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Crypto Exchange Regulation Check

Crypto Non-Grata? Why Did Amazon Deny Bitcoin Plans?

Amazon has issued a statement denying the claims that it has plans to start accepting Bitcoin by the end of the year.　　A report from Londons City A.M revealed that an unnamed insider has dropped hints that the e-commerce giants have laid down concrete plans to accept cryptocurrencies.　　In the past, large corporations have taken a secretive stance when it comes to cryptocurrency adoption.　　Since Amazons denial, the price of Bitcoin has sunk by roughly 2% which is in sharp contrast to the 12% rise it had when the rumour broke.　　Large corporations have adopted a secretive stance towards their cryptocurrency plans, often taking the entire community by surprise. It seems that Amazon may be following the same path, as the company has come out to deny plans that it is going to begin to accept cryptocurrencies as a payment method.　　Early in the week, Bitcoin enjoyed a massive rally after it was disclosed by an anonymous source that the e-commerce giants had extensive plans in place to begin accepting Bitcoins.　　Amazon Denies Bitcoin　　Hearts were certainly broken after Amazon refuted the validity of a media report that it was going to begin accepting Bitcoin as payment on its platform. According to a spokesperson for the company,

2021-07-29Deep Dive

Syarikat B4U Trading Exit Scam ?

B4U Trading adalah syarikat yang berpangkalan di Malaysia. WikiBit menerima pelbagai aduan daripada pengguna berkenaan syarikat pelaburan tersebut. Berikut adalah senarai aktiviti yang dijalankan B4U Trading :　　Bitcoin Trading　　Bitcoin Wallet　　Import Basmathi Rice　　Export Palm Oil　　E-Hailing (Pakistan)　　Property Development (Pakistan)　　Joint Venture Project Motorcycle Factory　　Invest on Bon & Stock Market　　Pihak B4U mengatakan segala aktiviti perniagaan yang tersenarai adalah sah dijalankan di serata global. Dengan tagline “Be Your Own Boss With B4U Trading”, pihak pengguna telah ramai yang mengatakan syarikat ini telah membuat penipuan apabila laman sesawang telah disekat dan segala dana tidak dapat diambil kembali.　　Syarikat ini menawarkan keuntungan 7% sehingga 20% sebulan berdasarkan amaun pelaburan ahli. Paling menyedihkan ramai ahli dari Malaysia telah mengalami masalah tidak dapat mengeluarkan dana yang dilabur dan keuntungan yang diperolehi.　　WikiBit menyarankan semua pengguna sentiasa berhati-hati dalam melabur di dalam industri matawang kripto. Apa pun keputusan dari syarikat B4UTrading perlu ditunggu jika masih ada sinar di masa akan datang. Muat turun aplikasi WikiBit dan laporkan kegiatan-kegiatan seperti ini di ruangan “Exposure”. Bantu masyarakat untuk mengetahui kegiatan mereka yang tidakbertanggungjawab.

2021-07-28Deep Dive

China's Ongoing Crypto Crackdown Is All About Perception

Calling it a blood bath is an understatement.　　On July 23, Chinese stocks listed in the U.S. plunged as Beijing issued new regulations cracking down on education technology companies that provide services such as tutoring. New Oriental, an institute where your correspondent spent a good amount of her youth in Beijing, dropped 60% when the market opened. Others saw their market caps decline by more than 50%.　　The ed tech sector isn‘t alone in this free fall. Large-cap Chinese internet companies have been in decline for weeks. This week’s da bing attempts to explain why the Chinese government suddenly cracked down on all things internet—and how that might help us understand why its recent crypto crackdown isnt really about crypto per se, but is part of a much wider cleanup.　　 No one escaped　　American politicians have been grousing about wanting to crack down on Big Tech for years, yet little has been done. While the government in China hasnt made much noise, once it decided to show its hand, it slayed every internet giant in sight.　　It started in April when the Chinese government decided to teach Jack Ma a lesson by killing the Ant Financial IPO.　　Things escalated in July when Beijing stopped DiDi,

2021-07-28Deep Dive

S Korean MP Bids to Prevent ‘Crypto Crisis’ While Kimchi Premium Evaporates

A South Korean lawmaker wants to throw struggling crypto exchanges a lifeline by forcing an extension to a fast-approaching regulatory deadline – while the so-called kimchi premium is shriveling away to oblivion.　　Per EDaily and Hanguk Kyungjae, Cho Myung-hee, an MP from the main opposition Peoples Power Party, announced that she is ready to unveil an amendment to the Specific Financial Information Act, which came into force in March this year.　　The act requires all crypto exchanges in South Korea, as well as overseas platforms that target South Korean clients, to obtain operating permits from the Financial Intelligence Unit, an agency of the regulatory Financial Services Commission (FSC).　　Exchanges were given a six-month grace period (expiring on September 24) in which to complete their applications.　　To obtain permits, exchanges must find a banking partner that will provide their customers with real name-verified bank accounts and fulfill a number of anti-money laundering-related criteria. At present, reportedly, only four exchanges have real name banking contracts in place – all of which expire on September 24.　　This has led to widespread fears that what media outlets have termed a “shutdown crisis” is looming in a country where crypto trading has boomed beyond the sectors wildest dreams this year.　　Chos

2021-07-28Deep Dive

Introduction to Trading Techniques for CFD

The contract for differences (CFD) has seen more and more investors under the context of its prevalence. Several trading techniques in this regard are introduced herein.　　1. Opening positions after the sharp slump or surge would be better.　　2. Go long after the plummet and go short after the surge.　　3. Longer-term contracts are a better choice as short-term ones may expire before favorable markets, and the reopening can contribute to either sunk costs or the increase in the cost of holds.　　4. Margins should be prepared and sufficient.　　5. Selling at a high level and purchasing at a low level can be conducted during the validity. Positions can be reduced properly when profits can be enjoyed, and the addition can be carried out as losses are relatively hefty. This is a way conducive to the reduction of costs and the increase in the ratio of margin.　　6. Ignoring rises and falls is the best method within the duration of the contract when the trading direction remains bullish against the backdrop of sufficient margins, coupled with proper positions.　　The above-mentioned techniques are for reference only, and traders can use them flexibly with their own trading tactics.　　As a reminder, WikiBit is ready to help you search the qualifications

2021-07-28Deep Dive

ETH's trading volume grew much faster than BTC’s in first half of 2021

The worlds second-largest crypto asset has gained ground on Bitcoin in terms of trading volume growth during the first half of this year according to a new report.　　Ethereum‘s trading volume grew faster than Bitcoin’s in the first half of this year according to a new report from leading U.S. crypto exchange Coinbase.　　The Coinbase Institutional H1 2021 in Review report, released on July 26, acknowledged that the first half of this year has been one of the most active periods on record for crypto, with several new all-time highs in prices, user adoption, and trading activity.　　Taking data from twenty exchanges across the globe, the report revealed that the trading volume for Bitcoin reached $2.1 trillion for the period, up 489% from $356 billion over the first half of last year.　　Ethereum‘s total trading volume reached $1.4 trillion, but its growth was much faster, up 1,461% from $92 billion in the first half of 2020. Coinbase remarked that it has been the first sustained period of time ever that Ethereum’s trading pace exceeded Bitcoins.　　The research also measured total crypto market capitalization, which began the year at $769 billion, peaked at $2.4 trillion in May, and ended the period at $1.4 trillion, registering a

2021-07-28Deep Dive

Kazakhstan Reportedly Planning to Enable Banks to Process Cryptocurrency Purchases

The ruling body of Kazakhstan will reportedly allow local banking institutions to offer cryptocurrency exposure to clients. The implementation will run for one year, after which the government will decide whether to extend it.　　Bank Accounts for Crypto Transactions in Kazakhstan　　The Kazakhstani news channel Khabar 24 reported that the government plans to officially authorize local banks to open accounts for transactions with digital assets.　　Numerous institutions will soon be granted permission to provide businesses and firms with cryptocurrency exposure. This should allow the government of the Asian country will be able to assess the risks and benefits of virtual currencies.　　Sergey Putra – an executive from the Data Center Industry – believes that the upcoming move would be a step towards further cryptocurrency adoption for the country. He reminded that Kazakhstan is already a mining hub, and many residents are quite actively trading various digital assets. Putra outlined that the crypto market could bring serious money flow to Kazakhstan, and thus the nation should focus on it:　　“It is billions of dollars in daily turnover around the world. And even if Kazakhstan takes some fraction of a percent, this is serious money that will come to Kazakhstan in the form of investments…it will remain

2021-07-28Deep Dive

What Binance Is Doing To Be More Compliant With Local Regulations

On Tuesday (July 27), crypto exchange Binance announced a number of steps it is taking to improve the companys regulatory compliance.　　It should be noted that this is just the start and that Binance plans to do even more in the future to make financial regulators around the world happy.　　Here are the measures that CZ mentioned in a Twitter thread he posted earlier today:　　Binance has started “processes for licenses & approvals where there is an existing legal framework for crypto exchanges” and it will “actively work with regulators as more crypto-specific frameworks are introduced.”　　To encourage users to go through the “Know Your Customer” (KYC) process, Binance is reducing the daily withdrawal limit from 2 BTC to 0.06 BTC for accounts that “have only passed Basic account verification.” This change is “effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).” People who complete Identity Verification will have their daily withdrawal limits increased to 100 BTC.　　Rules for Binance Futures leverage have been updated for new accounts such that now “leverage levels of over 20x will not be available to futures accounts within the

2021-07-28Deep Dive

Bitcoin Hash Rate Recovers To 2020 Levels, A Long Way To Go

Data compiled by Arcane Research shows the Bitcoin 14-day moving average hash rate now exceeds 100 EH/S – a level last seen in May 2020.　　From this, the data analysis firm concludes that the China mining exodus is finally complete. Adding that, more upside is expected as miners settle in their new homes.　　But considering the hash rate was around 200 EH/S before the FUD took hold, theres still a long way to go until a complete recovery is achieved.　　Bitcoin Hash Rate Recovers　　Analysis of the Bitcoin hash rate shows the 14-day moving average bottomed at 88 EH/S on July 9. Since then, a 14% spike has moved the hash rate back to 100 EH/S, pointing to recovery from the China FUD.　　Since April, Chinese authorities have moved to ban financial institutions from dealing with crypto and decreed miners cease their activities on the grounds of environmental protection.　　Not only did this trigger a fall in Bitcoin price, but an exodus of miners also followed. Analysts attribute the drop in hash rate to a limbo state as Chinese miners pause their operations, searching for new, more crypto friendlier locations.　　“As the most severe impact of the Chinese mining ban is done and dusted, the hash rate

2021-07-28Deep Dive

The number of countries exploring CBDCs have doubled in one year: Report

In recent testimony before the House Committee on Financial Services, Julia Friedlander testified about the critical subject of CBDCs, their rapid expansion, and the progress of the United States in their CBDC development. Friedlander has served as an economist for the CIA and an advisor for the Treasury Departments Office of Terrorism and Financial Intelligence, and currently serves as the Deputy Director of GeoEconomics Center · Atlantic Council.　　The research report presented by Friedlander highlighted that the number of countries working on CBDC development has grown to 81, rising from 35 countries last year.　　14 countries are currently in the Pilot phase　　The testimony mentioned, CBDCs have become a global phenomenon and are not just limited to the American and European Central banks. Most of these nations have accelerated their CBDC program as popularity for digital currencies continues to soar. Out of the 81 countries currently working on CBDC development, 14 have started pilot runs including Sweden, Russia, Japan, and South Korea, indicating a possible launch shortly.　　The report also mentioned that five countries have already launched some form of CBDC with Bahamian Sand Dollar being the first. Earlier, the Venezuelan government had also launched Petro as their official CBDC.　　“The lesson from the pilot

2021-07-28Deep Dive
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Crypto Exchange Regulation Check

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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.