New York AG Report Faults Crypto Exchanges for Manipulation Risks

The New York Office of the Attorney General (OAG) has released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation and referring several exchanges to another agency for potential violations of state law. The NYAG’s inquiry was launched in April, seeking voluntary participation from 13 of the world’s most notable trading sites, including Coinbase, Kraken, Bitfinex, Bittrex, and Binance, among others. The process carried forward in spite of the refusal to participate from some exchanges as well as then-Attorney General Eric Schneiderman’s resignation in May. The…

Coinbase Hires LinkedIn Executive as New Data Chief

Cryptocurrency exchange startup Coinbase has hired LinkedIn’s head of analytics and data science. Michael Li, a senior LinkedIn executive who spent more than seven years with the professional networking platform, is taking on the role of vice president of data, according to a blog post published Tuesday. Li’s career to date has revolved around incorporating data into financial services, e-commerce and social networks, he wrote in the post. He believes that there are “endless possibilities” for using data in the cryptocurrency and blockchain space. “I am thrilled by the opportunity to…

A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin

A top-20 exchange is phasing out an embattled cryptocurrency. Digifinex has decided to replace tether (USDT), perhaps the best-known “stablecoin” designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken’s TrueUSD. Based in Singapore, Digifinex handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap, making it the 16th-largest exchange by that measure. Kiana Shek, Digifinex’s co-founder, told CoinDesk she’d been “looking for ways to get rid of USDT” for months, adding, “I simply don’t believe in tether but I had…

Mt Gox’s Corporate Creditors Can Now File Claims for Bitcoin Refunds

The trustee of the long-defunct bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped bitcoin through a recently approved rehabilitation process. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to file proof backing up their claims for refunds of crypto assets held by the exchange. “We have released an online rehabilitation claim filing system … which allows corporate users to file their…

Binance Partners With Malta to Launch Security Token Trading Platform

Binance, the world’s largest crypto exchange by volume, is teaming up with the Malta Stock Exchange (MSX) to enable security token trading on the “blockchain island,” a local news site reported Tuesday. The exchange’s chief financial officer, Wei Zhou, signed a memorandum of understanding with MSX chairman Joe Portelli to launch a security token trading platform, Malta Today reported. Malta’s finance minister, Edward Scicluna, praised the crypto industry during a press conference, saying the nation will not miss an opportunity to take advantage of new innovations. Although blockchain and cryptocurrencies…

Huobi Eyes Japan Expansion With Acquisition of Licensed Crypto Exchange

Huobi Group is to expand its trading services to Japan via an imminent deal to purchase local licensed cryptocurrency exchange BitTrade. In an announcement on Wednesday, Huobi said its wholly owned subsidiary Huobi Japan Holding Ltd has inked an agreement with Eric Cheng, the sole owner of BitTrade, to acquire a majority stake in the firm. BitTrade is currently one of 16 licensed exchanges in Japan and also a member of the Japanese Virtual Currency Exchange Association. Huobi declined to disclose the dollar amount of the acquisition and its exact ownership stake…

Nasdaq Said to Be Building Tool to Predict Crypto Price Movements

Nasdaq might be on the cusp of giving institutional investors an analytical edge on trading hundreds of crypto assets. According to a person familiar with the company’s plans, the U.S. stock exchange is preparing to add tools for predicting the price movements of crypto assets to its Analytics Hub. The hub, launched last year, draws machine learning and natural language processing capabilities to parse through social media and other alternative data sources to give investors a better way to assess market movement. To date, the Analytics Hub has focused on…

Paxos Unveils Dollar-Backed Stablecoin Approved by New York Regulator

Blockchain startup Paxos announced Monday that it is launching a stablecoin with regulatory backing from the state of New York. The newly minted Paxos Standard, which has been approved and will be regulated by the New York Department of Financial Services (NYDFS) is fully backed by the U.S. dollar, the company said. Notably, Paxos is already a qualified custodian, meaning it is legally regulated and approved by the U.S. Securities and Exchange Commission to hold client funds. The Paxos Standard token is designed to provide liquidity for investors trading in crypto assets by…

Quione Looks to Boost Crypto Liquidity With New Trading Platform

Cryptocurrency exchange startup Quione has launched a new trading platform that it says will bring much needed liquidity to the crypto markets. Called Liquid, the new service is a cryptocurrency trading “portal” that provides users with access to what it claims in a press release is “a worldwide network of cryptocurrency exchanges.” With a lack of liquidity having “hampered the development of the cryptocurrency markets,” Liquid argued that its new product could help usher in greater stability. From launch, Liquid will allow users to match trades across “multiple transactions and cryptocurrencies” –…

Australian Watchdog to Apply Market Rules to Crypto Exchanges

A top Australian financial regulator has indicated it will take a new approach when regulating cryptocurrency exchanges, as well as tighten scrutiny of initial coin offerings (ICOs),. In its a corporate plan for 2018–2022, released Friday, the Australian Securities and Investments Commission (ASIC) outlined its areas of focus for the period. Top of that list is to continue “monitoring threats of harm from emerging products” such as ICOs and cryptocurrencies. Further, for 2018 and 2019, ASIC said it is developing a new framework that will apply “the principles for regulating market infrastructure providers…