Home ICYMI Bitsane Disappears, Koinex Closes, Binance Announces "Anti-Fraud" System

Bitsane Disappears, Koinex Closes, Binance Announces “Anti-Fraud” System

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. XRP exchange Bitsane disappears. Indian exchange Koinex closes doors due to pressures and legal uncertainty. Coinsource introduces Dai for remittance service. Singapore in talks with Facebook about Libra. Binance CEO announces “anti-fraud” system to deal with hack-obtained coins, and Chinese news agency Xinhua speaks positively about Bitcoin.

XRP Haven Bitsane Disappears Affecting 240K+ Users


Bitsane, an exchange once featured on CNBC as a safe haven for buying XRP, has disappeared and ceased to function, causing massive losses for more than 240K users. Users started noticing difficulties to withdraw their funds from Bitsane in May, and this June the site just vanished along with their social media accounts and the cryptocurrencies of their customers. Bitsane had a daily trading volume of $7 million, and was based in Ireland, but users have no clue about the physical location of the company.

Indian Exchange Koinex Closes Doors Facing Pressures and Regulatory Uncertainty


Koinex, an Indian cryptocurrency exchange, is closing its doors and terminating all of their services on June 27, citing pressures and regulatory uncertainty as the main causes. On their final announcement, the exchange explained hurdles they had to overcome to keep operating in the country, such as facing bank account closures and delays from third-party payment providers as a consequence of the stringent policies India is now exerting against cryptocurrency-related businesses.

Coinsource ATM Operator Introduces Dai, Teases Remittance Service


Coinsource, a US cryptocurrency ATM operator, is introducing Dai, an Ethereum based stablecoin, as a new option in their ATMs. The idea behind adopting this stablecoin is to protect customers from volatility when transacting their funds to another customer. With this, Coinsource is starting a Dai-based remittance service that will allow customers to send this cryptocurrency between Coinsource wallets and redeem these funds at any of the 230 ATMs in the US, after fulfilling some KYC requirements.

Singapore Also Worried About Facebook’s Libra


The Monetary Authority of Singapore (MAS) is also worried about how Libra, the cryptocurrency project promoted by Facebook, will be inserted into the financial structure of the country. Despite being in conversations with the social network, they have not been convinced to give it permission in their jurisdiction, according to an article by Bloomberg. A spokesperson for MAS expressed how concerns about Libra were non-trivial. He stated: “The key challenge is to figure out the nature of the beast.”

Binance CEO Announces “Anti-Fraud” System

Chanpeng Zhao, CEO of Binance, teased the existence of an “anti-fraud” system that would help exchanges to block tainted coins obtained as the result of hacks. Zhao declared the importance of a fast response by the victims of such a crime, and also declared Binance would not process any transactions for stolen funds. The supposed system would be made available to all exchanges “for free” soon.

Chinese Press Agency Xinhua Says Bitcoin is a “Safe Haven” Asset


Trade wars and the perceived drop of their economy this year could be making China change its former position about cryptocurrencies. Xinhua, a state-run press agency, released analysis where they state bitcoin is showing “characteristics of safe-haven assets,” something unthinkable years before. China has always exerted policies against cryptocurrencies, banning initial coin offerings and trading since 2017.

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