Over $170M Withdrawn From Bitfinex in 12 Hours

According to some thoughts, this is a result of recent New York State Attorney General charges
26 April 2019   465

Over the past 12 hours, almost 19k BTC (more than $ 98 million at the current exchange rate) were withdrawn for unknown addresses, along impressive amounts in the ETH.

The first such large transaction at 3,999 BTC, was completed at 10:43:55 UTC on Thursday, April 25th.

Following it, another 13,377 BTC was withdrawn from the exchange on Friday morning, and then another 1,580 BTC.

The total number of coins withdrawn in these three major transactions thus amounted to 18,956 BTC.

For the same period, large sums in ETH were withdrawn from Bitfinex to unknown wallets.

There were six transactions with ETH, which Whale Alert drew attention to, and the total number of coins reached 501,864 ETH ($ 76.5 million at the current exchange rate). In addition, transactions were observed at 7.137.903 XRP ($ 2 million) and 1,500 MKR ($ 738.7 thousand).

It is not known whether all these transactions were initiated by the exchange itself or its users.

Bitcoinist believes that the reason for this situation is recent charges of covering $850M loss, brought by New York State Attorney General. The exchange itself denies these allegations, but the publication assumes that investors holding large sums on Bitfinex decided to withdraw them.

Circle to Move Exchange Operations Offshore

The decision was made due to regulatory uncertainty in the United States and now the majority of users will be served by Bermudas unit
23 July 2019   86

The majority of Poloniex users from outside the US will now be serviced by a new unit of this cryptocurrency exchange, which opens in Bermuda, the platform operator, Circle, said on Monday, July 22.

The company said the decision was made due to regulatory uncertainty in the United States. The work of already existing divisions of companies in the United States themselves, as well as in Ireland, the United Kingdom and Hong Kong, will continue.

Representatives of Circle note the advanced and extremely clear legislation in Bermuda, which opens up opportunities for the rapid development of innovations in the field of cryptocurrencies, and for business promotion.

It is based on the Digital Asset Business Act (DABA), adopted in 2018, which provides full control and supervision of financial services related to cryptocurrencies, including the issuance of digital assets, the purchase and sale of coins, exchange transactions, and custodial services.

According to the aforementioned company law to operate in Bermuda, it is necessary to obtain a license, and as Circle reports, today it has become the first large cryptocurrency company in the world to obtain such a Class F (full) license.

As a result, we’ll be able to deliver new innovations, including asset listings and trading services, to global customers while also staying true to our commitment to compliant, well-supervised operations and customer protections.
 

Circle Team

In the commentary, CoinDesk Circle CEO Jeremy Allaire said that over 70% of Poloniex’s entire customer base accounted for overseas users.

Europe and Asia are both pretty significant markets for us in particular. USDC stablecoin is particularly popular with institutional Asian investors. The lack of regulatory frameworks significantly limits what can be offered to individuals and businesses in the U.S.
 

Jeremy Allaire

CEO, Circle

It was precisely the lack of clear regulation that forced Circle to dismiss about 30 employees in May, and as Jeremy Allair has now stated, the company plans to hire approximately the same number of new people over the next two years, who, however, will get other roles.

The project to establish a new international operations hub for our market, exchange and wallet services, was a major project. It took a long time working with the Bermuda government and the Bermuda Monetary Authority.
 

Jeremy Allaire

CEO, Circle

The head of Circle also said that a greater variety of assets will become available to international clients of Poloniex, and the exchange can expand the range of financial services that it cannot offer in the United States.

What kind of products and services in question, Allair did not specify, adding only that users can expect more opportunities for revenue. At the same time, he mentioned the existing stacking services for Cosmos and Stellar.