HitBTC introduced OTC trading

Bitcoin and other cryptocurrency exchange HitBTC announced launch of over-the-counter trading
23 November 2017   820

On November 23 cryptoexchange HitBTC made an announcement of its partnership with Extendeddealer.com, which is full-cycle OTC trading company which aims to provide liquidity for any kind of digital asset, coin or token.

The partnership was set up in order to introduce OTC or “over-the-counter” trading option. OTC means that two counterparties directly agree to perform a certain trade at a set price, without being obliged to go through the exchange to execute the deal. 

    HitBTC is excited to facilitate large-scale transactions for our traders by introducing OTC markets, especially as we are confident about the liquidity provided by our partner Extendeddealer.com. Our traders have been anticipating this opportunity and buyers and sellers are actively setting up deals.

    Paul Clarkson
    Product manager, HitBTC

    The main advatages of such trading are stated as follows:

    1. The trades are made directly between two parties
    2. Only the parties which carry out the over-the-counter trading know the price of the deal
    3. Market price of the coin or token is not affected
    4. The fee is 0,1%

    Karma Group Accused HitBTC of Fraud

    Accoding to the Karma's team "exchange received 527.01 ETH from Karma for the listing services, but has not fulfilled it’s obligations"
    30 May 2018   761

    Karma Group filed a lawsuit against the HitBTC exchange in the Hong Kong court. This is reported in the company's blog.

    According to the representatives of the project, HitBTC received 527.01 ETH for the listing of Karma (KRM) tokens, but did not fulfill its obligations. HitBTC did not provide any updates on the timing of the listing and did not return the funds.

    The Karma Group service package included the implementation of blockchain, the listing of two trading pairs (BTC and ETH), retweets, and the addition of an additional trading pair with a tokenized US dollar (USDT).

    HitBTC Invoice
    HitBTC Invoice

    As Karma reports, representatives of HitBTC pledged to include Karma tokens in the listing until April 20. The exchange received all the necessary information about the blockchain based on the bitShares technology. In addition, the Karma team on March 29 re-notified HitBTC that KRM is not "familiar" to many ERC-20 exchanges.

    As representatives of Karma say, the team regularly specified the status of the project during April, and representatives of HitBTC assured that it will be completed by the 20th of the same month. Karma constantly offered all kinds of technical assistance, but HitBTC rejected these proposals.

    HitBTC could not complete the work by the designated deadline, did not contact for five days, and then reported that Karma had not notified the developers that KRM was not a standard ERC-20 token. According to representatives of Karma Group, this is not true.

    Since then, HitBTC has not indicated a new deadline, but only vague estimates - "from 5 to 12" or "about 10 days". The Karma team called these actions HitBTC fraudulent and is preparing to file a lawsuit against this crypto exchange.

    The Karma team stands for transparency and a high level of business ethics. The fathers of the crypto economy were standing for freedom, but 100% freedom always comes with 100% responsibility. We're sure that the basic principles violation, especially by the big market players, is unacceptable. That's why we decided to create this international law case.

    George Goognin

    Karma Founder

    In December last year, HitBTC users experienced problems with the withdrawal of assets due to the impossibility of conducting transactions. The exchange explained the delays in the influx of new users.