German Regulator Halts Crypto.Exchange Company

The German regulator claims the company has been offering Bitcoin exchange services without proper regulatory permission
30 January 2018   593

The Federal Financial Supervisory Authority (BaFin), the financial regulatory authority for Germany, ordered the Crypto.exchange company to halt these specific services immediately, saying the company is essentially operating a financial commission business without regulatory authorization.

Crypto.exchange, a Berlin-based company has been advertising a new service, in which it offers to sell clients’ Bitcoins across cryptocurrency exchanges, and transfer the coin’s value in Euros to client accounts, within 30 minutes of the transaction’s execution.

Crypto.exchange GmbH, released a statement on their website, claiming that the company had already been audited by BaFin. However, recent complaints made by clients regarding the execution of the services have brought about new scrutiny with regard to the Bitcoin to Euro exchange services.

Some clients are claiming that they did not receive payment in any form, after they had already transferred Bitcoins to the company. The company’s website is currently down, which further raises suspicion over the entire operation.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.