CoinExchange to Stop Operations

According the company, the decision was made due to a fact that maintenance costs exceeds the profit
02 October 2019   463

The board of directors of the cryptocurrency exchange CoinExchange decided to close the platform.

The exchange said that the shutdown is "solely a business decision" and has nothing to do with any incident like hacking.

This is purely a business decision and there has not been a security breach or any other type of incident. Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.
 

CoinExchange

Acceptance of deposits and trading on the exchange will be stopped on October 15. Users are strongly recommended to withdraw all funds before December 1.

CoinExchange was founded in 2016. The exchange provided access to more than 540 trading pairs.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   315

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.