The largest South Korean exchange UPBit passed the government inspection with flying colors.
Last weeks rumors began circulating around the internet that UPBit was suspected of sharing/ pooling liquidity with other exchanges, which prompted swift action from South Korean Financial Supervisory Service (FSS), Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC).
It turns out it was all a case of much ado about nothing, as the investigators confirmed that UPBit’s balance sheet was as healthy as a fiddle. The audit by Yoojin, a major accounting firm in South Korea, was completed on 15th May and confirmed that the funds recorded on UPbit’s balance sheet perfectly matched the actual holdings of the company.
MoneyToday reported that “since early 2018, UPbit created snapshots of its multi-signature wallets and funds stored within them for auditing purposes. Yoojin accounting firm, a major accounting firm based in Seoul, confirmed that all of the funds on the UPbit platform match the cryptocurrency holdings of UPbit stored in its multi-signature wallets”.
The confusion stemmed from the fact that UPbit lists over 130 cryptocurrencies on their platform, however only 90 of them can be directly withdraw and deposited. The other 40 don’t have native wallets and must be converted to either Bitcoin or Ethereum.
Despite the successful audit, the event caused considerable FUD in the South Korean crypto markets and has damaged the reputation of the local crypto exchanges.
Ever since the Mt. Gox debacle, crypto markets have been very nervous and fearful of another major exchange scandal, therefore unnecessary FUD like this needs to be avoided in the future. Hopefully government officials will realize this sooner rather than later.
The SEC chairman appears to be changing his stance toward ICOs, where before was focusing primarily on the dangers ICOs bring, now is softening his view. At a Princeton University event Thursday, The SEC’s highest-ranking official surprised everyone with a positive note on ICO environment. He rejected the idea that all ICOs are fraudulent, answering ”absolutely not” to a question centered on whether the agency’s actions against some founders of blockchain projects amounts to such an admission.
The SEC chairman Jay Clayton’s remark came during a talk on ”Cryptocurrency and Initial Coin Offerings,” one of more notable past statements, including his most famous issued in February, in which he said that he believes ”every ICO” he and his team researched, qualifies as a security. He opened the talk by telling the assembled students he believes that ”distributed ledger technology has incredible promise for the financial industry.”
Clayton went on to argue that the steps taken by the agency in recent months could actually help the industry mature overall.
He told the students:
Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My quick answer is that my hope is that it’s actually helping – because this technology is being used for fraud and to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.
Clayton’s remarks follow the SEC’s recent charges against Floyd Mayweather’s promoted Cryptocurrency Centra tech. Specifically the co-founders of the coin. The agency stopped the ICO and charged Sohrab and Rober Farka with Fraud after they raised $32 million by selling ”unregistered securities.”
The SEC chairman said that such actions were in the industry’s best interests. ”I think if we don’t stop the fraudsters, there is a serious of risk regulatory pendulum – the regulatory actions will be so severe that they will restrict the capacity of this new security,” he reportedly told the audience.
Japanese luxury car dealership L’Operaio will be able to accept Bitcoin (BTC) as a payment option from customers using their crypto wallets on the Tokyo-based exchange bitFlyer, according to a press release from bitFlyer published on March 27th. The new partnership is the latest in a series of deals bitFlyer has been making throughout Japan.
It is known that bitFlyer has already integrated its cryptocurrency wallet with major electronics retailers in Japan, such as all stores at Bic Camera and a limited trial partnership for selected branches of electronic dealer Yamada Denki.
Notably, while most of the exchange’s existing retail partnerships have a limited settlement cap for each purchase, ranging from $900 to $2,760, bitFlyer says the new partnership will allow customers to make purchases as high as 100 million yen ($1 million) in bitcoin via its digital wallet. The BTC option will be first available at three stores in Tokyo, in Setagaya, Nerima, and Aoyama, but the aim is to “expand to all stores in the future.”
SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland’s principal stock exchange (the other being Berne eXchange).
SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives such as stock options. Couple of days ago we spoke with Head Media Relations Director Stephan Meier at SIX. He gave us an insight on how does the principal swiss stock exchange work, investing and also about crypto market. Check out the interview below:
I sincerely thank Stephan for his precious time and all the knowledge he shared with us.
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