Tag: Exchange

Japan’s LINE Shuts Down Crypto Exchange Bitfront, Cites Industry Challenges

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Japanese messaging giant LINE has decided to shut down its Bitfront cryptocurrency exchange and will halt all withdrawals from the platform in March 2023. Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments. Bitfront announced the development on Monday in a statement published on its website, noting the decision “is unrelated to recent issues related to certain exchanges that have been accused of misconduct.” The collapse of FTX, a once-beloved Bahamas-headquartered cryptocurrency exchange,…

Line shuts down crypto exchange to focus on blockchain and LN token

The Japanese messaging giant Line has decided to shut down its cryptocurrency exchange business amid the ongoing crypto winter. Line-owned crypto exchange Bitfront officially announced on Nov. 27 a plan to completely close down the platform by March 2023. According to the statement, the closure was driven by the continued cryptocurrency bear market and other issues in the crypto industry. Despite the exchange’s closure, Line will still continue to run its other blockchain ventures, including the Line blockchain ecosystem and Link (LN) token, the announcement notes, stating: “Despite our efforts…

Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20% – Exchanges Bitcoin News

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As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.” ‘No Relationship With FTX’ The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform’s “exceptionally talented people.” The exchange insisted the lay-offs were not linked to the FTX…

AAX exec leaves the crypto exchange amid ongoing operational halt

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Weeks after the AAX exchange started halting its withdrawals, its vice president for global marketing and communications announced that he has resigned from his role at the cryptocurrency exchange.  In a Twitter thread, Ben Caselin confirmed that he has left the firm and highlighted reasons as to why he decided to leave his post at the crypto exchange. According to Caselin, despite his efforts in fighting for the community, the initiatives that they came up with were not accepted. The executive described that his role in communications became “hollow.” The…

South Korean Crypto Exchange Upbit Accused of Instigating Token Removal – Featured Bitcoin News

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According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit was the brains behind the Digital Asset Exchange Joint Consultative Body (DAXA)’s decision to delist WEMIX. The Wemade CEO accused Upbit of applying different standards and of failing to furnish his company with the token supply guidelines. Wemade Not Formally Notified About the Delisting Decision Just days after an association of South Korean crypto exchanges announced the delisting of the WEMIX token, Henry Chang, the CEO of Wemade — the token issuer — accused the Upbit…

Canadian Crypto Exchange Coinsquare Confirms Data Breach

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Canadian cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs…

Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed – Featured Bitcoin News

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Alameda Research reportedly withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange filed for bankruptcy. The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto intelligence firm Arkham said. Alameda’s Withdrawal Analysis From FTX US exchange Crypto intelligence firm Arkham shared an analysis Friday showing that Alameda Research withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto…

Coinbase Launches New Initiative To Promote Crypto Exchange Transparency and On-Chain Accounting

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US crypto exchange giant Coinbase is launching an initiative to help encourage more transparency among firms in the industry, particularly in regard to proof of reserves. In a blog post, Coinbase says it’s exploring new ways to prove reserves using more crypto-native methods, plus announcing a $500,000 developer grant program to encourage others to do so as well. Coinbase says that following the collapse of crypto exchange FTX, investors in the space deserve assurance that they’ll have the ability to withdraw their funds after depositing to centralized platforms. The firm…

Canadian Crypto Exchange Coinsquare’s Client Data Breached; Assets Safe

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Coinsquare, one of Canada’s largest cryptocurrency exchanges, reported a breach of its client’s data and added the breached personal data may not have been seen “by the bad actor.” It confirmed the assets of customers are “secure in cold storage and are not at risk.” The update said an unauthorized third party accessed the customer database containing personal information including, “customer names, residential addresses, email addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history, and account balances.” Interestingly, the data breach happened on the platform a…