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CoinBene Exchange: Maintenance Is Regular, No Hack Ever Took Place

The recently started maintenance at the high-ranking CoinBene exchange
has brought up rumours about a possible hacker attack. CoinBene reps are
rejecting this, insisting that the maintenance is a regular one.

Recently, a Singapore-based DragonEx exchange has suffered a hacker attack. As it happened, another big Singapore-located exchange CoinBene began to perform maintenance. However, rumours quickly spread that this company had also suffered from hackers but prefers not to make it public.

The source of the rumours

Recently, CoinBene announced an upgrade to begin on March 26. So when over the weekend DragonEx faced the attack, some users of CoinBene began to suspect that this platform had also been hit by IT gangsters. The losses of DragonEX in digital assets have not been counted yet.

Deposits in CoinBene began to get stuck, so users started tweeting complaints.

CoinBene responds to comments of alerted traders

On March 27, the CoinBene exchange, probably getting tired of the rumours, decided to clarify the situation and calm the users down. A tweet posted today explains the situation, suggesting investors keep calm, stay patient and retweet the message.

Some of the users, who questioned the platform, remained unsatisfied and frustrated since their deposits are still pending.

The true reason for the maintenance

Coinmarketcap ranks CoinBene as exchange #4 by daily trading volume. When any major exchange gets hacked, it raises concerns not only of its investors but makes the whole crypto community worried as well.

Explaining the situation, CoinBene reported that upon receiving alerts from other exchanges about hackers’ threat, the team decided to make an urgent upgrade on its wallet.

CoinBene assures everyone that customer funds are safe and should any be lost, the exchange will make a 100% compensation.

As for the frozen deposits, the CoinBene team
replied that for some coins (ETH, BTC and USDT) they have already been
relaunched. Deposits for other assets will be fixed as soon as possible.

2019 starts negatively for exchanges

As 2019 began, troubles started happening to crypto exchanges. First, the CEO of the Canada-based QuadrigaCX platform died on his travel in India, being the only holder of private keys to the wallets with the customers’ money.

Then, in mid-January, the Cryptopia exchange
based in New-Zealand went offline after a major hack. Later on, the platform
suffered a couple more attacks on the same wallets that customers kept

Now, its DragonEx that has suffered from hackers. This explains why CoinBene decided to upgrade its cold wallet and implement extra security measures.

The post CoinBene Exchange: Maintenance Is Regular, No Hack Ever Took Place appeared first on Ethereum World News.

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Thailand Opens to Crypto as SEC Approves Seven Exchanges

Nations across Asia have been pretty mixed with their approach to cryptocurrencies. Governments in the region tend to be more autocratic where the notion of free trade, decentralization, and power to the people is abhorrent to many of them.

Thailand, which is currently in the grips of a military dictatorship, is taking an unexpected favorable stance towards cryptos as the Securities and Exchange Commission announced their approval of several exchanges in the Kingdom.

According to yesterday’s Thai SEC announcement seven crypto exchanges have been approved for legal operations. The exchanges include BX Thailand (Bitcoin Co. Ltd), the country’s leading exchange which handles $2.3 million in trade volume per day. Additionally Bitkub Online Co. Ltd, Cash2coins Co. Ltd, TDAX (Group Co. Ltd), and Coin Asset Co. Ltd were approved for trading.

Two cryptocurrency dealers: Coins TH Co. Ltd and Digital Coin Co. Ltd (ThaiWM) were also approved by the regulator. According to the Digital Management Act, which came into effect in May, operators were still allowed to permit trading for three months until the final decision was made. Two further digital asset operators that had submitted applications were also under review.

Secretary General of the SEC, Rapee Sucharitakul, stated;

“Investors should check whether the business is listed by the SEC before investing in high-risk digital assets. Operators who are not listed but wish to operate a digital asset business can apply for a license from the SEC. They will be able to carry on business only if they are licensed by the Ministry of Finance.”

Earlier this month Thailand’s central bank released a circular outlining their policies on cryptocurrencies and back tracking on a previous ruling that prevented financial institutions getting involved in crypto. Last week the SEC revealed that over 50 ICO projects were interested in operating in the country as regulations are made clearer.

The SEC also recently approved seven cryptocurrencies for use in ICOs and trading pairs within the country. The ruling junta had previously proposed a heavy taxation of 22% to be levied on crypto profits and trades. The move came under scrutiny from business leaders and the 7% VAT on all trades was waived however the 15% capital gains tax on profits remains in place but has yet to be enforced.

After a negative start to the year Thailand finally appears to be warming to crypto which will keep it competing with South Korea and Singapore.


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Regulatory Progress: Philippines to Regulate Crypto and License 25 Exchanges

The country of the Philippines was thrust into the global limelight when President Rodrigo Guterte came into power in 2016. The tough, no nonsense former Mayor of Davao City had promised to clean up the country and wasted no time on his war on drugs. The country has once again grabbed the global spotlight by being one of the first to draft cryptocurrency regulations as well as planning to issue licenses to cryptocurrency exchanges.

News coming in from the Philippines indicate that the Cagayan Economic Zone Authority (CEZA) is the government body that has been tasked with drafting rules to safeguard cryptocurrency investors in the country as well as issue the said licenses to a maximum of 25 crypto exchanges. The country, through CEZA, has plans on becoming a fintech hub in not only Asia, but the entire world.

Originally, CEZA had stated it would license only 10 exchanges but the increase in number could be as a result of the government listening to the general popular opinion and sentiments in the country. Initially, the country’s authorities were cracking down on Bitcoin traders as well as mining activities but this stance has since eased with the current news of CEZA drafting crypto regulation.

The CEO and Administrator of CEZA, Raul Lambino is quoted as saying the following when the licenses to be offered were initially only 10:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange. The exchange of fiat money into virtual currency, and vice versa, should be done offshore to avoid infringing Philippine regulations.

He would later add that:

Each crypto exchange will be required to invest at least USD1 million or around PHP53 million within two years and it must have a back office in the Philippines. Firms must also be registered with the Securities and Exchange Commission.

Lambino would later clarify the issuance of licenses in the following statement:

Although CEZA will only issue 25 licenses, each exchange will have 20 to 30 sub-licenses for traders and brokers.

Philippines joins a list of countries that are slowly but surely embracing crypto regulation. They include Thailand, Malta, Indonesia, South Korea, the UAE and the American SEC which has so far only given direction with regards to Bitcoin and Ethereum. Once the global regulatory hurdles are complete, crypto investors can relax and enjoy what they love doing: trading and investing in ICOs.