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Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

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Cryptocurrency exchange Globitex has launched a new service called the Euro Wallet which allows users to make and receive euro payments in their personal IBAN accounts like any other European bank account. The company claims that this service is a solution to banks closing accounts of crypto businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Globitex’s Banking Solutions

European cryptocurrency exchange Globitex announced on Wednesday the launch of its new service called the Euro Wallet. The company is co-founded by early bitcoin adopter and former executive director of the Bitcoin Foundation Jon Matonis.

Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

The announcement reads:

The Euro Wallet allows users to make and receive EUR payments on a personal IBAN account like any other EUR bank account. The account can be accessed on the cryptocurrency exchange platform providing the user with seamless transactions and EUR under their full control in mere seconds, after withdrawing from their Globitex trading account.

The service is designed to assist crypto users, traders, miners, and businesses in the EU. Globitex CEO Uldis Teraudkalns explained that this new product offers “access to a fully functional IBAN account via the Globitex cryptocurrency exchange as well as instant deposits / withdrawals on Globitex trading account.” According to its website, the exchange currently supports the trading of BTC, BCH, ETH, GBX, and EURS.

In addition to various fees for using the service, there is a monthly outbound transaction limit of 30,000 euros (~$33,832) for individuals or 200,000 euros for corporate entities.

The Benefits

Globitex explained that among the benefits the new service offers are personal IBAN accounts, SEPA transfers, instant EUR deposits and withdrawals from trading accounts, and the ability to make third-party payments. Meanwhile, actual euro “funds are kept at a European central bank,” the company noted.

Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

Teraudkalns reiterated that the new service provides users with their personal EUR account on the same platform as their trading account, thus allowing for instant transfers which save them “time and money when moving funds.” He elaborated that all EUR exchanges let customers access their money “only with an extra step of transferring the EUR funds to another bank account” in their name which “depending on the bank the exchange uses can take 1-2 days.”

Furthermore, he emphasized that his company “will never say no to a client because their business is related to cryptocurrency,” unlike many banks in Europe that close customer accounts dealing in cryptocurrencies with no explanation or charge them “ridiculous fees for banking services.”

E-money License

The Euro Wallet is powered by Globitex’s parent company, Nexpay UAB. Nexpay was granted an e-money license (EMI) in October 2017 by the Bank of Lithuania to carry out payment services and e-money issuance in the EU. Matonis is listed as the CEO of the company on the central bank’s website. This license allows the company to “provide clients with payment services and e-money issuance across all 28 countries,” Globitex proclaimed.

Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

“Acquisition of the EMI licence brings with it the possibility of integrating with the SEPA euro payments system directly through the Central Bank of Lithuania,” the exchange described. “This will enable Nexpay to clear euro payments directly, without the involvement of commercial banks, and to issue IBAN accounts to Globitex clients just like banks issue accounts to clients.”

What do you think of Globitex’s new service? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Crypto Exchange Globitex Launches Banking Solution With Instant Transfers appeared first on Bitcoin News.

Hacked NZ Exchange Cryptopia Allowed to Reopen

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Digital asset exchange Cryptopia has been given the green light to open again after New Zealand police announced they have almost completed their investigation at its offices. The crypto trading platform suffered a security breach last month when, according to one estimate, as much as $16 million worth of cryptocurrency was stolen.

Also read: Brazilian Crypto Exchange Wins Legal Battle Over Closed Bank Account

Management Granted Access to Their Offices

According to law enforcement officials, Cryptopia can now reopen at any time. “We have finished the main part of the work required by the High Tech Crime Group at Cryptopia’s business premises, although HTCG staff remain there finishing up aspects of their work,” detective inspector Greg Murton said, quoted by The New Zealand Herald.

Hacked NZ Exchange Cryptopia Allowed to Reopen

Murton further noted that Cryptopia management have been granted full access to their facilities and business premises. He also stressed that the “investigation is not preventing their business from getting up and running again.” The inspector declined to indicate whether or when authorities might lay any charges in the case.

The exact amount of cryptocurrency presumably stolen in the heist remains unknown and Greg Murton refused to comment on the matter. Experts from data company Elementus believe the digital coins, comprising ethereum and ERC20 tokens, are worth up to $23 million NZ dollars (almost $16 million), which is much more than initial estimates following the news of the hack in mid-January.

Cryptopia Cooperates With the Investigation, Police Say

A report from the end of last month suggested that the attack continued even after investigators arrived at the offices of the Christchurch-based exchange. However, Murton refused to comment on these claims or discuss the suggestion that a portion of the stolen funds have been identified and frozen.

Hacked NZ Exchange Cryptopia Allowed to Reopen

Police officials noted that staff members are cooperating with law enforcement and other government agencies, including the High Tech Crimes Unit. Cryptopia director Pete Dawson was quoted as stating that the information about cryptocurrency transfers has been misinterpreted but he did not say how much digital cash was missing.

Questioned by the local newspaper, Cryptopia founders Adam Clark and Rob Dawson did not provide a timeframe for the resumption of the exchange’s activities. Its website still displays the original announcement regarding the security breach resulting in “significant losses” as well as a link to the press release issued by the New Zealand police.

What are your expectations about the future of Cryptopia? Share your thoughts on the case in the comments section below.


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Hacked NZ Exchange Cryptopia Allowed to Reopen appeared first on Bitcoin News.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

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Research carried out by Tradeblock has found the combined trade volume across the futures contracts offered by Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) plummet relative to spot market volume during the second half of 2018.

Also Read: Mt. Gox Creditors Neither Need nor Deserve This Kind of ‘Hero’

BTC Futures Volume Rivals Combined Trade Activity Across Leading Spot Exchanges During Q3 2018

Despite the hype surrounding the launch of CME and CBOE’s BTC futures contracts at the end of 2017, said markets comprised a small fraction of combined trade activity taking place on Coinbase, Itbit, Kraken, Bitstamp, and Gemini.

With the burst of the 2018 bubble, however, spot volume fell by more than 70 percent when comparing January’s trade activity with average monthly volume posted during the second half of 2018.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

Mixed with a more than doubling in CME futures trade activity, trade volume for CBOE and CME’s BTC futures came to rival that of Coinbase, Itbit, Kraken, BItstamp, and Gemini’s combined spot volume during the third quarter of 2018 – with CME’s volume dwarfing that of each individual exchange.

Futures See Volume Drop-Off During Final Quarter of 2018

While the volume of both the BTC spot and futures markets saw decline during September and October, November saw the combined spot markets post their strongest monthly volume since May, while the futures markets posted their second weakest month of the year.

BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019

While December saw the spot market post a healthy retracement, trade activity in the futures markets fell by more than half to post its worst performing month since launch, suggesting a shift away from the cryptocurrency derivatives offered by CME and CBOE in favor of the traditional cryptocurrency markets.

On Feb. 1, CME published a report stating that the average daily trade volume for its BTC contracts was $80 million during the previous 283 days, which, combined with CBOE’s approximately $10.65 million in daily trade, shows that the futures markets are currently falling roughly 4.5 percent short of rivaling the 24-hour trade volume between BTC and USDT on Binance.

Do you think that we will continue to see a decline in trade activity across the futures markets this year? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradeblock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTC Futures Volume Plummets Relative to Spot Trade Heading Into 2019 appeared first on Bitcoin News.

Localbitcoins to Introduce New User Verification Rules

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Peer-to-peer crypto exchange Localbitcoins is preparing to implement updated requirements for the identity verification of its users. The company recently revealed it’s cooperating with regulatory agencies in Finland on the implementation of the latest EU anti-money laundering rules.

Also read: 3 Technical Proposals for Increasing Bitcoin’s Privacy

P2P Exchange Localbitcoins Advising Finnish Regulators

In a statement published on its website this week, the popular P2P coin trading platform Localbitcoins explained why the upcoming changes are necessary. The new 5th Anti-Money Laundering Directive (5AMLD), which was enforced by the European Commission in July 2018, covers virtual currencies. 5AMLD, or Directive 2018/843 of the European Union, also includes cryptocurrency exchange services and custodian wallet providers in its scope, Localbitcoins noted.

Localbitcoins to Introduce New User Verification Rules

EU member states now have until January 2020 to transpose the new 5AMLD requirements into their national legal frameworks. Finland, where Localbitcoins is based, has already drafted new legislation concerning digital currency services that amends the country’s Anti-Money Laundering Act in accordance with the European directive.

According to the announcement, Localbitcoins has been a pioneer in advising Finnish regulatory agencies in this process and adapting to the new standards of compliance relevant to the cryptocurrency industry. The Helsinki-based company believes its mission is to “bring Bitcoin everywhere.” It says that “by being a reference in compliance, we also aim to promote trust, legitimacy and maturity in the Bitcoin ecosystem, while paving the way for it to become a more viable and widespread currency and combating criminal use of Bitcoin and its network.”

Changes to Affect Account Registration and Verification

The Localbitcoins team has also expressed confidence that the new measures will bring “significant benefits” to users by promoting a safer trading environment and preventing fraud. Although the exact legal requirements are still under preparation, the exchange notified clients that they will bring “major changes” to how crypto trading platforms operate. The company further detailed:

The most important changes concerning Localbitcoins’ users will be related to improving the registration of new accounts and the identity verification processes, introducing wallet withdrawal and trade volume-based verification tiers.

The Finnish company also said it’s working to smoothen the transition for those customers who make legitimate use of its services and already comply with their terms. For years, Localbitcoins has been a benchmark platform among peer-to-peer cryptocurrency exchanges. It connects buyers and sellers of digital coins around the world on geographical basis allowing crypto purchases through an escrow system.

A Benchmark Exchange and Its Alternatives

Localbitcoins was founded in the summer of 2012 and gained popularity among crypto traders who were able to exchange digital currencies in a relatively anonymous manner. However, a few years ago the company introduced a feature allowing users to voluntarily upload their IDs.

Localbitcoins to Introduce New User Verification Rules

Later, those who traded large amounts of bitcoin were reportedly asked to upload a copy of an ID document. Last spring, the platform updated its terms of service due to new EU regulations and included identification requirements in certain situations, as news.Bitcoin.com reported.

A number of other peer-to-peer and decentralized crypto exchanges have emerged over the years. These include platforms such as Paxful, Bisq, Bitsquare, Coinffeine, and Hodl Hodl. New companies continue to create similar exchanges. In November, a startup from Norway announced the launch of a peer-to-peer cryptocurrency marketplace called Bitruption.

Are you using the services of Localbitcoins or any of the other P2P exchanges? Tell us in the comments section below.


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Localbitcoins to Introduce New User Verification Rules appeared first on Bitcoin News.