Amazon Cloud Outage Causing Major Issues at Some Crypto Exchanges

Problems with Amazon’s cloud service, AWS, are disrupting services at some cryptocurrency exchanges on Friday. The Binance exchange is seeing problems internationally, according to its CEO Changpeng “CZ” Zhao, who tweeted: It’s causing some 500 error messages on APIs and affecting some withdrawal processing — CZ Binance (@cz_binance) August 23, 2019 The KuCoin cypto exchange is also saying there are problems with its AWS Tokyo-hosted services. The firm states on its website: “Due to the overheating of part of our chassis in the machine room we deployed in AWS, Tokyo, part…

South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

A South Korean financial watchdog under the Financial Services Commission (FSC) is planning to more closely supervise cryptocurrency exchanges. The agency in question, the Financial Intelligence Unit (FIU), has said it will directly regulate crypto trading platforms, which currently are indirectly controlled via guidance given to banks, says a report in Business Korea on Wednesday. For example, last year, the FSC amended the anti-money laundering rules applying to cryptocurrency exchanges, which was to be carried out by requiring domestic banks to tighten up monitoring of exchange-held accounts. In today’s report, Lee Tae-hoon, director…

Crypto Exchanges Are Benefiting from Algorithmic Trading: Here’s How

Matthew Trudeau is chief strategy officer at crypto asset exchange ErisX. The opinions expressed in this article are the author’s own. The following article originally appeared in Institutional Crypto by CoinDesk, a free newsletter for institutional investors interested in crypto assets. Sign up here. Recently CoinDesk published an article titled, ‘High Frequency Trading is Newest Battle Ground in Crypto Exchange Race’ that discusses trading venues offering direct connectivity to their matching engines. While ErisX has only recently launched its spot market, other crypto exchanges announced their intention to and/or began to enable trading firms…

Binance Exchange’s Charity Falling Short of Transparency Goals

The Takeaway: The charity arm of Binance was reportedly financed late last year by donations of at least $13 million. A company spokesperson said, “the donated amount does not include the total committed funds.” Less than half of the donations committed to the Binance Charity Foundation (BCF) are accounted for on BCF’s website, which shows under $6 million worth of crypto. BCF is partnering with the nonprofit AFRIpads for its Pink Care Token project but is still working to establish ties with actual recipients. The nonprofit has a long way…

Binance Jersey Lists Exchange’s New UK Pound-Backed Stablecoin

The Jersey arm of Binance has listed the cryptocurrency exchange’s own British pound-backed stablecoin. Binance announced Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options. “There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it,” said Binance CFO Wei Zhou. Binance Jersey launched back in January to offer trading in bitcoin and ethereum against the British pound and the euro. Jersey is a British self-governing dependency.…

Bitcoin Surge is Legitimate, Tether is Transparent Reflection of Crypto Exchanges

The price of bitcoin closed the second quarter of 2019 at a profit of approx 189 percent. Many claimed that it was Facebook’s Libra announcement that injected a fresh wave of optimism in the bitcoin market. Others believed that the ongoing US-China trade war and its impact on the macroeconomic sentiment influenced investors to consider bitcoin as “safe-haven.” Nevertheless, there is also the third theory, which is not as picturesque as the two stated above. Decrypt reported that almost $1 billion of new Tether (USDT), a controversial stablecoin, entered the cryptocurrency…

70% of Crypto Exchanges Have Complied With CoinMarketCap’s Transparency Initiative

Crypto data provider CoinMarketCap says most listed exchanges have complied with its transparency-boosting mandatory data requests. The news marks the end of the first phase of the site’s Data Accountability & Transparency Alliance (DATA) initiative, which pushes for stricter disclosures, which include live trading and order book data. More accurate, timely and unbiased information will enable site users to draw more informed conclusions from CoinMarketCap data, the firm said in a statement. “The new and detailed criteria for listings will provide clear and concrete guidelines for everyone looking to be listed on CoinMarketCap,”…

Korean Crypto Exchanges Update Terms to Accept Liability for Hacks

A number of South Korean cryptocurrency exchanges have been forced to update their terms and conditions to accept liability for potential hacks and service issues. According to a report by the Yonhap News Agency, South Korea’s antitrust watchdog, the Fair Trade Commission, said Monday that five exchanges in total had made the change after it issued a corrective recommendation. Bithumb, an exchange that has been hacked twice in a year, is included in the five exchanges, the report says. Last June, the platform lost roughly $31 million in cryptocurrencies, and,…

CryptoCompare Launches Benchmark Rankings for Exchanges

Cryptocurrency data and indices provider CryptoCompare is working to make it easier to spot good, and bad, crypto exchanges. Announced Wednesday, the company has launched a benchmark ranking of over 100 active spot exchanges from across the globe, offering users a “comprehensive, granular and reliable source of information on the best trading venues.” CryptoCompare’s Exchange Benchmark was launched to address the need for reliable metrics to evaluate the large number of cryptocurrency exchanges now offering services around the world. The firm explains: “Employing both a qualitative (due diligence) and quantitative…