BitFlyer to Ban Market Manipulators Accounts

The registration of new accounts on bitFlyer is still suspended at the request of the local financial regulator
30 July 2018   300

The largest Japanese cryptocurrency exchange bitFlyer warned its users about possible accounts ban, caught in market manipulation. This is reported by Bitcoin.com.

In accordance with our Terms of Use, we may freeze accounts observed to have intentionally performed market manipulation or other forms of maliciously setting market prices. We will continue to do our best to build a sound trading environment.
 

bitFlyer

Meanwhile, the registration of new accounts on bitFlyer is still suspended at the request of the local financial regulator. The latter insists on the implementation of 10 measures aimed at "a cardinal increase in the efficiency of business operations and management systems."

However, against the background of some problems with bitFlyer, the first serious success was reported by another Japanese exchange - GMO Coin. According to its representatives, the company managed to receive operating profit of 1,612 million yen (approximately $ 14.5 million) in the second quarter. At the same time, in the first quarter of this year, crypto-exchange has registered a certain loss, which in GMO Coin is associated with a decline in activity due to a significant decline in the prices of digital assets.

As for the Coincheck, which soon after the hack was taken over by the online broker Monex, its full-fledged restart is planned for August.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   359

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.