A New York resident has been indicted on fraud charges for tricking residents into investing in worthless binary options and a proprietary token.
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Bitfinex Adds New Fiat Trading Pairs and Deposit Options to Platform
One of the largest cryptocurrency exchanges on Earth is adding additional trading pairs and fiat currencies to its platform. Bitfinex stated in a blog post today that they have expanded the number fiat currencies they will accept to include both Japanese Yen and British Pound Sterling.
Additional Trading Pairs Add Convenience and Reduce Fees for Altcoin Traders
The announcement from Bitfinex will see the likes of NEO, ETH, EOS, and IOTA benefit from additional trading pairs. Previously, users could only trade these coins against USD and BTC. Traders from the UK and Japan will now be able to use their own currency against these, and Bitcoin, for increased functionality on the exchange.
The list of added pairs is as follows:
- BTC – BTC/JPY & BTC/GBP
- ETH – ETH/EUR, ETH/JPY & ETH/GBP
- NEO – NEO/EUR, NEO/JPY & NEO/GBP
- EOS – EOS/EUR, EOS/JPY & EOS/GBP
- IOTA – IOTA/JPY & IOTA/GBP
Curiously, some of the largest cryptocurrencies have not received additional trading pairs. The likes of Monero (XMR), Ripple (XRP), and Litecoin (LTC) remain without Euro, Yen, and GBP options. Traders can only use BTC or USD against them.
Bitfinex claim that the expansion is aimed at extending their service to under-served international markets. The ability to deposit and withdraw in JPY and GBP further aids this commitment. The exchange’s blog post states that the inclusion of additional pairs with add greater convenience for traders, allowing for greater liquidity on the exchange and “the cryptocurrency market as a whole”. In addition, the reliance on Bitcoin as a medium of exchange is thought to reduce the costs of digital currency traders whilst further improving the convenience of the Bitfinex service.
The company’s CEO, JL van der Velde had the following to say about today’s announcement:
“We are very pleased to add to our selection of fiat offerings and to do our part in making cryptocurrencies more globally accessible. We are making a strong push for improved transparency and worldwide regulatory collaboration, and our ability to add support for these markets is a strong win on that front.”
The news comes just 24 hours after reports that the company were mulling a change of location for their headquarters to Switzerland. Bitfinex have already met with key members of the Swiss government regarding a potential move. The ever-growing blockchain community in the central European state has also expressed optimism about the world’s fifth largest cryptocurrency exchange setting up shop in their nation. A local crypto entrepreneur stated:
“It would be sensational if an actor of this size and importance should decide for Switzerland, It would show that Switzerland can indeed occupy a leading position in the entire blockchain industry.”
The post Bitfinex Adds New Fiat Trading Pairs and Deposit Options to Platform appeared first on NewsBTC.
Uphold Adds Buy and Sell Options for Ripple’s XRP
Digital payments startup Uphold announced Wednesday that it has added support for Ripple’s XRP cryptocurrency.
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Chicago Board Options Exchange Urges SEC to Move Forward With Bitcoin ETFs
According to a letter written by Chicago Board Options Exchange (Cboe) President Chris Concannon, U.S. securities regulators should not stand in the way of exchange-traded funds (ETFs) that hold cryptocurrencies from coming to the market, as they are essentially the same as other ETFs that hold commodities.
The letter was in response to statements from the U.S. Securities and Exchange Commission (SEC) earlier this year, in which the agency said “significant investor protection issues” need to be examined before Bitcoin-based ETFs could be offered. The SEC also had concerns around how the products would be priced, stored, and safeguarded, according to Reuters.
Dalia Blass, the director of the SEC’s investment management division wrote: “Until the questions identified above can be addressed satisfactorily, we do not believe that it is appropriate for fund sponsors to initiate registration of funds that intend to invest substantially in cryptocurrency and related products.”
Cboe: ETFs
Cboe believes ETFs would give investors a more transparent and accessible way to get exposure to cryptocurrencies than the spot market. As per Concannon’s letter: “the vast majority of these [the SEC’s] concerns can be addressed within the existing framework for commodity-related funds related to valuation, liquidity, custody, arbitrage, and manipulation.”
The purpose of Cboe’s letter isn’t to rush the SEC into making a decision, according to Concannon, but rather to “point out areas that can be satisfied” and advocate for the “development of the marketplace.” The exchange asked the SEC to evaluate each cryptocurrency fund and underlying cryptocurrency-related holdings on a case-by-case basis.
“This has been a priority for us since we approached the SEC almost a year ago with the Winklevoss brothers and their original Bitcoin filing,” Concannon said.
CBOE: Bitcoin Futures
Cboe has helped usher Bitcoin to mainstream banking, launching the first market for Bitcoin futures in the U.S. in December of last year. That followed an earlier attempt by Bats — an exchange acquired by Cboe in 2017 — to trade a Bitcoin-ETF from the Winklevoss twins.
A Bitcoin ETF was viewed as a natural next step in Bitcoin’s maturation as an asset after this launch of futures. In response to regulatory issues, however, a number of issuers have withdrawn their applications for a Bitcoin fund. As of now, about a dozen Bitcoin-linked ETFs are sitting in regulatory limbo, waiting for approval.
More than billion in Bitcoin traded hands in the spot market in December when the price reached about ,000, according to Cboe. Such liquidity would easily support bitcoin ETFs or other exchange-traded products (ETPs), the exchange asserted.
“As the volumes continue to grow, especially on regulated U.S. markets, the overall spot Bitcoin market looks more and more like a traditional commodity market and Cboe continues to believe that the spot market is sufficiently liquid to support a Bitcoin ETP [exchange traded product].”
The post Chicago Board Options Exchange Urges SEC to Move Forward With Bitcoin ETFs appeared first on NewsBTC.
Regulators Pressuring Google To Follow Facebook In Banning Ads Related To Binary Options, ICOs, And Cryptocurrencies
Following Facebook’s announcement last week that it was banning all advertising for binary options, cryptocurrencies, and initial coin offerings (ICOs), a Canadian regulator has called on Google to do the same.
On January 30th, Facebook announced it was banning all advertising for binary options, cryptocurrencies, and ICOs following pressure from the FBI and Canadian securities regulators, as both groups step-up investigations into online investment fraud.
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” Facebook product management director Rob Leathern wrote in a blog post detailing the company’s ban.
In response (according to an interview with The Times of Israel), Jason Roy, a senior investigator at the Manitoba Securities Commission and chairman of Canada’s Binary Options Task Force, said: “We’re very pleased with Facebook’s decision. My hope is that Google will enact a similar policy, where they specifically name products like binary options, ICOs, and cryptocurrencies.”
But Google, who generates a lot of the paid traffic for fraudulent binary options, cryptocurrencies, and ICOs, has yet to ban the ads. When asked whether the company was going to enact a similar ban, Google spokeswoman Roni Levin replied by email, saying: “We already ban and enforce against misleading ads and misrepresentation (across all categories). Here are the policies — Misrepresentation and Misleading Ads.”
A quick search for both “binary options” and “cryptocurrencies” in the Google search bar reveal that the company is, in fact, still selling ads for these products.
A particular focus by Roy and other regulators is the presence of binary options, which are often called all-or-nothing options. And while it is perhaps true that this sector of the industry is plagued by frauds — Israel and a number of other countries have banned them entirely — it can be a problem when the authorities lump all crypto-sectors together. There are huge differences in risk between, say, binary options, and well-researched small investments into cryptocurrencies.
Roy doesn’t necessarily see it that way, though. When looking at cryptocurrency ads circulating the internet, he sees an ominous pattern: “You have the former binary options firms that have made the switch to offering cryptocurrencies, and it’s basically the binary options scam 2.0.”
Roy said that Canadian and other law enforcement agencies are waiting for Google to follow Facebook and enact a specific ban: “What happened is that Canada’s Binary Options Task Force, as well as the FBI, explained to Facebook what the concerns were and that these types of ads are leading to people becoming victims. We’ve been talking to Google and had similar discussions and are waiting for them to take similar action.”
The post Regulators Pressuring Google To Follow Facebook In Banning Ads Related To Binary Options, ICOs, And Cryptocurrencies appeared first on NewsBTC.
Facebook will no longer advertise ICO, crypto and binary options
Within the framework of the new rules of Facebook advertising activities, in the social network, as well as the Instagram service, it is prohibited to use its advertising platform to advertise any products related to the organization of ICO, crypto-currencies and binary options. It is noteworthy that the listed innovative financial instruments have been banned […]
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BREAKING NEWS – The Bitcoin News – Leading Bitcoin and Crypto News since 2012
Largest US Options Exchange CBOE to Enable Bitcoin Futures Trading by December 10
n The worlds largest options exchange, CBOE, will list Bitcoin futures on December 10, increasing the liquidity of Bitcoin.n
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The First P2P Binary Options Platform Powered by Smart Contracts Launches a Private Pre-Sale
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Video Streamers Have More Options with These New Blockchain Startups
Innovative technology companies are leveraging blockchain technology to build next-generation business models and Content Delivery Networks CDNs for video streaming, a multibillion-dollar industry that continues to grow. According to data revealed by Theta Labs, one of the companies covered below, the video content and streaming market accounts for 67 percent of current internet traffic and could reach 82 percent by 2020. The new players promise to decentralize global video streaming, while a
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Chicago Board Options Exchange Announces Bitcoin Futures Products
Bitcoin futures are one of the bigger markets in the world of finance right now. Various financial institutions look to provide exposure to such services in the future. The Chicago Board Options Exchange is one of the latest ones to do so. Their new Bitcoin derivative contract specifications have been unveiled a few days ago. … Continue reading Chicago Board Options Exchange Announces Bitcoin Futures Products
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