MtGox investors are going to save the exchange

Investors are going to prevent former CEO of MtGox to gain several billion dollars
13 December 2017   667

The group of creditors of the now defunct bitcoin-exchange MtGox filed a new court petition, which, if satisfied, will withdraw Mark Karpeles from bankruptcy and launch the process of its civil rehabilitation. The Financial Times writes about this.

The petition is filed in the hope of preventing former CEO of MtGox Mark Karpels from gaining several billion dollars in potential, which may remain at the disposal of the company after the funds are returned to investors.

The current Japanese legislation suggests that if MtGox retains its current bankruptcy status, the exchange will return users money in dollar terms as of 2014. However, due to the fact that the price of bitcoin has grown tens of times since then, Karpeles and MtGox, even having returned the funds to investors, can get a significant enough bonus.

According to the Financial Times, more than 173,000 BTC can be left to Karpeles from the 202,195 BTC that the stock exchange owned at the time of bankruptcy. At the current rate of bitcoin this is about $ 3 billion.

As the newspaper notes, now everything will be reduced to the "battle of experts" - representatives of the bankruptcy property manager who believe that the current liquidation plan will be more reliable, and representatives of investors who insist that their offer will not only be quicker but also more fair, because in the potential will allow them to return not the dollar equivalent of deposits, but actual amounts in bitcoins.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   87

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.