BitMEX Blocks Users in Hong Kong, Bermuda and Seychelles from Trading
On August 19, cryptocurrency exchange BitMEX has added three new jurisdictions to its trade restrictions list.
HDR Global Trading Limited (HDR), BitMEX’s parent company, has added Bermuda, Hong Kong, and the Seychelles to its list of total trade access restrictions. BitMEX, based in the Seychelles, maintains arms in Bermuda and Hong Kong.
The three jurisdictions join the United States, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan on the list.
Per a company posting, BitMEX added the geo-blocks for regulatory reasons.
“The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated . . . For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located.”
BitMEX’s announcement follows an investigation by the U.S. Commodity Futures Trading Commission (CFTC).
The investigation was seeking knowledge on U.S. traders participation in the cryptocurrency exchange. BitMEX is not registered with the CFTC. BitMEX’s geo-blocks are based on IP-location, causing many traders to set up VPNs to bypass jurisdiction restrictions. (Neutral)
Bank of America Files Patent for Multi-Tiered Digital Currency Wallet
United States-based investment banking company Bank of America (BofA) has filed a patent for a digital currency wallet with multiple layers of asset access. The proposed wallet would accept different passwords for different amounts of funds requested.
The United States Patent and Trademark Office published BofA’s application on Aug. 15. Per the filing, this technology would comprise a computing platform with a digital wallet interface.
The platform would be configured to operate within a peer-to-peer network for blockchain management — which could potentially be public or private.
The application points to Bitcoin (BTC) and Ether (ETH) as examples of digital currencies that are increasingly gaining attention, and — per the filing — driving the need for better wallet infrastructure. As an example of how the wallet could work with top cryptos, BofA says:
“As an illustrative example, the user may have logically abstracted 4 BTC and 20 ETH in the first tier of the digital wallet interface. The user may specify a first network function request for the Bitcoin decentralized P2P network involving 3 BTC and an address within the Bitcoin network, and a second network function request for the Ethereum decentralized P2P network involving 10 ETH and an address within the Ethereum network.”
According to the filing, there are currently a number of issues with cryptocurrency wallet security, particularly in regard to private key management. Namely, private keys held by users are susceptible to theft or mishandling, and private keys held by third parties are no longer wholly-owned by users. BofA believes that their multi-tiered wallet system would be more secure than current wallet systems. (Neutral)
Japan’s E-Commerce Giant Launches Crypto Trading Service
Ratuken Wallet, Inc., a consolidated subsidiary of Japan’s Rakuten Group, announced on August 19 that it has launched a new mobile app (initially, only for iOS) that offers a spot trading service for cryptocurrencies.
Ratuken’s says that Ratuken Wallet “separates money deposited by customers (customer assets) from the company’s own funds, managing the assets (trust maintenance) in trust accounts provided by Rakuten Trust Co., Ltd., the trust company of Rakuten Group. Rakuten Trust manages those trust assets through Rakuten Bank, Ltd. savings accounts.”
To provide additional safety for customers’ funds, all crypto owned by customers is stored in multi-sig cold wallets. And finally, two-factor authentication (2FA) is mandatory “when logging in, withdrawing money and withdrawing assets.”
Ratuken Wallet currently supports three cryptoassets: Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH).
There are no fees for “opening or managing an account, purchasing or selling crypto assets, or depositing money.” However, there is a JPY 300 fee for withdrawing Japanese Yen and there are small fees for withdrawal of cryptoassets. (Positive)
Posjetite našu Mjenjačnicu kriptovaluta
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