Seed CX Slashes Rates as Crypto Trading Fee War Looms

Cryptocurrency exchange Seed CX has cut its fees to gain market share as competition piles into the crypto trading space. Margin compression across the industry is the result that the most popular exchange services become commoditized as crypto usage proliferates. Fees for takers is down to five basis points from eight bps on the Seed Digital Commodities Market, while makers, who previously traded on the exchange for free, receive one bp rebate. In an interview, Seed CX co-founder Edward Woodford told CoinDesk that the fee cuts came on the heels of a…

SEC Chair Clayton: Bitcoin Needs ‘Better Regulation’ Before Major Exchange Listing

Better regulation is needed around bitcoin markets before they can be traded on major exchanges, the head of the U.S. Securities and Exchange Commission said on Thursday. Speaking at CNBC’s Delivering Alpha conference, SEC Chairman Jay Clayton said investors are “sorely mistaken” if they think bitcoin and other cryptocurrencies undergo the same price discovery practices as products on top exchanges like the Nasdaq or New York Stock Exchange. “We have to get to a place, in my view — just speaking for myself — we have to get to a…

New York Among 13 States Excluded as Binance.US Opens for Registrations

The U.S. arm of cryptocurrency exchange Binance is opening for registration and deposits on Wednesday. The platform will go live supporting just six cryptocurrencies initially – bitcoin, (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC) and the tether stablecoin (USDT). Binance’s own BNB token is also supported. The platform expects more cryptos to be added in “coming weeks,” providing they pass Binance.US’s Digital Asset Risk Assessment Framework. Notably, Binance’s recently launched dollar-linked stablecoin BUSD is not supported. The new launch comes after stateside users of its global platform Binance.com were barred from trading…

Binance Makes Strategic Investment in Chinese Crypto Media Firm

Update (10:47 UTC, Sept. 17, 2019): Added comment from Changpeng Zhao, CEO of Binance. Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance. According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million. Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder…

OKEX Korea Drops 5 Privacy Coins Citing FATF Rules

Regulatory pressure on cryptocurrency exchanges to stop providing users with access to so-called privacy coins is growing. The South Korean arm of the Malta-based OKEX exchange announced early on Monday that it is to delist five cryptocurrencies that provide extra privacy features for users. From Oct. 10, the exchange will no longer support trading in Monero (XMR), dash, zcash (ZEC), horizen (ZEN) and super bitcoin (SBTC). In its notice, OKEX Korea said it will delist cryptocurrencies that “violate laws or regulations [and] policies of government agencies and major agencies.” Specifically, in…

CME Files to Double Monthly Bitcoin Futures Open Position Limit to 10K BTC

The Chicago Mercantile Exchange (CME Group) wants to let bitcoin futures traders hold a greater number of open positions at one time. CME announced its intention to increase in the so-called spot month position limit for its bitcoin futures contracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday. The limit would jump from 1,000 contracts per spot month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50…

Huobi Plans Backdoor IPO Attempt in Hong Kong, Document Suggests

Cryptocurrency exchange Huobi appears to be inching towards a reverse initial public offering (IPO), according to a document posted with Hong Kong Stock Exchange (HKEX). In the filing, dated Sept. 10, Hong Kong-listed electronics manufacturer Pantronics Holdings Limited, acquired by Huobi last August, disclosed it will change its name to Huobi Technology Holdings Limited. The company transferred more than 221 million ordinary shares to Huobi Group at its acquisition, according to shareholding disclosures. The $77 million deal made the cryptocurrency exchange the majority shareholder in Pantronics, with an over 73 percent…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon to make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced…

Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts

Bakkt has officially revealed the initial deposits its customers will have to make to margin trade its bitcoin futures products. In a new notice posted Tuesday, ICE Futures U.S. – the actual futures exchange Bakkt’s contracts are trading on – announced the initial hedge and speculative requirements for customers, as well as its monthly rate add-ons. John Todaro, director of research at TradeBlock, told CoinDesk that the initial margin requirements are “the amount of assets (collateral) that need to be pledged in order to open a position.” According to Tuesday’s notice,…

Gemini Launches Custody Product With 18 Cryptos Including Ethereum Tokens

The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday. Through the Gemini Trust Company, a regulated custodian overseen by the New York Department of Financial Services (NYDFS), the Winklevoss-backed exchange now offers “Gemini Custody,” a platform which would enable clients to trade assets instantly by offering them credits. Previously, clients would have to wait more than a day to access and trade assets. Gemini customers will be able to trade assets held offline without waiting to access them using the new system. According to…