Coindcx exchange to launch in India despite regulations

While RBI is tightening the regulations for the crypto exchanges, Coindcx team still is hard at work launching their platform
08 April 2018   580

Despite quite a dire situation with recent crypto-related bans in India, a lot of people still want to trade cryptocurrencies. And if there is a demand, there will be an offer, as Sumit Gupta, the founder and CEO of a new cryptocurrency exchange Coindcx, shows us. While other exchanges are consolidating their audience to turn the tide with their petition to Reserve Bank of India, Coindcx team is hard at work launching their platform for the customers.

According to Gupta. Coindcx will enable Indian residents to trade more than 30 digital asset pairs with 0.1% trading fee. Gupta goes on to say that the move to open trading during this unfortunate period of regulations clamping down on other exchanges was deliberate. Coindcx launches to provide the Indian blockchain community with a way to save their funds and not to sell at loss.

You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR),” Gupta details.

The platform aims at providing the most comfortable experience to the mainstream customers, so even if there would be no way to offload the crypto account to fiat after banks close down on crypto exchanges, the users still are able to check prices, trading pairs and exchnage rates in Indian Rupees to provide a clear reference for a real-world money.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.