#CryptoCorner; #Twitter ( $TWTR ) Ban May Have Taken Toll on #Crypto Market, Japanese Exchanges to Shut Down and #Bitfinex Seeks a New Home
#CryptoCorner; #Twitter ( $TWTR ) Ban May Have Taken Toll on #Crypto
Market, Japanese Exchanges to Shut Down and #Bitfinex Seeks a New Home
Point Roberts, WA, Delta BC – March 29, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 29, 2018
By Samuel Mowers at Investorideas.com
Twitter Ban May Have Taken Toll on Crypto Market, Japanese Exchanges to
Shut Down and Bitfinex Seeks a New Home
Bitcoin (BTC) is sitting at just under $7500 USD at
press time, with the total crypto market cap around $275 billion USD. Outlets such as Cointelegraph speculate that the recent Twitter ban on crypto ads may be an influence on trading prices.
“Twitter’s
move made it the third tech giant to outlaw cryptocurrency advertising in 2018,
following Facebook and Google respectively. The knock-on effect
on Bitcoin and altcoin prices has been tangible, with BTC/USD at its lowest
point this year with the exception of a momentary dip below $6000 Feb. 6.”
Nikkei reports today that
two Japanese cryptocurrency exchanges, Tokyo GateWay and Mr. Exchange, are
shutting down amid the Financial Services Agency (FSA) crackdown.
“Tokyo GateWay and Fukuoka-based Mr. Exchange are
withdrawing their applications to register with Japan's Financial Services
Agency as exchange operators. The FSA on March 8 ordered both to improve their
data security and other safeguards after they were found to be lacking.”
The FSA requires exchanges to register with the
agency in addition to compliance with new regulations.
“A law that took effect last April
requires cryptocurrency exchange operators to register with the FSA. Sixteen
have done so, while another 16 were allowed to continue operating while their
applications were under review.
The five exchange operators that have
decided to pull out of the business are all part of this latter group, as is
Tokyo-based Coincheck, from which hackers stole around 58 billion yen ($532
million at the time) in the virtual currency NEM in January.”
It was reported today in
German-language Swiss newspaper Handelszeitung that cryptocurrency exchange
Bitfinex is planning to relocate from Hong Kong to Switzerland. This follows news that the
world’s largest cryptocurrency exchange, Binance, will also be relocating from
Hong Kong to Malta. Bitfinex CEO Jean-Louis van der Velde affirmed the
company’s desire for a new home.
The head of
Bitfinex, Jean-Louis van der Velde, confirms the facts: "We are looking
for a new home for Bitfinex and the parent company iFinex, where we want to
merge the operations previously spread over several locations." There have
already been several meetings with the State Secretariat for International
Financial Affairs (SIF) and an exchange with Federal Councilor Johann
Schneider-Ammann, the head of the Department of Economic Affairs.
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