Urdubit Exchange Shut Down

All Bitcoin withdrawals from the exchange were closed on April 8 at midnight
10 April 2018   425

On April 6, 2018, Muhammad Akhtar Javed, director of the State Bank of Pakistan, has published a Banking Policy and Regulations Department circular entitled "Prohibition of Dealing in Virtual Currencies/Tokens." It was stated in a circular that Virtual Currencies like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.

In view of the foregoing, all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens.

Muhammad Akhtar Javed

Director, State Bank of Pakistan

Following the announcement, the cryptocurrency exchange Urdubit, headquatered in Pakistan, has published a notice stating that it is shutting down. The exchange recommended the users to buy BTC instantly and withdraw PKR immediately as the exchange was cancelling orders on order book. 

Urdubit NotificationUrdubit Notification

On April 8 the exchange has written in its Twitter account that Urdubit is closed. All Bitcoin withdrawals were closed on April 8 at midnight. It asked the users to withdraw the funds, and if they didn't, Urdubit stated that it will not be held liable for it.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   108

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.