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EtherDelta Founder Charged by SEC as an Unregistered Exchange

Zachary Coburn, the founder of EtherDelta, has just been charged by the US Securities and Exchange Commission (SEC) with operating an unregistered securities exchange. The SEC released the news via a press release yesterday.

EtherDelta Charged

According to the report by the SEC, over the course of 18 months, EtherDelta users placed over 3.6 million orders for digital currencies. Among those ordered were coins considered securities by US federal laws.

Under the current law, EtherDelta was supposed to register in the US or apply for an exemption. However, the cryptocurrency exchange failed to do either.

“EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

According to the SEC, Coburn neither denied or admitted to the findings, instead, he consented to pay the state $300,000 in unlawful profits. In addition to the $300,000 fine, the EtherDelta founder will pay $13,000 for prejudgment interest and an additional $75,000 penalty.

>> Two Teachers Mine for Ethereum Using School’s Power

EtherDelta isn’t the only crypto exchange the SEC has gone after. In fact, many popular global exchanges have barred US citizens from using their platform due to the country’s strict regulations. Many exchanges don’t want to have to go through the process of registering and the potential for fines.

“We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws.”

While many within the crypto community feel the restrictions are too harsh, the SEC feels it has a right to protect its citizens from fraudulent activity. Most fraud has surrounded Initial Coin Offerings (ICOs), and the SEC has cracked down the most on these activities in the crypto space.

Featured Image: Depositphotos/© tashatuvango

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Launch Link Between Perfect Money and Bitcoin

As Bitcoin and other cryptocurrencies gain more popularity and usage across the world, the new Exchange.Blue online platform is now making it possible to exchange and trade Bitcoin for Perfect Money in a fast, secure, and easy process.

[New York], [New York], November 6, 2018 – Exchange.Blue, an online exchange platform run by a team of young successful entrepreneurs, is proud to announce the unique service that now makes it possible to sell Bitcoin for Perfect Money and exchange Perfect Money for Bitcoin in an easy instantaneous process. This is an innovative P2P exchange platform that delivers secure digital currency service.

Exchange.Blue brings the much-needed bridge between Perfect Money and Bitcoin. The move to incorporate Bitcoin transactions in Perfect Money has been welcomed by many users of the popular online payment system. Perfect Money is a well-known international financial service that allows account holders to make instant money transfers and payments securely over the Internet. The service has opened unique opportunities for business owners and internet users to conduct secure and timely financial transactions online. Exchange.Blue has now stepped in to fill the missing link between Perfect Money and Bitcoin. They have made it possible for Perfect Money users to sell Bitcoin or exchange their currencies in Perfect Money to Bitcoin.

Given the high levels of security and confidentiality in both Perfect Money and Bitcoin transactions, Exchange.Blue provides a quick, secure, and seamless link between the two platforms. Perfect Money is known for having zero tolerance for chargebacks while Bitcoin transactions are irreversible. This is why Exchange.Blue doesn’t require verification to make a transfer from one exchange to another.

All the customer is required to do is to fill up a form on the company’s website, enter a valid email address where the transaction details will be sent, and simply click the exchange button. After the transfer is complete the amount requested in Bitcoin will be immediately transferred to the customer’s address as stated in the exchange form. The exchange is completed in a quick and simple process.

However, customers are advised that the exchange rate calculated by the company’s algorithms is only valid for 15 minutes after which a new rate kicks in. If the customer’s payment is received after the 15 minute period ends, then the rate will be recalculated according to the new market rate.

Individuals and businesses can now exchange Perfect Money for Bitcoin or buy Bitcoin using Perfect Money with confidence. The Exchange.Blue platform provides a secure and efficient marketplace where users can instantly convert their Perfect Money currency in USD to Bitcoin. The company has a 24/7 live support to assist customers in every step of the process, or in case of any question or concern.

About Exchange.Blue

Exchange.Blue is an online digital currency exchange platform run by Capital Markets Consulting, a company registered in Ukraine. It’s an online Perfect Money verified currency exchange platform started by a team of young entrepreneurs who have been in the cryptocurrency business since 2017. The company was started after the founders identified a deep gap in cross-currency transactions, especially the limited number of online payment wallets that accept both fiat currencies and cryptocurrencies. The company has an open-minded approach to revolutionizing the future of cryptocurrency exchange industry.

Excange.Blue’s mission is to keep on delivering high-quality service and the most honest exchange experience to both Bitcoin and Perfect Money users across the world. Their vision is to become a trusted leader in the financial exchange world by nurturing a client at a time. The company is founded on a solid foundation that is secure, honest, innovative, responsible and fast. According to the company’s CEO, customers can now look forward to benefiting from the company’s top-notch experience in the cryptocurrency industry for faster, secure, and reliable services.

“We are proud of our highly rated qualities such as getting the job done fast when dealing with money transfers,” he stated. “We believe time is precious which is why we have our dedicated agents on standby at all times to ensure your orders are processed on time.”

Exchange.Blue promises to keep on providing their clients with the most competitive rates when it comes to Perfect Money and Bitcoin exchange. They are not only providing the best rates but are also committed to charging the lowest fees possible. Security is another factor the company holds in high regard. It’s a top priority in every transaction the company handles. Customer information is never shared with other third parties while each transaction is handled with the highest level of anonymity. Users of the exchange platform are never required to divulge personal data such as name, address, or telephone number.

As Bitcoin becomes more accepted worldwide, Exchange.Blue’s innovative platform has bridged the gap between Perfect Money and Bitcoin.

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Coinbase will Add Nearly 300 Coins in the Next Year but Won’t IPO

The major US cryptocurrency exchange Coinbase has just announced that it won’t IPO any time soon but will be adding hundreds of more coins in the next year. Coinbase’s President and COO Asiff Hiriji told Bloomberg his company’s plans this morning via Bloomberg TV.

Coinbase Denies IPO

Yesterday, it was announced that Coinbase is now valued at over $8 billion USD after it closed its series E investment last week. This funding round was worth $300 million USD. With its value rising, some began to speculate whether the major cryptocurrency company was eyeing an Initial Public Offering any time soon.

Hiriji himself hinted about the potential offering back in 2017, stating that the company would like to go public “at some point.” The exec confirmed to Bloomberg reporters today:

“There’s not going to be an IPO any time soon; we have so much to do.”

Hiriji elaborated a bit more on what “so much to do” meant by saying his executives want to diversify revenue stream across the company’s two platforms. Currently, Coinbase offers only seven cryptocurrencies at the time. Hiriji elaborated a bit more about his company’s future plans by saying:

“We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so. Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”

US Regulations

Currently, the US has the strictest policies across the globe when it comes to cryptocurrency. Most companies won’t even offer their services to US citizens because it’s impossible to comply with the regulations put in place by the SEC. It seems the US-based company has no interest in trying to pass these laws and is shifting gears to foreign crypto investors now.

It remains unknown at this time which coins will be available to US investors when the new batch is released.

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Coinbase Funding | Exchange Now Valued at Over $8 Billion

Crypto exchange Coinbase is now valued at over $8 billion after it closed a new $300 million funding round.

The US exchange held a Series E investment last week.

Coinbase Funding will Enhance Growth

Coinbase is one of the world’s largest exchanges by trading volume, and it has been at the fore of the cryptocurrency movement when it exploded in 2017.

In the first half of that year, the exchange facilitated almost $15 billion in digital currency exchanges. That number was five times the amount exchanged across all of 2016. Now, in 2018 and moving into 2019, the platform has amassed $525 million from investors to date.

Broadening Coinbase

The company has spent 2018 focusing on broadening its services; the exchange is aiming to cater to institutional investors, and this new Coinbase funding will help further that effort.

Interestingly, the company is planning on broadening its footprint outside of the US. It wants to offer fiat-to-crypto exchange services in other parts of the world.

And it seems this is a strategy most major platforms are implementing. Binance—the world’s largest exchange based on trading volume—has plans to open ten fiat-to-crypto exchanges worldwide by the end of 2019.

>> California Man Faces Up to Five Years for “Unlicensed” Bitcoin Sales

Coinbase Funding will Add Support

At this point in time, Coinbase has support for seven digital assets. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), ZRX Coin (ZRX), and its newest addition, Circle Coin (USDC).

The newly raised capital will also go toward supporting more tokens in the not too distant future.

The platform has the ambition to house potentially “millions” of coins in the future. But for now, when speaking at TechCrunch Disrupt San Francisco in September, CEO Brian Armstrong said he believed Coinbase could host hundreds of tokens within “years.”

Coinbase and Circle

Only last week, Coinbase and Circle joined forces to establish their own stablecoin, the USDC, or USD Coin. The tech startup companies are calling their joint venture the ‘CENTRE Consortium,’ and its new website is already up and running.

This is the first time the major US cryptocurrency exchange is supporting a stablecoin and the coin is already available for trading on the exchange.

Featured Image: Depositphotos/© Kuzmafoto

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Coinbase BCH Insider Trading Case Dismissed by US Court

Major US cryptocurrency exchange and wallet provider Coinbase had just been granted a motion to dismiss a lawsuit over alleged insider trading. The alleged Coinbase BCH insider trading occurred last year during the company’s launch of Bitcoin Cash (BCH).

Coinbase BCH Insider Trading

The United States District Court North District of California published a court document this past Tuesday detailing the dismissal. Vince Chhabria, US District Judge, found that the plaintiff Jeffrey Berk from Arizona had “not sufficiently articulate[d] the legal bases for his claims” in his complaint. The original lawsuit had been filed against Coinbase in March of this year.

Berk represented all Coinbase customers that had allegedly “suffered monetary loss as a result” of the exchange’s misconduct. The cryptocurrency exchange launched BCH from Dec 19th–Dec 21st, 2017. Within minutes of the public learning that Coinbase was supporting Bitcoin Cash, BCH saw a massive and unexpected spike in price—almost instantaneously.

Berk had alleged that Coinbase employees and others with knowledge of the matter benefited from trading on the basis of non-public information, stating:

“On December 19, 2017, a month after tipping off its own employees as to when it would commence fully supporting BCH, Coinbase suddenly announced that it was opening up its books to the buying and selling of BCH within minutes after its announcements. Unsurprisingly, those who had been tipped off, immediately swamped Coinbase and the GDAX with buy and sell orders, thinning the liquidity but obtaining BCH at fair prices.”

>> Japanese Cryptocurrency Exchanges Can Now Police Themselves

District Judge Chhabria found that Berk failed to describe the scope or content of Coinbase’s duty in “anything more than broad generalities.” Berk can still file an amended complaint within 21 days of the dismissal.

It remains unknown at this time if he will continue to pursue this legal matter.

Whose side are you on?

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