Urdubit Exchange Shut Down

All Bitcoin withdrawals from the exchange were closed on April 8 at midnight
10 April 2018   942

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.

Caspian to Launch Crypto Derivatives Trading

Caspian does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x
21 March 2019   83

Caspian, an asset-oriented asset management platform, has launched cryptocurrency derivatives trading.

Thanks to integration with Deribit, Caspian customers gained access to trading in futures and options for Bitcoin and Ethereum. Also, the platform will provide the opportunity to trade indefinite bitcoin-swap.

According to Caspian, the platform does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x.

We are excited to be working with Deribit to make the trading of crypto options and futures possible within the institutional community. Our goal at Caspian is to provide crypto traders and investors the same standard of tools and service that exist in the traditional markets and its great knowing that the team at Deribit is working towards the same high standards.

Robert Dykes

CEO, Caspian

Caspian noted that their platform connects to Deribit via an API that supports “large trading volumes with extremely low latency”. The platform also has full access to the book of orders of the crypto-derivative stock exchange.