Bitstamp and KuCoin Suspended ETH Withdrawal

According to the representatives of above-mentioned exchange, this situation is caused by due the congestion and instability of the network
19 January 2018   943

Exchange Bitstamp and KuCoin temporarily suspended Ethereum's withdrawal due to congestion and instability of the network. KuCoin even recommended that users use NEO instead of Ethereum in order to have "permanent access to their means". This is reported by Bitcoin.com.

In recent months, the network Ethereum has experienced a sharp increase in user activity. According to etherscan.io, in October 2017 the number of transactions in the network did not exceed 519,000 per day, however, on January 4 this figure was already 1.34 million.

Thus, the instability of the network was significantly exacerbated by the launch of the game CryptoKitties, to which users showed increased interest. In connection with this, the fees for transfers significantly increased, and many transactions were suspended for several days.

The European exchange, Bitstamp, suspended Ethereum's withdrawal for several hours, but soon notified the users about the successful resolution of the problem.

Representatives of the KuCoin Exchange also reported on the congestion of the Ethereum network and possible delays with the withdrawal of ETH, advising users to use NEO crypto currency, also known as "Chinese Ethereum", as an alternative. In addition, users were warned about the high risks of trading in the current volatility.

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   368

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.