The “Crypto Exchange Update” covers the latest news from some of the most popular digital asset exchanges. This particular article focuses on Bitfinex, Binance, Coinbase, Gemini, OKCoin, and OKEx.
Bitfinex
On October 1, Bitfinex announced that it had added several new authenticated endpoints—across four categories (Orders, Margin Funding, Positions, and Account Info)—to its REST V2 API.
On October 5, Bitfinex said that it had found out about the existence of an (as then) unpublished paper falsely alleging that “Tether issuances are responsible for manipulating the cryptocurrency market” and that this paper relied on “flawed assumptions, incomplete and cherry-picked data, and faulty methodology.” Bitfinex also mentioned that it expected “mercenary lawyers” to use this paper as the basis for an “opportunistic lawsuit.” Finally, Bitfinex strongly denied that it or its affiliates had ever “used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing.”
Binance
On October 3, Binance and Confirm, “a global leader in AML & Risk Analytics for blockchains and cryptocurrencies,” announced a strategic partnership to deal with the guidelines of the Financial Action Task Force (FATF) on anti-money laundering (AML) regulations.
What this means is that Binance will integrate Coinfirm's AML Platform, which is blockchain-agnostic and supports 1200+ cryptoassets. Here is what this platform does:
We analyze transaction patterns using over 200+ risk evaluation scenarios executed in real-time across thousands of identified entities, rich off-chain data to detect illicit activities even through chain of hundreds of laundering transactions, supported by graph database, machine learning, clustering, automated data scrapping and more to deliver reports that let you make a simple yes or no decision.
Pawel Kuskowski, Co-Founder and CEO of Coinfirm, had this to say:
We’re excited to be working with an industry leader like Binance to boost its AML and risk analysis capabilities with our proprietary technology and widest blockchain coverage. Coinfirm and Binance have mutual values in ensuring trust and security for cryptocurrencies and we are confident in bringing that to the market together.
Also, on this day, Changpeng Zhao (aka “CZ”), Co-Founder and CEO of Binance, revealed that Binance had created an asset called XRP-BP2, which is a native token of Binance Chain that is onchain-pegged to XRP, which means several new XRP pairs on Binance DEX:
This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can't hide anything.
Well, there you go, #XRP (on chain pegged) on #BinanceChain and @Binance_DEX.
Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz
— CZ Binance (@cz_binance) October 3, 2019
Coinbase
On October 2, Coinbase launched USDC Rewards, which means that eligible US customers can start earning 1.25% (APY) rewards on every USD Coin (USDC) they have on Coinbase, with these rewards accrued daily and distributed monthly.
On October 3, Coinbase announced that a new fee structure for Coinbase Pro, its platform for experienced/professional traders, would be in effect from 17:00 PT on 7 October 2019 (or 00:00 UTC on 8 October 2019).
Coinbase’s blog post said that the purpose of this new fee structure is “to increase the depth and liquidity” of its markets and that fee updates are a regular thing that occurs in response to “client needs.”
According to Coinbase, here is how this update will affect Coinbase Pro users: higher-volume customers, i.e. those whose trading volume exceeds $50,000 a month, will be paying lower trading feels or the same as before, whereas lower-volume customers will be paying slightly higher trading fees.
Gemini
On October 5, Gemini celebrated its four-year anniversary.
In a blog post published on October 4, Beth Kurteson, Gemini’s Managing Director of Operations, People Strategy & Growth, noted that today Gemini is “a global organization with more than 200 incredibly talented employees, reaching customers in the United States, Australia, Canada, Hong Kong, Singapore, South Korea, the United Kingdom, and many more jurisdictions soon.”
OKCoin
OKCoin updated its trading fees (which will go into effect on October 9) one day before Coinbase announced a new fee structure for Coinbase Pro, and noted that its fees were approximately 50% lower than its peers.
OKEx
On October 4, during the three-day DELTA Summit, Malta’s official blockchain event, Enzo Villani, OKEx’s Head of International Strategy and Innovation, who is a former Nasdaq executive, announced an initiative to create a Self-Regulated Organization (SRO) aimed at “standardizing exchange practices and policies.” OKEx’s press release said that OKEx is in talks with other crypto exchanges to encourage them to become members of this SRO, which will be “an independent, membership-based organization that is neutral and open to exchanges of all sizes and jurisdictions.”
Andy Cheung, Head of Operations for OKEx, had this to say:
Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough. The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.
Featured Image Credit: Photo via Pixabay.com
