TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Stellar burns 50% of their tokens. Libra and other stablecoins could be regulated as securities. Coinbase selling log-in data to shady consumer index companies. Einstein exchange seized by Canadian authorities, and Huobi Global abandons the US.
Stellar Burns More Than 50% of Its Tokens
The Stellar Development Foundation, the institution that manages the Stellar Lumens cryptocurrency, decided to burn more than 50% of the supply, making the price go up by double digits. The Lumens supply went from 105 billion to 50 billion in just one day, as a consequence. According to the foundation “giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support,” so most of the coins burned were destined for these purposes.
Libra and Other Stablecoins Could be Regulated as Securities
The International Organization of Securities Commissions (IOSCO), a worldwide association that groups 34 securities regulators from all over the world, called to treat Facebook’s Libra and other similar stablecoins as securities. The organization declared that while every cryptocurrency will be dealt with on a case-by-case basis, each of these “global stablecoins with potential systemic footprints give rise to a set of serious public policy and regulatory risks.”
Coinbase Sells Log-in Info to Third Parties
Coinbase, one of the most important US-based crypto exchanges, was mentioned in an article published by The New York Times as one of the apps selling info to Sift, a shadowy proprietary consumer score company. The author’s article states that a Sift knew he “used my Apple laptop to sign into Coinbase in January 2017 to change my password.”
Einstein Exchange Seized by Canadian Authorities
Einstein, a Canada based cryptocurrency exchange, has been seized by the British Columbia Securities Commission after having declared they intended to close their doors in the next 60 days. The exchange has debt of over 12 million dollars to its customers, and its customers were not able to access their funds. The regulator appointed accounting firm Grant Thornton to take control of the funds of the exchange.
Huobi Global Leaves US, Freezes Accounts
Huobi Global, an important cryptocurrency exchange, declared they will freeze all accounts of US-based customers starting November 14. According to their blog post, “our User Agreement expressly prohibits users in the United States from using our platform.” However, they are encouraging people to use Huobi US, the exclusive US strategic partner of Huobi Global, based in San Francisco.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.