Founded in 2016, ACX is an Australian cryptocurrency exchange that offers 8 trading pairs. Of the 8 pairs ACX offers, 5 are against AUD and 3 are against BTC. ACX supports a daily volume of 471 BTC/d, making it a medium size exchange. That daily volume, along with the fact that it offers a full API for trading programmatically makes ACX a good choice for any Australian traders looking for a local exchange. Traders from other countries are encouraged to consider other exchanges closer to them for latency and fee reasons.

ACX currently finds itself at #24 on BlockExplorer’s list of the top 25 cryptocurrency exchanges of 2017.

ACX

acx cryptoURL: ACX.io
Launched: 2016
Trading pairs: 8
Deposit Fees: No
Withdrawal Fees: No
Trading fees: Yes
Verification: Yes
Margin Trading: No

Fees and Limits

ACX charges a flat fee of 0.2% on all trades for both makers and takers and does not charge any deposit or withdrawal fees.

Limit wise, ACX has a withdrawal limit of $10,000 AUD per day for individual accounts and $30,000 AUD per day for corporate accounts. Both account types have a $100 AUD minimum deposit. For cryptocurrency withdrawals, anything over $50,000 AUD equivalent must occur during ACX business hours for security reasons.

Registration

Registering an account on ACX is a simple process, which starts with providing an email and password, and ends with confirming said email, setting up 2FA, and the verification process. Note that all three final steps are required in order to trade.

Verification

Verification on ACX follows ‘normal’ Know Your Customer rules for verification. Meaning that a photo ID with at least 6 months of validity remaining, proof of residence, and a bank statement are required for verification. The bank statement must come from the bank you will be using to credit the account. For non-Australian traders, only a passport can be used to satisfy the ID requirement, while Australian traders may use their passport, drivers licence, or proof of age card.

Interface

ACX’s interface has a jarring mix of light and dark elements, with the homepage switching between the styles in bars as you scroll down. The trading interface continues this trend but to a lesser extent. At the top of the page is a bright white bar with some account information and a place to select trading pairs. The rest of the trading interface has a dark theme with muted colours for highlights.

Otherwise, the layout of the trading interface is well thought and takes advantage of the full width of your screen. Front and center is a pair of charts stacked on top of each other. Specifically, a price chart and a market depth chart. And on either side of the charts is both a market history list and a current order book, with a personal order book below the pair wide one. Trades can be input on the left of the page.

Security

ACX offers 2FA in a variety of ways, of which the recommended is Google Authenticator. Otherwise, ACX requires that all large crypto trades (over $50,000 AUD equivalent) occur during business hours.

coin renders

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

“See No Bank, Hear No Bank, Speak No Bank”: German Bank Allows Users To Transfer Loans Anywhere In The World Using Bitcoin
According to Reuters, German Radoslav Albrecht founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. ZeroHedge reports, “Albrecht’s Bitbond uses Bitcoin and other cryptocurrencies to completely bypass the Swift international transfer system which has a monopoly and ultimate veto power on who is in – and isn’t – in the global petrodollar club, to lend money across the globe rapidly and at low cost.”

Winklevoss-Owned Gemini Exchange Becomes First Licensed Exchange to Offer ZCash
Anthony Severino of BlockExplorer reports that Gemini, the New York-based cryptocurrency exchange owned by Tyler and Cameron Winklevoss, will become the “world’s first licensed ZCash exchange”.

Australia To Ban Cash For All Purchases Over $10,000
Australia’s Liberal Party government announced it will be illegal to purchase anything over $10,000 with cash starting July of 2019. The Australian government goes on to say it’s “encouraging the transition to a digital society” and cracking down on tax evasion.

LG CNS Launches its own Blockchain Platform, Monachain
Monachain provides digital authentication, community token, and supply chain management. ZDNet reports, “The service is aimed at enterprise clients and can be applied in finance, public, telco and manufacturing industries, the company said. The platform offers digital authentication, community token, and supply chain management.”

Image courtesy of Carty Sewill, http://cartyisme.com/

Bitcoin Gambling

An Australia-registered sports betting website that accepts bitcoin for bets is under investigation by the country’s communications and media authority.

In a report from ABC News, the investigation comes at the urging of Tasmanian independent MP Andrew Wilkie, a strong advocate of gambling reform.

According to the report, the JustBet website is registered with the Christmas Island Domain Administration (CIDA), which gives it a website ending in ‘.cx.’ As this is considered an Australian Island Territory, in theory, this makes it legal. However, the website has been registered by a Panamanian while its IP address is linked to San Jose, the capital of Costa Rica, which is also a thriving hub for the digital currency gambling industry.

The sports gambling site allows bets to be placed in a digital currency such as bitcoin and the U.S. dollar in Australian sports including the Australian Football League (AFL), the AFLX tournament, and A-League, a professional men’s football league. Live and pre-match betting is also available on international games as well as online casino games.

However, after Wilkie brought the website to the attention of the Australian Communications and Media Authority (ACMA), it appears that it’s not registered with any gambling commission in Australia. As a result, experts have said that this is breaching the federal Interactive Gambling Act. This act prohibits websites from offering these types of online gambling to Australians.

Wilkie said of the situation that:

The site should be shut down immediately, and the Christmas Island Domain Administration should act straight away to remedy the situation.

As a result, ACMA has said that it is investigating the site to determine if it has breached the Interactive Gambling Act.

In response, the CIDA said that it would need to receive a complaint from authorities or a member of the public before it could de-register the site.

A spokesperson for the ACMA said of the matter that:

The ACMA has published a register of interactive wagering service providers that are licensed by an Australian state or territory. Interactive wagering services that are not included on this register are likely to be provided to Australian customers illegally.

This news comes a month after the Northern Territory Racing Commission (NTRC) in Australia ordered all bookmakers licensed by the state to cease and desist from offering bitcoin betting in the country.

Featured image from Flickr via ahmet cetin.

Bitcoin

Australian citizens searching for a way to purchase bitcoin and ethereum can now do so by simply visiting any one of the 1,200 newsagents across the country.

According to a report from the Australian Financial Review, all investors need is a crypto wallet, $50, a phone number, and an email address. As a result, the process makes it easy for people who wish to get involved, but only want to invest a small amount.

Prior to this, people who wanted to purchase bitcoin first had to go through the process of buying a barcode with the amount of bitcoin they wanted from bitcoin.com.au. Upon receiving the barcode they would then have to take it to a newsagent to get the currency. Despite this long-winded approach, the past 12 months saw over 40,000 transactions being processed through this method.

Speaking to AFN, Domenic Zizza, owner of the NewsXpress newsagent in Oxenford, Queensland, explained that this will help newsagents, which have seen a decline in newspaper and magazine sales in the last three years.

[The take-up] has been fairly substantial to say the least. In some instances it’s been a bit of a frenzy…people’s aspirations are high and this has provided an opportunity for punters to have a go, but at a small scale, he said.

A partnership between Bitcoin Australia and iOS-based payments system Blueshyft has enabled the sale of the two digital currencies at the newsagents. Even though Rupert Hackett, CEO of Bitcoin Australia, said the move was helping to ‘democratize’ the inclusion process, there was still a long way to go before cryptocurrencies would be accepted for goods and services.

He added:

Estimates indicated 2-3 per cent of a country’s population owns digital currency, so we’re still at the early stage of the technology, but eventually we envision a world where you can buy or sell anything with cryptocurrency.

Notably, regardless of this innovative measure that the newsagents are embracing, not everyone is as keen, particularly given their links to criminal activities.

As a result,  authorities are turning their attention on how to regulate them.

The U.S. Securities and Exchange Commission (SEC) has started to crack down on initial coin offerings (ICOs) following months of warnings. Yesterday, it was reported that the agency had issued dozens of subpoenas to companies and advisers linked with the booming ICO industry.

Whereas, a prominent German MEP has called for Europe to ‘lead the way‘ with regulating the industry.

Featured image from Shutterstock.