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AtoZ Crypto weekly: more offshore Forex and Bithumb hacked!

Redwan Eid | Mar. 30, 2019
AtoZ Crypto weekly: more offshore Forex and Bithumb hacked!

March 30, 2019. | AtoZ Markets - The weekend started on a bad note, with the crypto exchange Bithumb hacked for a second time this year. Also, on Wednesday it was reported that YouTube hosted a malicious crypto ad.

Thus, most of the headlines this week were positive in the crypto market, with Japan putting the final touches on its Yahoo-backed crypto exchange to launch, and the crypto community pushing to end the ban on bitcoin in India. Furthermore, offshore Forex brokers reproduce in new spots with Labuan becoming a new hub for the Forex market. These are the most prominent headlines we have in our tour today, and more are below in details.

Welcome to the AtoZ Crypto weekly brief!

Crypto exchange Bithumb hacked! 20 Million XRP stolen

On Saturday morning, 30th of March 2019, the crypto exchange Bithumb hack was reported by various online media outlets. Bithumb confirmed the hack and said that the accident involved insiders, after it conducted an internal inspection together with KISA, the Cyper Police Agency and Security for companies. The crypto exchange commented that it was their fault that they only focused on having a defence from external attacks, whilst lacking internal verification of staff and protective measures. 

In total, 5 million EOS and 20 milloins XRP were stolen by hackers. Thus, Bithumb expects to recover the stolen funds and they will apply the same rigorous security to its internal operations. In a tweet on the offical twitter page of Bithumb, the crypto exchange reassured its clients today with the following message:

Bitoin ban in India might see an end!

Since July 2018, when the Reserve Bank of India (RBI) released a circular last April, the banks in the country were prohibited from dealing with Bitcoin and cryptocurrency exchanges. The four-week window that the Indian Supreme Court gave to the government to come up with a crypto regulatory drive is coming to an end.

The final word on that will be the Supreme Court’s.

Finance Secretary Subhash Chandra Garg was said to have come to a consensus on not completely dismissing cryptocurrencies as illegal methods of payment.

No more MiFID retail in Alfa-Forex’s dictionary

A CySEC broker Alfa-Forex announced on Wednesday that from the end of June 2019, it will no longer offer its services to individual customers and other users who are classified as “retail” within MiFID.

Alfa Capital made a strategic decision to focus on providing “premium trading services” in the Forex market and related products to institutional market participants through its existing trading platforms.

In a disconnected news, the Cypriot authority had announced last Tuesday that CIFs would need to fill out a new form that gives details of their entire 2018 trading volume. CIFs are required to break down volumes into asset sub-classes and include all trading undertaken including those with retail traders, professional traders and eligible counterparties. In addition, the form also requires that these firms report on margin trading including the leveraged amount. To cite an example, if a trader's initial fund was $1000 with leverage 1:100, the total amount of $100,000 should be reported by the broker as the leveraged amount.

AtoZ Market’s mid-week break was with an educative article on how to understand a whitepaper and assess it.

European blockchain investments may well hit €815 million!

Another positive headline in the AtoZ Crypto weekly, deals with Europe's plans to invest €815 million in to the blockchain market. According to the latest report the International Data Corporation (IDC) released, Europe blockchain investments in 2019 will reach already more than $ 800 million.

It is expected that by 2027, the value of several trillion dollars can be stored on decentralized and open source blockchain platforms.

The IDC report came to mention as well that the total spending on Blockchain investments in Europe will reach a staggering 3.6 billion dollars by 2022, CAGR is about 73% for the period 2018–2022.

YouTube Crypto Ad poses risks and Yahoo backs Japan in cryptos

Next May as announced, Japan will be onboarding another crypto exchange on its markets.

The new Japan Yahoo-backed crypto exchange Taotao, formerly known as BitARG, will enable trading in individual cryptocurrencies.

Bit Arg Exchange Tokyo was one of 16 cryptocurrency exchanges in Japan with the FSA license issued in early December 2017. A year ago, Yahoo! Japan acquired 40 percent of the crypto exchange.

On the other hand, YouTube inflamed the crypto community this week with an unintentional security breach it had on its platform, where video-sharing website ran a malicious advertisement for Bitcoin (BTC) wallet Electrum, as news reports unveiled.

The issue was brought to light a few days before the news went viral on the web, when a Reddit user posted, notifying the community about a fraud website that impersonates the website “Electrum.org”.

The advertisement referred to has a characteristic that redirects the viewers who clicked on it to link that is known of using a popular scamming method called “typosquatting”.

Offshore Forex brokerages can now get licenses in Labuan

Malaysia has just joined the offshore Forex regulatory margin, offering a broker licence on the island of Labuan.

The news comes as an advancement for Malaysia, in the light of the tougher grip regulators have over the industry, with no looser domain looming in the horizon.

Labuan follows the offshore Forex regulatory trend and requires the brokers to have an office of their companies in the it, which must have as well two employees at least. However, the Labuan Financial Services Authority (Labuan FSA) did not restrict the CEO or the director to be based in the island.

Here we come to an end to our AtoZ crypto weekly overview. Keep tuned for more gripping crypto and Forex news on AtoZ Market.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.