Coinrail to Unveil Own Restart Plan

As reported, Coinrail is going to resume service around 15th of July
20 June 2018   1493

Recently hacked South Korean crypto exchange Coinrail presented a plan to restore the platform, Bitcoin.com reports.

According to the representatives of the platform, at present the company is in the process of restructuring, and service will be resumed before July 15.

Coinrail will resume service before July 15 if it is determined that the service is ready to resume…We are constantly preparing a number of measures to recover the damaged coins and we will be reporting progress on the restoration measure at the end of June.
 

Coinrail

Coinrail noteв that the implementation of the recovery plan will be implemented with the assistance of "various stakeholders, including coin developers."

At the same time, the publication notes that many clients of the exchange doubt that this South Korean exchange will resume its work by the specified date. Another interesting fact that about a week before the hacker attack, the administration of the trading platform removed from the Terms of Service points relating to the compensation of users' funds in the event of hacking.

On the day of the breaking of the Coinrail exchange, a sharp decrease in the price of bitcoin was observed. Then hackers stole more than 40 billion won from the accounts of the exchange (about $ 37.28 million). In addition, $ 13.8 million was stolen in the Aston (ATX) project tokens, $ 5.8 million in Dent (DENT) tokens and $ 1.1 million in Tron (TRX) tokens, as well as smaller amounts in other tokens.

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   298

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.