More than 400k BTC withdrawn from Coinbase cold wallets

In anticipation of Bitcoin Cash hardfork more than 400k BTC withdrawn from Coinbase cold wallets
01 August 2017   1139
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Today, August 1st, SegWit opponents are to launch a user-activated hard fork (UAHF) to create Bitcoin Cash, a cryptocurrency competing with Bitcoin, which is going to disrupt cryptocurrency world's relative stability to a large extent. 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

For now, right after the leading Bitcoin storage wallet Coinbase refused to support the new asset more than 400 000 BTC were withdrawn from the company's cold wallets, reports the analytical resource Blockseer:

A number of exchanges and wallets, including Coinbase, refused to support the new asset. The company's user agreement states that the company has the right to decide on supporting changes in the Bitcoin protocol. However, some members of the community believe that Coinbase may face lawsuits in connection with the refusal to give users the Bitcoin Cash coins they suppose to get.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   53

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.