Urdubit Exchange Shut Down

All Bitcoin withdrawals from the exchange were closed on April 8 at midnight
10 April 2018   562

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.