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IDEX List RedCab Token | Step Forward for Ride Sharing Company

IDEX, the only Ethereum-based, fully decentralized crypto exchange with real-time trading and high transaction throughput has announced the listing of RedCab LLC’s REDC token.

RedCab, a decentralized peer-to-peer transportation solution entirely powered by blockchain technology, announced the listing this week with the Panama-based exchange.

IDEX is recognized as the most advanced Ethereum DEX in the industry, supporting limit and market orders, gas-free cancels and also the ability to fill many trades at once.

Consisting of a smart contract, trading engine and a transaction processing arbiter, the smart contract is charged with storing all assets and also with executing trade settlement, while all trades must be authorized by the users private key.

RedCab has ambitious plans to expand beyond its native Egypt into Bahrain, the KSA, as well as Asian and European markets.

At this stage, almost everyone has heard of, and possibly even tried out, some of the larger ride-hailing companies on the market, such as Uber, Lyft and Grab, but few actually know the way those companies go about running their business.

A 25 percent profit is made through each driver, which makes it difficult for those working for those companies to earn a respectable living.

With a 15 percent profit cut, RedCab provides drivers with a higher percentage of take-home pay, and have a distinct focus on community, providing users with an entirely different experience than those who use Uber.

One question on many readers minds is likely to be “Why RedCab?”

According to the company itself, “Many start-ups have been rising in the market recently to solve the transportation issue. Most of them are successful as a business, but none of them have succeeded without social collateral damage.

Despite the fact that technology has bridged the gap for transportation needs and has successfully solved some problems in the past ten years, this left us with multiple copycat business models without any iteration or innovation.”

One pet peeve that many have with Uber is the spike in fares when certain conditions occur, such as rain and heavy traffic.

“Customers are not only searching for a trendy service, but looking for a true reliable service with sustainable quality and safety, that offers all transportation options and services with a low competitive price, and because customers hate to be abused; so on a rainy day, or a day with heavy traffic; ‘high rates’ fare is not a good move.”

RedCab seem able and willing to provide drivers with more tangible benefits than we’ve yet seen in this industry;

“Based on a recent survey conducted on drivers working as part-time for one of the major car-hailing services app, 91% of the population have joined the hailing service apps to increase their income and 87% to work flexible shifts. 

Our business model guarantees a 20% increase in the income of drivers with a clear strategy to capitalize on the network dominance where the time of the people who chose to partner with us and drive is managed more efficiently.”

The listing with IDEX is yet another step forward for this company that is looking to take the industry in a new, more community-based direction.

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NEM (XEM) Trading Resumes on Coincheck Months After Hack

After ten months of stagnancy, the newly re-opened Japenese cryptocurrency exchange Coincheck has resumed its NEM (XEM) trading. According to a South Korean news source FNNews, Coincheck has restricted its platform by external ‘security experts.’

NEM (XEM) Trading Resumes on Coincheck

Back in January, Coincheck suffered the largest cryptocurrency exchange hack in history. $530 million USD worth of XEM was stolen from the Japanese exchange. After the investigation, the company announced it would repay the 260,000 investors affected by the hack.

At the time of the hack, Coincheck’s website read:

“We would like to offer our sincerest apologies to our customers, other exchanges, and everyone else affected by the illicit transfer of NEM which occurred on our platform. We vow to take action on all of the points listed in the business improvement order handed down from the Financial Services Agency as we work towards resuming normal business operations. Currently, we have suspended various features of our platform including new registrations. Thank you for your patience and understanding.”

Since the incident, NEM purchases and deposits have been completely halted on the Coincheck platform. In addition to NEM, the exchange will soon open up support for both Ethereum (ETH) and Lisk (LSK).

Back in March, the Financial Services Agency (FSA) of Japan gave the company a business improvement order. The ‘watchdog’ demanded that the company undergo drastic reforms to its exchange platform, which included enhanced anti-money laundering (AML) and counter-terrorism financing (CFT) measures.

>> A Guide to Understanding Cryptocurrency White Papers

Shortly after, Coincheck was acquired by the Japenese internet broker Monex Group Inc. On October 30th, Monex announced it would resume Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) trades.

After Coincheck made the announcement yesterday, NEM saw price gains of well above six percent. According to CoinMarketCap, NEM (XEM) is currently trading at $0.113 a coin, up 6.24%, in 24 hours.

Featured Image: Depositphotos /© jurisam

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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.

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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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Winklevoss Lawsuit | Lawyer States Shrem Committed ‘No Misconduct’

Earlier this month, the NY Times reported that the crypto-famous Winklevoss twins have accused Bitcoin Foundation founder Charlie Shrem of Bitcoin fraud. The Winklevoss lawsuit has now turned into a heated battle between both parties.

Winklevoss Lawsuit

According to the report by the NT Times, Shrem made several lavish purchases in 2018, that caught the attention of the Olympian twins. The pair filed a civil lawsuit against Shrem accusing him of stealing thousands of Bitcoin from them in 2012.

“Either Shrem has been incredibly lucky and successful since leaving prison, or—more likely—he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole from” the Winklevoss twins in 2012, the lawsuit states.

The lawsuit claims the Winklevoss twins worked with Shrem on a previous project before he served one year in jail for purchasing drugs with Bitcoin. The filing claims that Shrem stole 5000 Bitcoins from the twins in 2012, that were worth $13 at the time. Now, the coins are valued at around $32 million.

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Lawyer Defends Shrem

“Shrem can show by verifiable evidence that he did not take the 5,000 bitcoins [the Winklevosses] accuse him of taking,” the filing reads.

The lawsuit against Shrem spans over six years, and the result was a falling out over a deal to help the Winklevosses accrue digital currency. This September, the same judge that charged Shrem with his previous proceedings agreed to partially freeze his assets amid accusations by the Winklevosses. Shrem then failed to pay $1 million in restitution to the state as part of the plea deal.

Klein, Shrem’s lawyer, states this is incorrect and claims:

“The true facts are that Shrem paid a portion of the money owed before he knew of the [Winklevosses’] complaint, and is in the process of paying the rest.”

Klein also denies the idea that Shrem has used the 5,000 Bitcoins in question to purchase all of his new assets.

Featured Image: Depositphotos/© AndreyPopov

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Crypto Airdrops | Crypto Ban in China Spreads to Airdrops

China does not like cryptocurrency. The country has repeatedly imposed strict sanctions against its use and relative businesses. Now the central bank of China is adding to its list by banning crypto airdrops.

China Bans Crypto Airdrops After ICO Abhorrence

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

The bank’s regard for crypto airdrops echoes its abhorrence of ICOs, describing them as “illegal” fundraisers that lead to financial fraud, pyramid schemes, and hacks.

Now Crypto Airdrops Are Banned

The PBoC believes that crypto airdrops are evading regulation by giving away free assets to investors. According to Cointelegraph“airdrops earmark a token reserve and then capitalizing on speculation in the market to inflate the assets’ value and drive their own profits.”

And despite the bank’s continuous efforts to crack down on token issuance, ICOs and crypto airdrops are on the rise. It is calling for a doubled vigilance on the part of regulators to better protect investors.

>> Winklevoss Twins Sue Bitcoin Investor Charlie Shrem

The document continues further hitting out at most aspects of the cryptocurrency industry. It is concerned about Chinese crypto companies moving abroad and using foreign “agents” to invest on behalf of Chinese citizens. It also warns against whitepapers and investment projects calling themselves “blockchain innovation.”

The overall fear is for crypto’s ability to evade capital controls and international sanctions. By encouraging a system of finance that lies outside of government control, PBoC feels money laundering, tax evasions, and illegal financing will result and impact society.

China has Never Warmed to Crypto

China has been stringent in its rules forbidding cryptocurrency. It placed a ban across crypto-to-fiat trading since September 2017, and the effect of that has been felt across the market. It has also officially blocked all websites related to cryptocurrency both domestic and foreign.

As the PBoC said previously, “to prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.”

Crypto airdrops are the latest victim of China’s firm hand on cryptocurrency.

Featured Image: Depositphotos/© doomu

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