OKEx to support UnitedBitcoin trading

OKEx crypto exchange announced support for airdrop, deposit, and trading of UBTC which is a fork of Bitcoin implemented on December 12 of 2017
08 January 2018   1394

UnitedBitcoin is the upgrade of Bitcoin implementing smart contracts. Its features include proof-of-work inherited from Bitcoin with new high-speed smart contracts and faster transactions through the Lightning network. It forked from Bitcoin blockchain at block height #498,777 on December 12 of 2017.

On January 8, OKEx exchange has announced that users would be able to claim, deposit, and trade UnitedBitcoin (UBTC) with details as follow:

  • UBTC deposit will be available at 18:00, January 8 (Hong Kong Time, GMT +8)
  • UBTC claim and trading will be available at 20:00, January 8 (Hong Kong Time, GMT +8)

As it is stated in the announcement, the users will receive UBTC based on their BTC balance on a 1:1 ratio at the time of the BTC snapshot. All claimed UBTC will be deposited directly into their OKEx spot trading account.

At the moment of press, these are main market parameters of UnitedBitcoin:

  • Average price: $306,79
  • 24h volume: $153 667

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   129

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.

Ron Gross

Bitcoin investor from Israel


Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.