Tag: Bitcoin Exchanges

China’s Latest Bitcoin Crackdown Sees Exchanges Censored, Miners Go Offline

by Bitcoin Magazine

Chinese internet services are censoring bitcoin exchange searches and mining operations in China have reportedly been asked to shut down.

Major internet service companies in China, including Baidu and Weibo, are censoring keywords related to bitcoin exchanges, as verified by Bitcoin Magazine.

At the time of writing, Google-like Baidu and Twitter-like Weibo are both omitting search results, effectively censoring specific bitcoin exchange-related keywords. Although personal profiles of Chinese cryptocurrency opinion leaders, like Binance founder Changpeng Zhao, are still available on Weibo, both services show zero search results when searching for bitcoin exchanges Binance, OKEx and Huobi.

The censorship follows a statement from China’s State Council that said the government would “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society.”

On Weibo, for instance, searching for Binance wields a message that reads, “according to relevant laws, regulations and policies, the search results of ‘binance’ are not displayed.” And when searching for OKEx on Baidu, the website returns that “Baidu found 0 related results for you. Sorry, no pages related to ‘okex’ were found.”

Searching for “binance” on Weibo yields the company founder’s profile, but search results are not displayed. Source: Weibo screenshot.

Searching for “binance” on Weibo yields the company founder’s profile, but search results are not displayed. Source: Weibo screenshot.



As verified by Bitcoin Magazine, the pattern is repeated when searching for Binance, OKEx and Huobi on both platforms.

Bitcoin Miners Ordered Going Offline

China’s State Council statement demanding a crackdown on bitcoin mining and trading last month is also posing a threat to some of the largest bitcoin mining facilities in the country and world.

According to a report by The Block, one of the major economic and technological development zones in the Xinjiang province in China has received a notice demanding that the area shut down all bitcoin mining operations immediately.

“The Reform and Development Commission in the Changji Hui Autonomous Prefecture in Xinjiang issued a notice on Wednesday to its subordinate government officials in the Zhundong Economic Technological Development Park,” per the report. “According to the notice … officials in the development park have been instructed to shut down all crypto mining activities under their administration by 2:00 pm China time on Wednesday.”

The park houses some of China’s biggest bitcoin mining facilities, all powered by fossil fuel energy. It is also home to various coal production industries, including industrial factories and coal-based power plants.

The instruction follows recent comments by bitcoin mining rig manufacturer Canaan that argued against China’s regulatory crackdown on the industry. Representatives of the company argued that the sector diminishes energy waste, helps create jobs and nourishes the local economy –– apparently to no avail.

How Will Bitcoin Respond

Though it is hard to determine how much of Bitcoin’s hash rate is currently fed by Changji Prefecture’s fossil fuel power plants, the Zhundong park has undeniably become a bitcoin mining hub.

Therefore, a shutdown of all bitcoin mining operations in the park might take a toll on the Bitcoin network hash rate. Currently at around 155 exahashes per second, per Glassnode data, the network’s hash rate has been relatively stable over the past couple of weeks, increasing by nearly 50% in one year.

The precise impact on the Bitcoin hash rate is hard to predict. However, the network’s hash rate may experience a short-term decline as miners are forced to relocate their operations away from Xinjiang. In addition, China’s recent regulatory crackdown on bitcoin mining and related financial institutions may incentivize miners to leave the country altogether –– a trend that had already started to brew.

Finally, although the Bitcoin hash rate may suffer in the short term, it is set to recover in the medium to long terms as miners relocate. Furthermore, a reduction of hash rate does not negatively impact the network’s security, as explained in a video by Coin Metrics’ Nic Carter, in which he commented on China’s mining bans. Carter also highlighted that by forcing bitcoin mining out of China, Bitcoin’s carbon emissions would be reduced as miners relocate to greener power plants abroad.

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Google Ad Policy Updates Require Regulatory Compliance From Bitcoin Exchanges And Wallets

by Bitcoin Magazine

Google has updated its requirements for bitcoin exchange and wallet advertisements, requiring FinCEN, state and federal compliance.

Web search giant Google plans to update its requirements for advertisements from bitcoin-focused businesses next month.

“In August 2021, Google will update the Financial products and services policy to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services,” according to a statement from the company. “Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

The statement went on to list that these businesses will need to be registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses and with at least one state as money transmitters, or with federal- or state-chartered bank entities. They will also need to comply with legal requirements set by state and federal authorities.

Any existing cryptocurrency exchange certifications will be revoked on August 3, and advertisers will have to seek out new certifications with Google when it publishes an application form on July 8, 2021.

The statement also clarified that “Ads for initial coin offerings [ICOs], DeFi trading protocols, or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products” will not be allowed. ICO presales, cryptocurrency loans, initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets and unregulated decentralized applications were all listed as examples of things that cannot be advertised.

Google has generated 30% of worldwide digital ad revenue in recent years, and its advertising policy can have major influence on the success of businesses. Regulatory requirements enforced through these policies could very well determine the success of many bitcoin exchanges or wallets. 

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bitFlyer Bridges Global Markets By Opening U.S. Access To Japanese Yen Pair For Bitcoin

by Bitcoin Magazine

Japanese bitcoin exchange bitFlyer has opened access to the BTC/Japanese yen trading pair for U.S. users, improving Japanese market access.

Bitcoin exchange bitFlyer has opened access to its BTC/Japanese yen trading pair for U.S. customers, according to a release sent to Bitcoin Magazine.

The option opens new access to Japan’s bitcoin market for U.S. traders. The bitFlyer team announced the new access at the Bitcoin 2021 conference.

“Thanks to the launch of cross-border trading on bitFlyer USA, American traders can now access a regulated JPY market for buying and selling bitcoin, and capture its unique trading opportunities,” per the release. “bitFlyer is Japan’s leading cryptocurrency exchange by volume and manages the largest BTC/JPY market. In the first quarter of 2021, bitFlyer’s BTC/JPY spot market posted over $30 billion in trading volume, representing 40% of the Japanese Bitcoin ecosystem.”

The announcement added that bitFlyer’s yen market is as large as or larger than the BTC/USD market of major exchanges like Bitstamp, Kraken and Gemini.

“Over the last few years, Japan has been the second largest market in the bitcoin ecosystem, behind the U.S. dollar, with wide adoption of crypto both among traders and in day-to-day purchases,” according to the announcement. “Historically, however, access to Japanese markets was limited due to regulatory constraints, creating significant gaps in price and a somewhat siloed ecosystem from the rest of the world. By opening up access to U.S. traders, bitFlyer will be the gateway to connect the Japanese market to the wider cryptocurrency ecosystem.”

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Luno Forced To Remove Bitcoin Ads In U.K.

by Bitcoin Magazine

British regulators have forced bitcoin exchange Luno to take down ads recommending bitcoin purchases.

A creative advertising slogan curated by Luno, a United Kingdom-based bitcoin exchange, has been banned by the U.K.’s Advertising Standard Authority (ASA), according to a recent report from CNBC.

Posters displayed across the London Underground network and on London buses prominently stated slogans like, “If you’re seeing bitcoin on the underground it’s time to buy.” The ASA quickly demanded that the ads be taken down, declaring that the campaign failed to highlight the risks associated with investing in bitcoin.

The ASA declared that Luno must ensure that their future marketing communications make “sufficiently clear that the value of investments in bitcoin was variable and could go down as well as up,” per CNBC.

Paired with this, the ASA said that Luno needs to highlight that it and the bitcoin market at large are unregulated.

The ASA banning ads due to concerns that the price of bitcoin fluctuates while implying that the asset is not a safe store of value coincides with the beliefs of many central bankers across the globe. Yet these statements are inherently hypocritical, as all fiat currencies issued by central banks have devalued at a rapid pace over the course of history, clearly seen by the British pound’s massive devolution over time, for instance.

British regulators have forced bitcoin exchange Luno to take down ads recommending bitcoin purchases.

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The ASA proclaiming that the ad is “irresponsible” is a ridiculous notion. Most entities would rather promote fiat currencies than bitcoin. Yet, bitcoin is the only tool that protects one’s time from being stolen away. In reality, not promoting bitcoin is an irresponsible choice.

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Bitcoin Exchanges FTX, BitMEX Commit To Becoming Carbon Neutral

by Bitcoin Magazine

Bitcoin exchanges FTX and BitMEX committed to donating portions of the money they spend on transaction fees to offset carbon emissions.

Bitcoin exchanges FTX and BitMEX have committed to becoming carbon neutral by donating $0.0026 for every dollar spent on blockchain transaction fees to carbon-offsetting organizations.

“We estimate that we will pay roughly $60m in blockchain fees this year, which would imply about $150k in offsetting costs,” announced FTX. “Given the uncertainty in the calculations, we’ll be rounding that (way) up to $1m.”

It was FTX’s CEO Sam Bankman-Fried who crunched the numbers in response to recent concerns raised about Bitcoin’s energy consumption, including notably from Tesla CEO Elon Musk. The calculations took into account mining and electricity costs and the corresponding carbon dioxide (CO2) emissions. Finally, Bankman-Fried employed estimates of how much it costs to reduce one ton of CO2 emissions.

“So this implies, with large error bars,” Bankman-Fried concluded, “if for every $1 you spend on gas/blockchain fees, you donate $0.0026 to Cool Earth, you’ll be roughly carbon neutral.”

Bankman-Fried’s calculations are especially relevant for exchanges because of the bitcoin withdrawing services they provide –– which incur miner fees.

One day after FTX’s announcement, bitcoin exchange BitMEX followed to show its commitment to offset carbon emissions, thanking Bankman-Fried for his calculations.

“Today, we’re happy to confirm that BitMEX commits to becoming carbon neutral,” the company shared. “The first step we’ll take immediately is to start carbon offsetting emissions caused by withdrawals from the platform through donating at least $0.0026 for every $1 of blockchain fees our clients pay out.”

BitMEX hasn’t shared how much the donations would amount to and which institutions would benefit, but the company has committed to publishing details once it finishes researching.

The bitcoin energy consumption debate has gotten hotter over the past couple of weeks after Musk tweeted that Tesla would halt the acceptance of bitcoin as payment for its electric cars over environmental concerns.

Since then, many companies in the bitcoin space have committed to reducing their carbon footprint, including mining companies Greenidge Generation and Argo Blockchain, and Canadian Bitcoin ETF manager Ninepoint. Other firms have also done more profound research to shed light on the Bitcoin energy consumption narrative, comparing it to banking and gold. And in April, financial services company Square made the case that Bitcoin presents an opportunity to accelerate the global energy transition to renewables.

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Argentina Authorities Require Bitcoin Exchanges To Provide Transaction Data

by Bitcoin Magazine

Government authorities in Argentina are requiring cryptocurrency exchanges in the country to provide monthly data on users and transactions.

Despite various anti-free market policies discouraging bitcoin use in Argentina, adoption has continued to accelerate in the capital control-stricken country. In the government’s most recent move, the Federal Administration of Public Revenue (AFIP), essentially the Argentinian version of the Internal Revenue Service (IRS), has ordered all cryptocurrency exchanges operating within the country to file comprehensive transaction data on their customers every month, according to a report from local outlet Bae Negocios.

The agency is requiring all exchanges to identify all of their clients, as well as all modifications that occur for all accounts. Paired with this massive information grab, exchanges must report total income as well as final account balances to the AFIP by the fifteenth of every month.

For decades, the people of Argentina have been hit by strict capital controls and dramatic inflation spirals, hampering their ability to preserve capital. Citizens have opted to denominate their wealth in the U.S dollar, the global reserve currency, yet have essentially been stripped of that ability through recent strict government policies.

Bitcoin provides a safe haven for the citizens of Argentina to store their wealth in a deflationary asset that is censorship-resistant, cannot be confiscated and operates outside the far-reaching arms of all government entities. The AFIP’s attempt to access all user information on regulated bitcoin exchanges will ultimately prove futile, as it will only incentivize users to use peer-to-peer Eexchanges, hold their own private keys and become increasingly vigilant when conducting transactions.

The Argentinian government has suppressed its citizens’ ability to store wealth in all fiat currencies, but no policy will be able to stop the unstoppable monetary force that is Bitcoin.

Bitcoin will empower individuals and check all authoritarian government agencies. 

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In-Person ID Check To Become Mandatory For Bitcoin Exchange Users In Thailand

by Bitcoin Magazine

The government of Thailand will require local cryptocurrency exchanges to verify their customers’ identity in person using a “dip-chip” machine that registers identification cards.

The country’s Anti-Money Laundering Office (AMLO) will be instituting in September, according to the Bangkok Post.

“Most digital asset exchanges are still busy preparing their systems to accommodate the growing number of clients as new account applications continue to flow in,” said Poramin Insom, co-founder and director of local exchange Satang Corp. “However, this growth may be curbed if the application process becomes more complicated.”

As of April 26, there were 697,780 cryptocurrency accounts nationwide, a surge from 160,000 at the end of last year, per the report. It is expected that the new rules will slow down the opening of new cryptocurrency exchange accounts in the second half of this year, and “digital asset intermediaries plan to discuss the issue at a forum held by the Thailand Digital Asset Operators Trade Association,” per the Post.

The “dip-chip” requirement is currently used for checking IDs at gold shops in the country, per the report.

The announcement is likely discouraging for many bitcoin investors, as the process of opening a cryptocurrency exchange account in Thailand has been entirely electronic up to now. Requiring potential investors to submit in-person identity verification is also antithetical to Bitcoin’s pseudonymous nature, imposing rules that would force bitcoiners to reveal their real-world identities. 

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How Will The $6 Billion Of Bitcoin Options Expiring Tomorrow Affect Price?

by Bitcoin Magazine

After another week of bitcoin price volatility, including a new all-time high, a new record of options expiring on March 26 could play a key role in price action and the continuation of this volatility moving into the coming days.

Options are a contract for the right to purchase or sell an asset at a specific price. According to data analytics company Bybt, there are over 100,000 BTC — the equivalent of $5,574,000,000 (given the bitcoin price of $55,740 at the time of this writing) — of options set to expire this Friday, March 26, across numerous major exchanges. This will make for an interesting trading session leading into the weekend.

This level of options expiring will set a new record, breaking the $4 billion mark set in late January of this year. The bitcoin price on January 31 closed at just over $33,000, meaning that bitcoin has appreciated almost 100 percent since the previous record of options expired.

Options-open interest for bitcoin has soared this year, more than doubling since the end of last year, up from about $5 billion to now nearing $14 billion. In options, there are calls (bets that price will rise) and there are puts (bets that price will fall). In aggregate, the market is leaning bullish, with a current call-to-put ratio at 1.11. Anything above one is bullish, meaning at a ratio of 1.18, the market is leaning 11 percent in favor of more upside to come.

Put options seem to be targeting the $40,000 range and the $47,500 range, while call options expiring on Friday are eyeing the $60,000 range.

bybt_chart

 If the past is any indication of what is to come, this should entail some short-term volatility, but ultimately more upside in the coming weeks following expiry.

This is a guest post by William Clemente III. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Beyond Coinbase: 8 Other Ways to Buy Bitcoin

by Coindesk

When Elon Musk adds #Bitcoin to his Twitter bio, you know buying bitcoin is in vogue again. 

The cryptocurrency is pumping, perhaps not-too-coincidentally, as investing app Robinhood faces criticism for censoring stock and crypto trading in response to the Wall Street Bets saga. 

With Robinhood taking heat, Coinbase is basking in the glow.


Coinbase’s popularity has climbed to its highest point since 2017, and it’s now the ninth-most downloaded application on Apple’s (AAPL) U.S. app store as well.

The centralized exchange is one of the oldest in the game and has historically been the U.S.’ go-to option for buying bitcoin (BTC) and its cohort of altcoins. Because buying on Coinbase is straightforward and it’s been around for so many market cycles, the service has strong brand recognition and network effects, making it a routine referral to newcomers looking to buy bitcoin. 



As evidenced by the influx of new users, Coinbase is pretty popular. But a lot has changed since Bitcoin’s last market craze, and there are plenty of options for first-timers to buy their first bitcoin besides Coinbase, some of which offer lower fees to boot.


Bear in mind, all exchanges are susceptible to outages when volumes spike. None of these exchanges are necessarily any better than Coinbase. This is just a sampling of some alternative options.

US-based bitcoin-only brokers

Below are venues to buy bitcoin that are exclusive to the U.S. and which offer bitcoin buying and selling only. Their fees are comparable to or lower than Coinbase’s own and they generally have better uptime, even in times of high market volatility. 

These platforms act as brokers, buying and selling bitcoin for their clients, instead of true exchanges where users can trade with each other.

Cash App

For U.S. users, Square’s (SQ) Cash App is probably the easiest and fastest place to buy bitcoin. You can hook up your bank account, which can take a few days to onboard, or use your debit card, which can be used to start buying bitcoin instantly. 

Available on mobile and web, Cash App allows you to purchase up to $100,000 per week in bitcoin, as well as withdraw $2,000 every day and $5,000 each week.

Cash App also offers automatic recurring buys and has a debit card which gives holders bitcoin-back rewards. Purchasing fees vary from roughly 1%-3% depending on the order size (the larger the order, the cheaper the fee). Cash App does not tack on a fee to withdraw.

Read more: Bitcoin Trading Fees on PayPal, Robinhood, Cash App and Coinbase: What to Know

River Financial

U.S.-exclusive River Financial is a relatively new, bitcoin-only broker that focuses on bringing a full suite of bitcoin-related client services to their customers. It’s not as easy as downloading Cash App, but River’s financial suite offers a number of services that make it a standout among bitcoin exchanges.

River allows, for instance, Lightning Network deposits and withdrawals, which means you can deposit or take your bitcoin out of River instantly for zero (or near zero) network costs. You can also integrate your hardware wallet(s), which allows you to track the bitcoin you keep in cold storage on your River account. Like Cash App, you can set auto-recurring bitcoin buys. 


River is built for larger purchases, as the minimum buy is $100, and it only allows for purchases using a U.S. bank account. River does not have a withdrawal fee and it charges anywhere from 1%-3% for buys, depending on size.

Swan Bitcoin

Swan Bitcoin is not your traditional bitcoin on ramp. 

The bitcoin-only service has become popular among bitcoiners because it allows its users to set daily recurring auto-buys for as little as a dollar. Swan users can also designate a wallet for withdrawals. It’s designed for bitcoiners who want to set a daily or weekly average buy, and it offers some of (if not the) lowest fees for spot bitcoin purchases in the U.S.

Weekly purchases of $50 or more are subject to a 1.19% fee, unless the buyer prepays their fees through an annual savings plan, in which case fees are 0.99%. Swan does not charge withdrawal fees and only links to a bank account.

International Bitcoin Exchanges

Whether you are inside or outside the U.S., here are a few centralized exchanges that service an international clientele. 

Each exchange featured below offers a mobile app (for Android and iOS) to manage your account on the go and allows fiat currency deposits through bank transfer or credit/debit cards. They also have Bitcoin’s Lightning Network enabled (or plan to do so in the near future), meaning clients can use this network to avoid high on-chain fees when withdrawing to self-custody.


Trading fees on these bitcoin exchange platforms are lower than those of Coinbase and other brokers, usually roughly 0.1%-0.5% per trade. But the experience of buying bitcoin may not be as easy for newcomers because these exchanges, which include loads of altcoins, are really set up as trading venues before anything else. Consequently, those unaccustomed to cryptocurrency exchange layouts may find them more challenging to navigate than other options.

Bitfinex

An international exchange that is one of the oldest in the industry, Bitfinex supports trading in U.S. dollars, euros, British pounds, Japanese yens, China’s yuan and all major stablecoins. 

As a plus for power users, Bitfinex also offers deposits and withdrawals using Bitcoin’s Lightning Network and Blockstream’s Liquid sidechain. 


Bitfinex’s withdrawal fees for bitcoin are static at 0.0004 BTC.

Kraken

Kraken is one of the oldest U.S.-based exchanges and offers both spot trading for bitcoin and altcoins as well as leveraged trading. The exchange supports deposits in USD, EUR, CAD, AUD, GBP, CHF, JPY and major stablecoins.

Withdrawal fees for bitcoin are set at 0.0005 BTC.

Kraken Exchange told CoinDesk at the end of 2020 that it plans to integrate the Bitcoin Lightning Network for deposits and withdrawals this year. 

OKCoin

OKCoin is an international exchange that accepts USD, EUR and Singapore dollar (SGD) deposits and major stablecoins. The exchange is in the process of integrating the Lightning Network, which should go live in February.

As with other exchanges right now, OKCoin’s Bitcoin withdrawal fees are 0.0004 BTC.

Decentralized Bitcoin Exchanges

These bitcoin exchanges don’t require know-your-customer (KYC) identity verification and allow users to trade directly with each other without relinquishing their private keys to a third party (unlike the centralized exchanges explored above). Because you never relinquish your private keys to the exchange, no third party can freeze your funds on these services. 

Non-KYC exchanges allow customers to buy bitcoin under the radar such that they don’t reveal sensitive personal information to a third party. As evidenced in the Ledger and BlockFi security breaches, not every hack ends in a loss of funds; exchanges and services that store KYC information are a honeypot for hackers, who sell stolen personal information like emails and physical addresses on the dark web.


You’ll jump through more hoops if you buy bitcoin this way and it will be more difficult than the typical route, but the bitcoin will be “more private” as a result (though this typically comes at a high premium cost).

Hodl Hodl

Hodl Hodl is a global, peer-to-peer bitcoin exchange that uses multisignature wallets to escrow trades between users. 

The Hodl Hodl marketplace gives traders the option to support whichever payment method they want (Zelle, PayPal, bank wire, altcoins, SWIFT, credit cards and gift cards). Once payment for a trade is complete, either party signs their end of the multisig wallet to release funds. In the event that there’s a disagreement, Hodl Hodl’s team arbitrates.


Because Hodl Hodl doesn’t require KYC, bitcoin typically sells at a premium compared to other exchanges, anywhere from 5% up.

Trading fees are split between the buyer and seller, 0.3% of each trade.

Bisq

Like Hodl Hodl, Bisq is a peer-to-peer bitcoin exchange, but it’s not web-hosted.

Bisq is Bitcoin’s only self-hosted decentralized exchange. This means that each Bisq user must download the exchange’s software and run a Bisq node to trade on the service. A multisignature wallet is used to escrow trades.

The exchange offers bitcoin and monero (XMR) trading with limits that range from 0.25 to 2 BTC for each trade, depending on the payment method (which are similar to Hodl Hodl’s). Market maker fees are 0.1% and taker fees are 0.7%; if users pay fees in BSQ, a bitcoin-colored coin that acts as Bisq’s exchange token, they are 0.05% for makers and 0.35% for takers.


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Vietnam’s Oldest Bitcoin Exchange Adds Support for Lightning Network

by Coindesk

Vietnamese Bitcoin exchange VBTC has integrated the Lightning Network.

In an announcement on Sunday, Vietnam’s oldest (and reportedly only Bitcoin-exclusive) exchange revealed that Lightning Network withdrawals are now open to its users. 

According to an article by BitcoinVN News, the media arm of BitcoinVN, a parent company which also owns VBTC, Lightning Network withdrawals are priced at 1,000 satoshis plus 0.2% of the withdrawn amount. Normal bitcoin withdrawals have a fee of 100,000 satoshis (0.001).

The news comes a few days after the exchange adopted SegWit native batched transactions as well, which will allow it to batch client withdrawals together in SegWit transactions to reduce on-chain fees.

VBTC’s adoption makes it one of the first exchanges to go live with the burgeoning technology. It also adds to a growing list of exchanges that have pledged (or launched) support for Lightning this year as the technology continues to spread across the globe to exchanges in various parts of the world.

The Bitfinex and River Financial exchanges came into 2021 with full Lightning Network support, and U.S.-based Kraken Exchange announced at the end of 2020 it would launch support sometime in 2021.

Lightning Labs CEO Elizabeth Stark, whose company designs the leading Lightning Network software implementation, told BitcoinVN News that VBTC’s integration adds more charge to an already electric network effect.

“We believe bitcoin has so much potential for billions of people around the world, and VBTC’s Lightning integration is a big step in bringing it to Asia and beyond,” she said. “As more exchanges join the Lightning Network, more people will be able to transact instantly, across the world, with low fees. Network effects in action.”

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