Tag: #Bitstamp

Crypto Exchange Bitstamp to Suspend Trading AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

by Blockchain News

Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.

In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.

Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.

The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.

This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed

According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.

Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.

The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.

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Bitstamp acquires a Spanish crypto licence

by Blockchain News

Bitstamp said that it has been granted a licence to do business in the crypto sector in Spain.

Since it was founded in 2011, the exchange has been primarily concentrating on the market in the European Union. This permission comes from yet another European jurisdiction.

The information on the company’s Spanish licence was made public on November 17th.

The authorization granted by the Bank of Spain to Bitstamp’s local subsidiary enables the company to provide digital currency exchange services for fiat money as well as electronic wallet custody services to customers located in Spain.

Following in the footsteps of companies like as Binance and Bitpanda, Bitstamp was granted a licence in Spain, making it the 46th virtual asset supplier to do so.

Recent developments in Spain have shown a moderate attitude to crypto legislation, which coincides with the rapid speed of adoption of cryptocurrencies throughout the nation.

By the autumn of this year, the nation had established what is now the third-largest network of automated teller machines that dispense Bitcoin and other cryptocurrencies, behind only the United States and Canada.

It presently has 215 crypto ATMs, putting it in fourth place, after El Salvador (which only has 212 ATMs) since it has surpassed the nation in terms of the number of ATMs.

Over the last several years, Bitstamp’s compliance efforts have been steadily growing.

In April, it made the request for users to modify the origin of cryptocurrencies that were being kept on the site so that it could comply with regulations.

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Bitstamp Gets Regulatory Approval to Operate in Italy

by Blockchain News

Bitstamp, a cryptocurrency exchange based in Luxembourg, announced Monday that it has received regulatory approval to operate its business in Italy.

Bitstamp CEO JB Graftieaux confirmed the development: “This registration in Italy is part of our global plans to offer services across Europe and around the world,” the executive further added: “Italy is among the most important markets in Europe, and we are thrilled to provide its citizens with a safe and secure way to trade cryptocurrencies.”

Bitsamp said its registration application was approved by Italy’s financial regulator Organismo Agenti e Mediatori (OAM) on July 22.

The agency requires a license. Consequently, crypto firms in the jurisdiction must get a license to offer trading, custody, and other services.

The regulator recently implemented a new requirement that mandated all firms offering crypto trading, custody or other services to meet the set criteria.

Founded in 2011, Bitstamp, registered in Luxembourg and the Netherlands, is one of the oldest crypto companies in Europe.

In May, Graftieaux, Bistamp’s former Chief Compliance Officer and Europe CEO was appointed as the company’s global CEO.

The exchange has followed in the footsteps of other crypto firms that are expanding their operations and registering with the Italian financial regulator Organismo Agenti e Mediatori (OAM).

On 28th May, Binance received regulatory approval through registration as a crypto service provider with the OAM, as required by Italian newly updated regulations on crypto assets.

On 18 July, Coinbase won approval from Italian regulators to continue serving residents in Italy. Coinbase stated that it had met requirements from the OAM, which oversees financial and brokerage firms in Italy and implements anti-money laundering controls.

A day later, Crypto.com won regulatory approval from the Italian agency, allowing the exchange to distribute its products and services to users in the country.

With the crypto sector starting to break-free from the recent plunge, Italy is also taking a more welcoming approach towards crypto companies.

Italy is working actively to embrace the crypto industry and its development. Early this month, Italy’s Ministry of Economic Development announced plans to offer up to $46 million in subsidies for developing projects across blockchain, Artificial Intelligence (AI), and Internet of Things (IoT) technologies, beginning mid-to-late September.

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Bitstamp Scraps Inactivity Fee Plan

by Blockchain News

Cryptocurrency exchange Bitstamp has decided not to move further with the inactive fee plan.

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“We have taken everyone’s concerns on board and have decided to cancel the inactivity fee,” Bitstamp CEO JB Graftieaux said in a press release statement. “Listening to our customers is part of our service DNA. Bitstamp’s goal has always been to be a secure, reliable trading platform that provides industry-leading services, and we do not intend to deviate from our path.”

Bitstamp has decided to scrap the inactivity fee plan, citing customers’ concerns following the announcement, The Block reported.

Earlier, the Luxembourg-based exchange had announced that as of August 1, it will start charging a monthly 10 euro fee to users with an inactive account to make up for costs.

The company had also announced that the charges would be applicable to customers with balances of less than 200 euros that had not made any transactions or performed staking in the past year, excluding those based in the United States.

Previously, the crypto exchange had said that some customers had shared concerns about the blog explaining the inactivity fee plan. The plan to roll out the inactivity fee would have come at a time when crypto exchanges globally are witnessing a decline in trading volumes across the market.

According to The Block, most exchanges earn their revenue from charging fees on trading volumes. However, those fees have dropped abruptly alongside the price of cryptos since the beginning of the year. The Block shared data that showed that volumes across exchanges have declined from $2.2 trillion in May 2021 to approximately $622 billion in June.

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Bitstamp Charges Inactive Fee to Make Up for Costs

by Blockchain News

Inactive users of the cryptocurrency exchange Bitstamp platform will have to pay a fee to make up for costs, according to a report from The Block.

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Bitstamp is taking this action as the crypto market is weighing on trading value and the new inactivity fee will impact customers with balances below $200 for the last 12 months, according to the company’s blog post.

The inactivity fee is set at 10 euros and will go into effect on August 1. Traders must trade, deposit, or stake on Bitstamp’s platform to avoid the fee.

However, the company said that the fee is not applicable to US users, and active users would not be charged regardless of their balance.

“The majority of Bitstamp’s customers are not affected by the Inactivity Fee,” Bitstamp said. “Nobody loves fees (we don’t either!) but keeping inactive accounts on the books is a cost, and in order for us to continue providing great services to all our customers, we made the hard decision to implement the Inactivity Fee.”

According to The Block, most exchanges earn their revenue from charging fees on trading volumes. However, those fees have dropped abruptly alongside the price of cryptos since the beginning of the year. The Block shared data that showed that volumes across exchanges have declined from $2.2 trillion in May 2021 to approximately $622 billion in June.

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67% of Retail Investors See Crypto as a Trustworthy Investment, Study Shows

by Blockchain News

As a show of belief in the crypto space, 67% of retail or investors deem cryptocurrencies as trustworthy investments, while only 11% seeing them as untrustworthy, according to a study by crypto exchange Bitstamp.

The study was rolled out in 23 countries spread across Asia-Pacific, the Middle East, Africa, Europe, Latin America, and North America and surveyed 23,113 retail investors and 5,502 institutional decision-makers.

Seen as an alternative to fiat money, most respondents noted that cryptocurrencies would offer a digital-first payments network, especially in emerging economies. 

Moreover, 80% of institutional investors acknowledged that crypto would edge out traditional investments within a decade. Per the report:

“The level of trust in crypto as an asset class is high, with 71% of investment professionals and 65% of retail consumer investors stating that they trust crypto.”

Bitstamp also noted that crypto use cases were immense because all respondents acknowledged having new digital asset types like non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and stablecoins. 

When it comes to mainstream adoption, 75% of retail respondents and 88% of institutional investors stated that crypto would go through the roof within a decade. 

Meanwhile, institutional investments continue trickling into the crypto space, given that Venture Capital (VC) firms have sealed more than 1,000 crypto deals worth $17 billion in 2022, Blockchain.News reported. 

Furthermore, crypto investors were satisfied because their realized gains surged by 400% to hit $162.7 million in 2021. Realized gains entail profits accrued after selling a financial instrument like a commodity, share, or cryptocurrency. 

The Chainalysis study acknowledged that realized gains in the United States were the highest because they skyrocketed by 476%, from $8.1 billion recorded in 2020 to $47 billion in 2021.

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Bitstamp Becomes Official Crypto Exchange of Esports Organization Immortals

by CryptoPotato

Bitstamp has struck a three-year partnership deal with U.S. professional esports organization Immortals to be the official cryptocurrency exchange of the gaming company.

Bitstamp Collaborates With Immortals

Immortals announced the news of the collaboration via a press release on Wednesday (February 9, 2022). According to the statement, the deal will also make Bitstamp a founding member of the esports organization.

The partnership aims to educate the Immortals community about the crypto industry while also creating incentives for fans. This is Bitstamp’s second collaboration with an esports brand, the first being with the London-based Guild Esports, in a sponsorship deal worth £4.5 million ($6 million).

Meanwhile, Bitstamp and Immortals will be jointly involved in various initiatives. One of them, called Team Bitstamp, involves content creators who would act as the exchange’s brand ambassadors. The team will provide fans with content, exclusive crypto giveaways, and interactive livestreams.

Immortals Invasion is an initiative formed in celebration of the upcoming League of Legends World Championships in North America later in 2022. There will be vlogs, in-person gaming activations, and more engagements launched by Immortals and the Immortals Progressive League of Championship Series (LCS) team to celebrate the League of Legends community.

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The final initiative, Immortals LCS Trigger Program, will see Bitstamp offer cryptocurrency giveaways. Each time Immortals draw the “first blood” in any LSC game, fans get a chance to be rewarded with digital assets.

Growing Link Between Crypto and Esports

Commenting on the collaboration was the CEO of Bitstamp USA, Bobby Zagotta, who said:

“Our partnership with Immortals is an extension of our mission to empower our customers by creating a more authentic experience between crypto and gaming. The esports community is diverse, passionate, and highly-attuned to the digital evolution. It is among the first to explore the integration of digital assets within their industry.”

Furthermore, the partnership between Immortals and Bitstamp will explore future non-fungible token (NFT) activations and cryptocurrency integrations.

According to a statement from the Immortals’ CEO Jordan Sherman:

“This partnership will further enhance the Immortals fan experience with real, tangible benefits that connect the crypto and gaming worlds.”

More cryptocurrency companies continue to capitalize on the esports industry to foster mass crypto adoption, leading to several partnerships between both industries. In September 2021, Crypto.com signed a five-year partnership deal with U.K.-based esports organization Fnatic, worth over $15 million, to become the brand’s global cryptocurrency partner.

Later in November, the digital asset exchange also became the official global cryptocurrency partner of esports tournament series Twitch Rivals, operated by live-streaming platform, Twitch. Blockchain project Tezos entered a three-year partnership deal with French esports brand Team Vitality to revolutionize fan engagement.

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Surveillance Firm Launches Launches Push Towards Crypto Market Safety With 16 Other Industry Leaders

by Dailyhodl

New York-based crypto surveillance firm Solidus Labs is teaming up with leading digital asset exchanges, trading firms and industry associations to launch a new crypto market safety initiative.

In a statement, the Crypto Market Integrity Coalition (CMIC) outlines how it will make the crypto market a safer space amid the emergence of new risks.

“The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. “

The initiative also wants to engage with regulators to address the challenges in the industry.

“Over time, the coalition will take further steps, including advancing training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks that can address crypto and decentralized finance’s unique cross-market supervision challenges.”

Solidus Labs initiated the formation of the group and co-founded the coalition with 16 other industry leaders, namely Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, BitMex, Bitstamp, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUK, and Liberty City Ventures.

The CMIC says it is inviting other members of the crypto community to join the coalition.

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Terra sponsors Washington Nationals, Bitstamp backs Immortals esports

by Cointelegraph

Sports and esports fans will soon see more crypto ads during games as Terra has partnered up with the Washington Nationals MLB team and crypto exchange Bitstamp is now partnered with esports organization Immortals.

Terra (LUNA) is the 10th largest cryptocurrency by market cap and the blockchain that produces the UST stablecoin. The project is governed by a decentralized autonomous organization (DAO), which is now an official partner of the Washington Nationals.

The Terra community committed $38.2 million in UST over the next five years to secure the deal. The partnership was proposed by Terra founder Do Kwon on Feb. 1 through the community’s governance platform.

As part of the partnership, there are plans to allow fans at games to make purchases with UST at the team’s home stadium, Nationals Park, as early as next season.

The team will also display Terra signage around Nationals Park during games and produce a five-part video series promoting Terra.

Nearly 1.5 million fans attended Nationals games throughout the 2021 season. That number is expected to climb above 2 million as Covid-19 restrictions are lifted, giving Terra greater exposure in the ballpark.

The Terra community joins FTX as a major crypto outfit sponsoring professional American sports teams.

From real to virtual pro sports

U.K.-based crypto exchange Bitstamp announced on Feb. 9 that it has partnered with the U.S.-based Immortals competitive esports organization.

The deal will see Bitstamp and Immortals collaborate on three fronts including future nonfungible tokens (NFT) for fans.

Immortals will launch a team of content creators who will serve as Bitstamp brand ambassadors and offer “interactive streams, custom content, and exclusive giveaways that fuse crypto and gaming.”

Bitstamp will sponsor the Immortals during the League of Legends World Championship. At the championship, every time Immortals draws first blood (that is, gets the first kill in a match) fans will have a chance to win crypto.

Related: FarmVille developer Zynga set to release first NFT game this year

The Immortals stated the partnership is “specifically designed as both an educational opportunity, through which fans can learn more about crypto, and to enable fans to explore and interact with the Web3 space.”

Bitstamp now has its second official partner after Guild Esports PLC for its Bitstamp Gaming platform.