow you to withdraw firstly require you to exchange your funds into that particular cryptocurrency, which is step one. The second step is to go to withdrawals and request a withdrawal directly from the cryptocurrency value held in the account to the cryptocurrency wallet. The Paysafe integrated platform has reduced these two steps down to one step and allows the conversion of fiat currency to cryptocurrency take place at the moment of withdrawal.

This is a big move as the two steps of a conventional payment provider, although only being two steps, usually has a much more convoluted user journey that requires a complex level of clicks between different user interfaces to complete the first step of converting from fiat to crypto before the second step can even take place.

What future awaits cryptocurrencies?

This feature that allows cryptocurrency withdrawals directly from fiat currencies will save a lot of time and headaches to many stakeholders in the cryptocurrency industry.

Unfortunately the direct to crypto wallet feature isn’t going to be rolled out across the globe immediately, instead Skrill is planning a phased release on the Paysafe integrated platform. As it currently stands the fiat direct to a crypto wallet feature will only be available in European Economic Area (EEA) countries. This undoubtedly is a big area but it is disappointing for users of skrill in other areas that the feature will not be available yet. Skrill management has indicated however that they do plan to launch the crypto wallet withdrawals feature in the UK and elsewhere in the near future so hopefully, the rest of the world won’t be waiting too long.

It seems the feature will be one that is hugely beneficial for all Skrill users with an interest in cryptocurrencies and it is undoubtedly true that the entire world has individuals who fall into this category so we’re sure Skrill will have recognized this fact and have made provisions for it.

There is currently no timeline for release in the UK and elsewhere but as Skrill has indicated it will be in the near future we can expect more news to be coming out about the additional release regions very soon.

Not only does Skrill plan to launch the feature in different economic areas, but the company is also in the planning and execution process of adding additional cryptocurrencies to its Paysafe platform in the near future. What this will mean is Skrill may become the go-to place for users that are looking to live a life that integrates cryptocurrencies into the day-to-day way of being. Perhaps Skrill and Paysafe may even become the new norm of payment processing for the throve of die-hard crypto enthusiasts that are gradually taking over the world.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.


Author: by Total Exchange

The Cryptocurrency Exchange, Coinbase, Eyes a Direct Listing

The Cryptocurrency Exchange, Coinbase, Eyes a Direct Listing

Coinbase, the leading cryptocurrency exchange in the U.S., is expected to have a direct listing on the Nasdaq. At first, the company was considering listing on the NYSE, which has handled direct listings for popular technology companies such as Spotify (NYSE: SPOT) and Slack (NYSE: WORK). 

Choosing a direct listing allows the company to forgo some of the traditional processes that come with an IPO, like investment banks investigating the business and determining the value of its share price. A direct listing doesn’t involve underwriters, and it allows existing investors, promoters, and employees that hold shares of the company to directly sell those shares to the public. 

Basically, a direct listing gives a company more control over its public listing. Coinbase is a popular company, well-known for its cryptocurrency exchange, so there is no worry that it wouldn’t be recognized by potential investors. If the company were a little less well-known, then an IPO would be the way to go since an IPO comes with an “IPO roadshow” — essentially a way of marketing the company to get and increase investor interest.

Coinbase doesn’t really need that kind of publicity. Potential investors are aware of the company, especially if they have been following the cryptocurrency market for the past few years. The company was founded back in 2012 and has been a key player in the crypto market, with one of the largest exchanges in the U.S. in terms of users and market capitalization. According to Coinbase, it has more than 40 million verified users in over 100 countries. 

Coinbase’s online exchange is relatively straightforward and allows retail buyers and sellers to meet in the middle to find a price. Coinbase also has a platform called Coinbase Pro that’s for more experienced users and gives them access to features and charts that help them go in-depth in the crypto market. Additionally, the company offers a free wallet service that gives its users a place to safely store their cryptocurrencies. 

The company has been able to become and stay a leader in its market because of the fact that it has these types of services, but more importantly, it has been able to keep its users’ personal data secure. There have been a bunch of similar cryptocurrency exchanges that have emerged and dissolved because they were unable to provide this service. 

Coinbase becoming a publicly traded company would solidify the legitimacy of the cryptocurrency market and could easily set the tone for the future of cryptocurrency in the market by giving other crypto brokers the incentive to go public. In the past few years, the crypto market has been criticized as being unregulated and impractical. However, those critiques could shift with a major cryptocurrency company like Coinbase going public and creating more public trust within the market.

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In recent months, the cryptocurrency Bitcoin has surged to record highs. As long as it can continue on that path, Coinbase and its direct listing will benefit. However, at the beginning of this week, Bitcoin did drop below $48,000. Despite that, the cryptocurrency market could become a little more mainstream with Coinbase’s public listing.

Competitors of Coinbase like Robinhood, Kraken, and PayPal (NASDAQ: PYPL) understand the potential within the market and have begun to let their users buy and sell major cryptocurrencies, with lower fees and even no commission. This kind of competition gives the market more options, accessibility, and legitimacy.

In a recent private market share sale, Coinbase had been valued at over $100 billion. This could put the company at a higher initial valuation than any other U.S. tech company since Facebook hit the public market. The last time Coinbase had a formal valuation was back in 2018 when it accepted $300 million in new financing and was worth $8 billion. 

We won’t know for sure what Coinbase is really working with until it releases recent financial information after it goes public. That’s when we’ll get a better idea of how profitable its business is and how much revenue it’s pulling in every year. If Bitcoin can keep making record highs leading up to Coinbase’s direct listing, then I believe that Coinbase could have a massively successful public listing.

A public listing by an influential cryptocurrency company like Coinbase is going to be a huge milestone for the cryptocurrency world and market. It will be a step towards intertwining crypto and the conventional finance world in a way that brings more legitimacy to a relatively new and “speculative” market. As of this writing, Coinbase’s direct listing is expected in the next few months, though it has not announced an exact date.

For more information on Coinbase’s direct listing, other upcoming IPOs, and news on the IPO market, click here.

Until next time,

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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Filipino crypto investors cry for help over detained assets in PDAX accounts

Filipino crypto investors cry for help over detained assets in PDAX accounts

(Updated at 8:04 p.m.) Some Filipino cryptocurrency investors are still unable to access their accounts on the Philippine Digital Asset Exchange (PDAX) after a major outage of the Bangko Sentral ng Pilipinas-regulated trading platform last week.

Facebook users in a public group commented that they kept receiving an “incorrect password” prompt whenever they try to open their account at the cryptocurrency trading platform.

Investors on Twitter likewise reported encountering the problem, with some fearing that their funds were being held “hostage.”

The downtime remained days after a supposed conversion error committed by a large bitcoin seller, colloquially called a “whale,” that prompted PDAX to take action and shut out users from the platform.


— pastrana, jett (@jettpast) February 18, 2021

Other online users, responding to a tweet by Manuel Quezon III, likewise shared a screengrab from Facebook showing investors worrying about the inaccessibility of their accounts where they parked their savings.

It’s no longer just lost opportunity to trade but locked up money we can’t even move. This is a disaster.

— Caldero y Realonda vda de Dolomite (@mikel_pangan) February 23, 2021

PDAX previously said it has invalidated orders of unfunded transactions as it vowed to restore full access to all investors.

Nichel Gaba, founder and chief executive officer at PDAX, said an isolated unfunded order found its way onto the system last February 16 and affected the accounts of other users.

He said the trading platform was expected to complete the rest of the supposed restoration by February 22.

A day after, there were still reports of investors failing to get a hold of their accounts.

Gaba said the issue is not unique to PDAX and added that Coinbase and Kraken have also experienced outages in light of shifts in online financial behavior amid the coronavirus pandemic.

In an interview with Manila Bulletin’s Art Samaniego, Gaba said that when bitcoin surged to another all-time high that caused a surge of trading and account opening activity. “It was during a time when we were experiencing… an unusual level activity that led to this glitch.”

PDAX is a cryptocurrency exchange platform where Filipinos can buy and sell bitcoin and other digital coins. It is similar to other web-based brokerages for stocks and other securities, but specializing in cryptocurrency.

Traders and investors on PDAX are able to buy fractional coins. These are partial pieces of any cryptocurrency such as bitcoin for those who can’t afford to buy a whole coin.

Since the price of 1 bitcoin is around $46,000 upward or P2.2 million as of posting time, those who can only buy $1,000 worth can have 2.17% of a single bitcoin or 0.0217 bitcoin.

On February 16, a “whale” which is an individual or company holding a large amount of bitcoin, sold its bitcoins on PDAX in exchange for Philippine pesos. The total dump, according to descriptions of platform users that day, was worth more than $5.3 billion or P257 billion worth of bitcoins.

However, the whale made a mistake in selling each bitcoin for P300,000 instead of more than P2.5 million, which was its price that weekend when the cryptocurrency was at an all-time high at more than $50,000 per bitcoin.

Gaba added that the large selling transaction on the exchange was not funded. “What happens is it will get matched against other orders but the orders for people to buy, if you’re buying bitcoin from that sell order, you would actually not buying anything because nothing was delivered to the platform.”

He likened it to a real market purchase for an item where the seller does not hand over the purchase good. “The right thing to do was to invalidate the transaction, and for you as a buyer, to get your money back,” he added.

Assuring that their funds and assets are intact, Gaba said the number of users who are still unable to access their accounts is now a small percentage. Outside the CEO’s interview, however, investors are still demanding a notification from the PDAX.

“When we can access our account? We are still more still cannot access our account.. until when we need to wait? Give us specific time and date so that we are not wasting our time to check if we can access already. Please pdax team be professional!” wrote one.

One investor whom Interaksyon reached out to said the platform sent them no clear explanation for the days-long interruption.

“They just said it’s a system maintenance,” @mikel_pangan wrote. “It was only available for a very short period after the 36-hour fix they mentioned. We cannot cash out, even if they reversed the [bitcoin] purchase.”

“Shortly after trying to cash out, the system locked us out again and cannot be accessed till now,” the PDAX investor added.

Bitcoin’s price drastically dropped Tuesday to $46,000 level after a rapid run to a new high of $58,000 last Sunday. — With reports from Camille Diola


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