SpotOption to finish its FX and CFDs Business

During the past 2 years the company has only been providing products for the CFD and FX markets
18 June 2018   639

This decision follows 6 months after the trading software firm shut down its binary options business. The solution will not be accessible after August. SpotOption provided trading platforms and exchanges for 50 percent of all binary options trading platforms. Last year in October, nevertheless, the Israeli government passed the law banning binary options sales outside of the country.

The legislation, that came into force in January, was adopted after the Israeli government learned that the industry was leading to significant damage for the country’s reputation. As a result, SpotOption, which is based in Israel, ceased providing software for binary options trading. In a month after Israeli legislation, the company ran a subsidiary, OTC Book, a liquidity provider for the CFD, FX and cryptocurrency markets. It seems that this business branch will be closing as well.

The distinct reasons behind SpotOption’s resolution to stop its CFD and FX activities stay unclear. It looks possible that it is connected by the European Securities and Markets Authority’s recent clamp down on the retail trading industry.

A wide ran of firge of organizations within the retail industry are shutting down or moving offshore as a result of the legislation that prohibits binary options and puts heavy restrictions on leveraged CFD and FX trading. Whether or not ESMA’s legislation is the key reason for SpotOption stopping its CFD and FX activities is uncertain. Though, it is reasonable to consider it certainly have had an impact on their business.

OKEx & Kraken to List Bitcoin SV

Kraken notes that Bitcoin SV doesn't meet its usual listing requirements
19 November 2018   74

OKEx Bitcoin exchange, charged holders of Bitcoin Cash with BCHABC and BCHSV coins. Bidding for each asset is available in pairs with Tether USD, Bitcoin, Ethereum and OKB token.

Note that futures, margin trading and fiat pairs will remain unavailable for new assets. The withdrawal of coins is also closed indefinitely.

In turn, the Kraken exchange assigned the BCH ticker to the Bitcoin ABC chain, but also made a decision on the listing of Bitcoin SV (BSV).

WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.

Kraken Team

BSV trading will be available in pairs with Bitcoin, fiat USD and Euro.

Meanwhile, the BSV rate in the last 24 hours fell by almost 30%, dropping below $ 90.