Global Coin Weekly — Exchange updates; EOS; China and Korea
Quote of the week
“Investors in cryptocurrencies should realise that, once the regulators start banning and inspecting these ICOs and cryptocurrency operations, they will find fraud, losses and manipulations that ultimately will lead to tears. Trust in blockchain, as in anything else, needs to be earned, not created through hype.”
-Andrew Sheng, SCMP. Sums up a lot of the regulatory happenings in Asia in the last week. The regulations arising s not a bad thing for the industry at all…
Top News from this past Week
Two trends happening in exchanges right now:
1) Binance and OKEx are both piloting “membership programs” where members will get access to the exchanges’s management systems and backends support.
2) Exchanges like FCoin and OKEx are all releasing “trans-fee mining” models.
EOS freezes 27 accounts, with “logic and reasoning to be provided later.”
=> In Korea, Bithumb lost more than $30 mn in cyber hack. After the hack, Korean Financial Services Commission is looking to define virtual currency exchange as virtual currency handling business. Previously, the gov’t postponed the regulation of the cryptocurrency sector because it feared consumers will acknowledge it as the gov’t legitimizing the crypto market.
=> The Chinese gov’t (MIIT) published an updated Crypto ranking list. EOS overtook Ethereum as 1st. NEO third and Nebulas climbed up to 6th.
=> BitFlyer halted new customer account creations as it makes efforts to improve its systems. This is after Japan slapped six exchanges with business improvement orders including BitFlyer, Quione and Bitbank.