Crypto Exchange Binance.com to Block US Customers from Trading

Binance.com, the world’s largest cryptocurrency exchange, is revamping its internal policies and cracking down on wayward users. The Malta-based exchange announced Friday morning that it was reviewing user accounts to ensure they follow Binance’s terms of use and know-your-customer (KYC) procedures and will remove deposit and trading permissions for anyone in violation of its policies. In an updated term of use agreement revised on June 14, the exchange’s general site notably stated that “Binance is unable to provide services to any U.S. person.” The news comes less than a day…

Ripple (XRP) Price Trading Near Make-or-Break Support Zone

Ripple price started a short term downside correction after trading towards $0.4100 against the US dollar. The price declined below the $0.4000 support and recently tested the $0.3940 support area. There is a key bullish trend line forming with support near $0.3945 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could either break the $0.3940 support and extend losses or start a fresh increase. Ripple price is currently trading near key support levels against the US Dollar, similar to bitcoin. XRP is likely to…

John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live

Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform. Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.” Notably, the exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges. Two “portals” are on offer,…

Navigating Country-Specific Cryptocurrency Trading Restrictions

At the start of June 2019, reports emerged that Binance DEX’s website was blocking users with IP addresses from 29 countries. This news immediately caused confusion with some commentators, using it as an opportunity to reaffirm their stance that Binance DEX is not truly a decentralized exchange (DEX). However, as it turned out, the initial reports were somewhat inaccurate, as the geoblocking only applied to Binance.org — the website for the DEX platform. Traders could still access the DEX via some supported wallet apps, bypassing the need to go through…

LocalBitcoin Loses Traders After Cash Trading Ban: ‘Not Very Local’

On June 1, Finnish peer-to-peer (p2p) bitcoin (BTC) trading platform LocalBitcoins quietly removed in-person cash trading from its service. Three days later, the company publicly confirmed the ban on Twitter. As per the accompanying statement, LocalBitcoins had to renounce local cash trading to “adapt to the current regulatory environment.” The removal of the option has angered users, who seemingly began looking for decentralized platforms with more room for anonymity. However, as the Wild West-like unregulated days of crypto might be coming to an end, the more p2p services might have…

Crypto Exchange OKCoin Expands Trading Services to Europe

Cryptocurrency exchange OKCoin has launched in the EU, opening up euro pairs to traders for the first time. Available from Tuesday for non-U.S. users, OKCoin’s new spot trading offerings cover euro pairs with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) at launch, with more pairs planned. The firm said on its blog that until Sept. 4, euros can be deposited and withdrawn fee-free. At the same time, OKCoin has announced the opening of a new office in Malta, featuring, it says, a “tailored set of trading services and digital assets that…

Examining Australia’s Updated Regulations for ICOs and Crypto Trading

The Australian Securities and Investment Commission (ASIC) on May 30, 2019 published an updated guideline for initial coin offerings (ICOs) and cryptocurrency trading. These new guidelines are aimed at helping cryptocurrency-related businesses understand their compliance requirements vis-à-vis existing laws contained in the Australian Corporations and ASIC Acts. The ASIC’s revampled ICO and cryptocurrency trading framework does not, however, cover guidelines for other regulators like the country’s tax agency and consumer protection group. The securities regulator say crypto businesses will have to refer to the published laws by those respective bodies. By updating its ICO…

LocalBitcoins Removes Cash-for-Crypto Trading Option

Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash. In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though some comments suggested the restriction might be limited to the U.S.. The removal of the option – which acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending cash trades, other comments suggest. The…

Binance Coin (BNB) Slide 6.1% but Margin Trading Could Spur Demand

Binance Coin (BNB) falls 6.1 percent If the rumor is true, Binance is close to activating Margin Trading After six months of stellar performance, Binance coin (BNB) is correcting. Even so, if Binance enables margin trading, the demand for BNB will increase, buoying bulls aiming at $43. Binance Price Analysis Fundamentals They may be centralized and prone to hacks, but exchanges play a crucial role in the crypto ecosystem. Not only do create a market place for even the most illiquid digital assets, but these ramps bridge fiat and cryptocurrencies.…

Huobi Clamps Down on Crypto Wash Trading After Bitwise Report

Huobi Global said it does not engage in any wash trading, and has taken steps to discourage such activity in the wake of a report implying the crypto exchange reported fake trading volume. Livio Weng, CEO of Huobi Global, told CoinDesk through a spokesperson that the exchange “is not involved in any wash trading,” and any such actions would go against the exchange’s “core values.” A report by Bitwise Asset Management which implied that Huobi reported inflated trading volume “surprised” its team, he said, and the exchange “subsequently did a thorough…