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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

New Head Of South Korean Financial Regulator Considers Relaxing Cryptocurrency Regulations

The Korea Times is reporting new Financial Supervisory Service Governor Yoon Suk-heun said the country will consider relaxing cryptocurrency regulations. An official from one of South Korea’s four major cryptocurrency exchange operators, Upbit, said, “We don’t oppose regulations. But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better.”

Monero Cryptojacker Using NSA exploit EternalBlue

BlockExplorer’s Armin Davis reports that following the use of the NSA developed EternalBlue exploit in the now infamous ransomware WannaCry, a new malware known as WannaMine has surfaced.

Iceland’s 600 Missing Bitcoin Mining Machines Reported To Be in China

Earlier this year 600 Bitcoin mining machines were stolen from Iceland, a case generally chalked up to unsolvable until a few days ago when Icelandic media outlet RUV reported the machines are likely in Tianjin, China. Cointelegraph reports, “In Tianjin, it was precisely a pattern of highly irregular electricity usage that is reported to have attracted the attention of a local grid operator, leading to the authorities’ confiscation of the suspect mining hardware.”

Bitmain to Begin Shipping Equihash ASIC Miners in June

Chinese mining rig manufacturer Bitmain has unveiled the first Equihash ASIC miners, BlockExplorer’s David Murray reports, “making it likely that it will soon be unprofitable to mine Zcash using GPU-powered devices.”

BlockShow Europe 2018 Coming Up May 27-28

BlockExplorer’s Isaac Rocket reports, “After an eventful two months of hosting blockchain meetups across Europe, Blockshow is bringing their journey to a close with the featured conference, BlockShow Europe 2018.” This will be a big event with over 80 blockchain experts presenting, on the most pressing issues of today’s blockchain community.

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News Bytes for May 4, 2018

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

P2P Cryptocurrency Exchange CoinTouch Shuts Down Over GDPR Concerns

Blockchain’s own David Murray reports peer-to-peer (P2P) cryptocurrency exchange CoinTouch has shut its virtual doors over concerns related to the passage of the European Union’s new General Data Protection Regulation (GDPR), taking effect later this month.

Mastercard Blames Cryptocurrencies for Drop in First-quarter Growth

Mastercard customers can buy in and out of cryptocurrencies, and store them into their crypto wallet. But some banks have prohibited the practice including Bank of America, Chase, Citgroup, and JPMorgan who in February banned using credit cards for cryptocurrency purchases. Mastercard shares dropped by 2% this quarter with their CFO Martina Hund-Mejean stating that “this is due to the recent drop-off in crypto wallet funding,” on their earnings call Wednesday.

Kitty Malware is Targeting Drupal to Mine for Cryptocurrency

ZDNet reports that “The vulnerability allows threat actors to employ various attack vectors to compromise Drupal websites. Scanning, backdoor implementation, and cryptocurrency mining are all possible, as well as a data theft and account hijacking.” And even worse, “the malware is also commanded to infect other web resources with a mining script dubbed me0w.js”, which attacks any future visitors of the website as well.

Basis Introduces a “stable” Cryptocurrency That Aims to Cut Volatility

Backed by billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh, Basis “aims to keep a stable value around $1 by increasing and shrinking supply”, the company’s founder told CNBC Friday.

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Peer-to-peer (P2P) cryptocurrency exchange CoinTouch has shut its virtual doors over concerns related to the passage of the European Union’s new General Data Protection Regulation (GDPR), which will take effect later this month.

The exchange — which was based out of London and opened in 2014 — did not charge fees, and founder Chris Beach operated it at a loss as a service to the cryptocurrency community.

The platform allowed Facebook and Google users to securely set up P2P cryptocurrency trades with users within their social networks. When a trader placed a bid or offer, it would become visible to the user’s friends and friends-of-friends, which ensured that traders were able to verify the identities of their counterparties. If another trader wanted to fulfill an order, he or she could automatically send a message to the other user through Facebook, where the two parties could arrange the trade.

However, Beach wrote in a statement announcing the shutdown that the recently-passed GDPR — which adopts new standards for individual data privacy and use — introduces regulatory uncertainty that makes it too risky to continue to operate CoinTouch, particularly as a free service.

“I asked trusted contacts in the industry for advice on how to make CoinTouch GDPR compliant. They came back with different answers (through no fault of their own – the law is ambiguously defined),” Beach said. “I concluded that I cannot justify running a free service while taking on a legal risk.”

The developer, who operates a number of non-profit websites, said that he is in the process of shutting them all down before the new rules — which he says actually reinforce the dominance of tech conglomerates like Facebook, Google, and Twitter — take effect.

“So, perversely, this new EU law hurts small website like mine, but helps reinforce the dominance of Facebook, Google, and Twitter, who are able to prepare and defend themselves using established legal teams and cash reserves, and who now face less competition from startups,” he concluded.

Featured Image from Pixabay

Founded in 2014 by the creators of aftermarket.pl, BitMarket is a Polish cryptocurrency exchange that finds itself at number 18 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. This exchange offers 6 trading pairs, all of which are crypto/fiat.

BitMarket has some moderate activity, with almost 100 BTC traded in a single day on its BTC/PLN trading pair. It is recommended for all polish traders, especially those looking for a mid-volume market with a robust API for programmatic trading.

 

BitMarket

bitmarket cryptoURL: BitMarket.net

Launched: 2014

Trading pairs: 6, all fiat/crypto

Deposit Fees: Yes

Withdrawal Fees: Yes

Trading fees: Yes 0.0% – 0.45%

Verification: Yes, three levels

Margin Trading: Yes

Registration

Registration on BitMarket requires a first and last name, an email address, a password, and a current physical address. Once the information is filled out, there are four checkboxes that are required, one of which links to a document that seems to only be available in polish.

Verification

BitMarket has three verification levels, none of which are required unless you want to deposit or withdraw fiat, or are trading more than 15000 EUR in a year.

Verification level one is the simplest to acquire. You are required to send BitMarket a scanned ID that states your current address, or a scanned ID and some proof of residence. For level two, a verification code is sent to your stated address via post. The last verification level is required if you wish to use instant bank transfers to fund your account. Each bank account you want to transfer from has to be verified individually by way of a 1 PLN transfer to BitMarket.

Fees

BitMarket uses the usual Maker/Taker scheme that most exchanges use to structure their trading fees. Specifically, BitMarket bases its fees off of your last 30 days of trading. BitMarket does not state exactly when your current fee bracket is updated. On the low end, makers pay 0.15% for between 0 and 99.99 EUR traded, while takers pay 0.45 for the same. For the high end, over 500,000, makers pay no fees, and takers pay a fee of 0.30%. Margin trades follow the same fees above, with opening a position taking the maker’s fee, and closing a position taking the takers fee. After opening, margin trades pay a daily fee outlined on BitMarket’s fees page

For deposit and withdrawal, the fees you pay depend on the currency and the method of transfer. Cryptocurrencies have no deposit fees and have a small withdrawal fee. For fiat deposit, there is no fee for PLN, while EUR deposits cost between 2 and 5 EUR. Both PLN and EUR pay withdrawal fees, PLN ranging from 2 PLN to 20 PLN, while EUR is a flat 2 EUR.

Limits are set at 100,000,000 PLN or equivalent daily on deposits, aside from cryptocurrencies. And there is a limit of 100,000,000 or equivalent daily for withdrawal on all currencies.

Interface

BitMarket’s interface overall is a very bright white with green and blue accents. There is no dark mode available, meaning that late night trading could be a source of eye strain.

The trading interface feels quite simplistic, with a chart, order submission, order book, and trade history all stacked vertically. The chart itself while informative feels sluggish when changing settings, and overall seems somewhat blurred.

Security

BitMarket seems to have some very trigger happy bot protection in the form of a captcha via Cloudflare. I found myself solving one at least once every three page loads. Otherwise, BitMarket offers Two Factor Authentication by way of Google Authenticator.

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News Bytes for May 3, 2018

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Crypto Exchange BitGrail Legally Forced to Shut Down Just Three Hours After it Opens

Yesterday BitGrail Tweeted “BitGrail is pleased to announce the re-open of our exchange!” only to announce three hours later that “We have temporarily disabled the BitGrail exchange pending further notice.” Users quickly became irritable, some pondering if they were “getting robbed”. BitGrail quickly responded with a post to their web site that they were “notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts…”

SEC Mulls Whether Ethereum is a Security Under US Law

US regulators are cracking down on non-compliant securities issuers, and senior officials are set to meet to discuss whether that group includes the founders of Ethereum.

Telegram Scraps Public ICO as SEC Cracks Down on Token Sales

The company behind wildly-popular encrypted messaging app Telegram has scrapped plans to open its initial coin offering (ICO) to the public, says an anonymous source close to the matter.

Goldman Sachs To Open Bitcoin Trading Desk

Goldman Sachs, hiring their first cryptocurrency trader, becomes the first major Wall Street bank to open a bitcoin trading desk. Trading will start in the next few weeks, accordingly to a New York Times report.

Reddit Likely to Bring Back Bitcoin Payments, Add Ethereum and Litecoin Support

Cryptocurrency payments will likely be returning to popular social media platform Reddit, a company executive said on Wednesday.