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Thai Financial Watchdog Asks Local Crypto Exchange to Fix Issues After Three Massive Outages – Exchanges Bitcoin News

Thai Financial Watchdog Asks Local Crypto Exchange to Fix Issues After Three Massive Outages – Exchanges Bitcoin News

Thai Financial Watchdog Asks Local Crypto Exchange to Fix Issues After Three Massive Outages

The Securities and Exchange Commission of Thailand (SEC) issued an order against a local cryptocurrency exchange to temporarily stop its operations. Bitkub has been in the headlines since the start of the year due to several outages suffered in their systems.

According to Bangkok Post, the financial watchdog gave the exchange five days, starting January 20, to solve all the technical issues. Mainly, their desktop trading platform suffered three outages since January 2.

The other incidents happened on January 3 and 16, said the local media outlet. One of the reasons behind the rising number of outages is the spike in crypto prices, specifically in bitcoin (BTC). In consequence, Bitkub couldn’t handle trading volumes, stated a source quoted by Bangkok Post.

However, after being inactive for 16 hours since the SEC’s order to temporarily shut down, Bitkub re-opened its mobile application platform for trading purposes. As of press time, Bitkub’s desktop platform remains with its operations halted.

After receiving “heavy complaints” from users about the constant interruptions in the services, the SEC reportedly decided on asking the crypto exchange to shut down.

The SEC’s board met on January 18 to discuss passing a resolution requiring Bitkub to submit the rectification plan and amending issues.

Bangkok Post states that Bitkub is considered the most popular crypto exchange in Thailand. In fact, they have a 97% share of the market based on the volume of accounts and daily trading.

The company reported on January 7 that they have about 800,000 active trading accounts. However, an anonymous source told the media outlet there are just 300,000 – 400,000 accounts. By quoting the person familiar with the matter, Bangkok Post explained:

The discrepancy in figures suggests there are still plenty of new accounts that have not yet been verified through the know-your-customers (KYC) process and are thus unable to be used for trading on the platform.

What do you think about the SEC’s order on the Thai crypto exchange? Let us know in the comments section below.

Bangkok, bitkub, Complaints, Cryptocurrency Exchange, KYC, Outages, SEC, Thai crypto exchange, thai sec, thailand, trading, trading platform, volume

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Author: Exchanges

Felipe Erazo

Crypto Lender Nexo Adds Exchange Service to Its Mobile Phone App

Crypto Lender Nexo Adds Exchange Service to Its Mobile Phone App

Crypto Lender Nexo Adds Exchange Provider to Its Cellphone App

Cryptocurrency loan provider Nexo has actually launched an exchange service for a range of electronic assets within its cellular app.  

People will be able to transfer digital assets with their Nexo Wallets from any wallet or change making fiat money deposits directly through transfers from their lender reports.

Nexo cannot hold-all the possessions becoming traded. Alternatively, a “Smart Routing program” links to multiple exchanges and splits sales according to the price per volume, correcting a valuation at present an order is posted, the agent stated.

As they wouldn’t name the exchanges utilized for liquidity, the representative said the Smart Routing System connects to five of “most reliable and well-capitalized exchanges at the same time,” looking to offer the “most competitive” prices.

“Fast, transparent, and cheap transactions will be the backbone of fintech, but making them easily accessible and protected in a smooth, intuitive environment could be the single most important action towards mass crypto adoption,” said Nexo co-founder and handling partner Antoni Trenchev when you look at the statement.

In the first 1 / 2 of 2021, the company plans to start a crypto bank card in its bid to supply a full-suite of retail banking solutions for digital assets. Nexo holds numerous permits being conform to legal guidelines inside 200-plus jurisdictions for which it operates.

EDIT (13:15 UTC, Feb. 1 2021): Corrected headline that described Nexo as a crypto insurer.

Posted at Mon, 01 Feb 2021 13:00:14 +0000


Author: by Alfred Camarro · 2021-02-01

Nexo Introduces In-app Cryptocurrency Exchange Service 

Nexo Introduces In-app Cryptocurrency Exchange Service 

  • The tool allows for instant limitless native trades of all digital and fiat currencies supported by Nexo.
  • The Exchange’s “Smart Routing” system offers a more favorable quote than manually executed swap.
  • The proprietary service facilitates the acquisition and exchange of NEXO Tokens.
  • Nexo, the leading regulated financial institution for digital assets with over $4 billion in assets under management, today announced the launch of its in-app Nexo Exchange. With this proprietary swap solution, Nexo further diversifies its offering, edging closer to providing a full retail banking suite.

    The Nexo Exchange allows immediate, no-limits conversion between more than 75 crypto and fiat currency pairs directly within the Nexo mobile application, guaranteeing best-price swaps thanks to its “Smart Routing” system.

    An in-house innovation, this system simultaneously connects to multiple exchanges and splits orders depending on the price per volume to provide a fixed quote at order submission, thus ensuring no price fluctuations occur as with most exchange services.

    “Fast, transparent, and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption,” stated Nexo Co-founder and Managing Partner Antoni Trenchev to highlight the Exchange’s core proposition in the context of  Nexo’s mission and the broader digital economy. 

    What future awaits cryptocurrencies?

    The new Exchange additionally provides an on-ramp to crypto for newcomers to the space and facilitates access to the company’s native NEXO Token, eliminating the need for third-party services for its acquisition and trade.

    As such, it plays a vital role in Nexo’s ongoing tokenomics overhaul Nexonomics and pushes for greater crypto adoption, supporting the long-term development of a healthy token and digital economy. 

    Commenting further, Trenchev said: “Beyond a significant addition to our line-up in its own right, the Exchange contributes to the efficiency and flexibility of our existing services and boosts the utility, liquidity and growth potential of the NEXO Token. In complementing our entire offering, this new tool illustrates Nexo’s holistic business mindset – building not just solutions, but a comprehensive and sustainable digital asset management ecosystem accessible to all.”

    The Exchange is the latest in a series of product launches, upgrades, and announcements shaping Nexo’s offering into full-suite retail banking services for digital assets and strengthening the NEXO Token’s economy.

    In the third quarter of 2020 alone, the company introduced higher yields, the Earn in NEXO opt-in, a $12-million buyback program, and a new Loyalty scheme.

    Plans for the first half of 2021 include the launch of the hotly anticipated Nexo crypto credit card, upgrades to the company’s insurance policy, new asset integrations, the expansion of Nexo’s institutional offering, and acquisition of bank licenses.

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    Lawmakers in India Considering New Ban on Bitcoin and Cryptocurrency: Report

    Lawmakers in India Considering New Ban on Bitcoin and Cryptocurrency: Report

    Lawmakers in India are planning to introduce a bill that aims to ban Bitcoin and other crypto assets while seeking to create the country’s official digital currency.

    The Lok Sabha, the lower chamber of India’s bicameral parliament, will tackle the passing of a legislative proposal dubbed “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in its fifth session which commenced on January 29th.

    According to the Lok Sabha bulletin posted on Friday, the bill seeks to outlaw private cryptocurrencies in India and provide exemptions only for coins that promote the underlying technology of cryptocurrency and its uses.

    The bill also moves to create a facilitative framework in an effort to develop an official digital currency that will be issued by the Reserve Bank of India (RBI).

    If the bill is approved, India will be the only major economic player in Asia that prohibits private cryptocurrencies instead of regulating the nascent sector.

    India has a history of taking a strong stance against cryptocurrencies. In 2018, the RBI issued a ban against crypto-related transactions, which prohibits commercial banks from providing banking services to crypto exchanges and other financial institutions that interface with digital assets.

    The nation’s Supreme Court overturned the policy in March 2020, deeming it unconstitutional.

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    Exchange Tokens Hit Brand New All-time Highs as Stock Dealers Race to Crypto

    Exchange Tokens Hit Brand New All-time Highs as Stock Dealers Race to Crypto

    Exchange Tokens Hit New All-time Highs as Stock Dealers Rush to Crypto

    Some retail equities traders, frustrated with recent constraints on stock buying on trading platforms including Robinhood, are turning their awareness of centralized and decentralized cryptocurrency exchanges (CEX and DEX, correspondingly), relating to brand-new information. That’s helping drive some exchanges’ tokens to new highs.

    Last week GameStop (GME) and and other shares associated with a fight between a short-selling hedge investment and a Reddit group captured the imagination for the public, a struggle that drove these shares’ rates greater and squeezed the brief seller.

    Today, several of that purchasing pleasure has actually spilled over to crypto in which CEX and DEX trading amounts have actually increased over the past few days, based on several crypto trading information websites.

    Read Much More: After GME, Dogecoin and Bitcoin, Chinese Traders Tend To Be Wagering What’s Going To Pump Upcoming

    Trading amounts for bitcoin futures on Binance and FTX surged within the week-end, in accordance with data web site Skew.

    Binance’s BNB token hit a new all-time high at $50.27 during very early U.S. trading hours on Monday, while FTX’s FTT token signed accurate documentation price of $12.95 on Friday, in accordance with data from Messari.

    “ATH [all-time highs] on various various matrices” [for BNB], Changpeng Zhao, leader of Binance, tweeted early in the day Monday.

    “[BNB’s] usage cases have actually expanded to countless programs on numerous platforms and tasks inside the crypto ecosystem [and] these are reflected in its growing price,” stated the representative, quoting Zhao. “…To come to be a real mass-adopted application, BNB must be in a position to facilitate vast amounts of transactions a day. With Its existing type, we continue to have a considerable ways to go.”

    “The current retail trading saga has shown that trading platforms, brokerages and also exchanges can shut down aspects of the trade procedure without much notice,” Todaro stated. “This forced some retail traders into cryptocurrency areas, even as we saw with dogecoin, xrp, and stellar lumens catching a bid on the few days.”

    Read much more: Crypto Long & brief: GameStop, Dogecoin and a brand new Market Paradigm

    In an attempt to capitalize on the retail trading frenzy due to the GameStop stock drama, FTX a week ago indexed a WallStreetBets (WSB) index quarterly futures contract, named the Reddit group associated with the GameStop crisis. The container of stocks when you look at the agreement include GameStop plus Nokia (NOK), BlackBerry (BB), AMC Entertainment (AMC) as well as the iShares Silver Trust (SLV) considering current curiosity about gold.

    Find out more: FTX Exchange Records WallStreetBets Futures to Capitalize on Investing Movement

    “FTX lists tokenized equities, so people is also anticipating that Robinhood users yet others may switch-over to FTX to carry on investing in shares minus the restrictions that different old-fashioned brokerages have applied on their retail users,” Todaro included.

    Activity in decentralized finance (DeFi) is on upswing. Complete January trading amount on DEXs soared to an all-time extreme above $50 billion. On a seven-day foundation, UniSwap and SushiSwap, the two leading DEXs, took 48.8per cent and 23.3percent, correspondingly, of DEX trading volumes, according to Dune Analytics’ DEX metrics tracker.

    Read much more: Decentralized Exchange Volumes Hit Record Above $50B in January

    At the same time, Uniswap (UNI) and SushiSwap tokens surpassed their particular previous large prices, on Jan 31. and Feb. 1, respectively, based on information from Messari’s decentralized finance tracker.

    Retail dealers be seemingly driving at the least area of the price motion. The number of Google pursuit of “Uniswap,” the greatest decentralized trade by marketplace limit, is virtually as high as during final year’s “DeFi summertime” increase. This is certainly an indication of retail need for DEXs, in accordance with TradeBlock’s once a week newsletter of Feb. 1. It also reflects some retail dealers’ growing problems regarding central trading systems, with more folks attempting to learn about decentralized exchanges including Uniswap.

    “Within DeFi, arguably the most ostensible applications in sector would be the DEXs [such as] Uniswap and SushiSwap,” Todaro said. “As the sector gets hotter, UNI and SUSHI have been the main benefactors as they are probably the most noticeable.”

    Posted at Mon, 01 Feb 2021 21:29:09 +0000


    Author: by Alfred Camarro · 2021-02-01

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