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News on Exchanges in Crypto Industry

Coinbase Shuts Down Another Office, Dozens of Employees Laid Off

Coinbase Shuts Down Another Office, Dozens of Employees Laid Off

Coinbase has been undergoing layoffs and office closures and has had multiple Coinbase executives leave the company, the popular cryptocurrency exchange continues to release innovative new products and features. Coinbase, a major US-based cryptocurrency exchange, has shut down its Chicago office and laid off 30 engineers while scaling back the development of its high-frequency trading matching engine.

Disney May End Up With Huge Bitcoin Exchange Stake

Disney May End Up With Huge Bitcoin Exchange Stake

Walt Disney Co. is revealed to be one of the the major bidders for Nexon (a South Korea based game developer) which is simultaneously pursued by Tencent and Kakao for their crypto projects. The company wrote in its blogpost, “We look forward to carrying the lessons we’ve learned in Europe over the ocean and helping to develop a better environment for all crypto businesses, both in the US and worldwide,”

Coinnest exchange Closes Down Its Shutter

Coinnest exchange Closes Down Its Shutter

Fifth largest cryptocurrency exchange, Coinnest has decided to shut down and announced that all funds must be withdrawn by the end of June. The move is no surprise as its co-founder, Kim Il-hwan, was arrested on embezzlement charges an its executives have faced bribery charges last year. In its announcement, “We have lowered the withdrawal fee and the minimum withdrawal amount to support your smooth withdrawal, please be sure to withdraw your assets before the withdrawal date. It is difficult to withdraw after.”

Coinbase Files to Close Its PAC

Coinbase Files to Close Its PAC

Political Action Committee (PAC) are autonomous associations, regularly speaking to an alternate business, work, or approach premiums that gather and give cash to political battles in support of competitors, enactment, or ticket activities. As indicated by a document with the Federal Election Commission (FEC), the administrative office accountable for authorizing decision laws, Coinbase PAC got no assets nor made any distributions, and is trying to end the PAC.

Post Hack Japanese Cryptocurrency Exchange Zaif Resumes Activity

Post Hack Japanese Cryptocurrency Exchange Zaif Resumes Activity

During September 2018, a hack had made the Japan based crypto exchange to lose cryptocurrencies (Mostly in Bitcoin, bitcoin cash, and monacoin) worth 6.7 billion yen (around $59.8 million). Now the exchange has announced that they will return to their normal activity from April 23 as they have transferred the business from Tech Bureau to Fisco Digital Asset Group (FDAG).

Crypto Exchanges Offering Margin Has Expanded

Crypto Exchanges Offering Margin Has Expanded

Dozens of new exchanges has been offering leverage which was spearheaded by Binance and Kucoin in this year. The FTX commented, “In crypto you can’t repossess assets from the bankrupt account’s owner from outside the system, so you’re stuck with other users — the users who aren’t getting liquidated — footing the bill.”

Its Own Token Is Up For Trade in Gate.io

Its Own Token Is Up For Trade in Gate.io

Gate.io (a crypto exchange) will now allow trading in its own token called the Gatechain Token (GT) which is available for trading in GT/USDT and GT/BTC pairs and also allows them to participate in the initial exchange offerings (IEO). They are also planning to launch Gate Points, a lower commissions for trade transactions in fourth quarter of 2019. In its official tweet, “We are excited to announce that GT will be available to trade at UTC 08:00, Apr. 21 against $USDT and $BTC.”

ShapeShift Delists Bitcoin SV, Kraken May Follow

ShapeShift Delists Bitcoin SV, Kraken May Follow

The Binance has announced that it will de-list bitcoin SV, from April 22, Erik Voorhees, CEO of ShapeShift (an anonymous exchange) said that his exchange had also decided to delist Bitcoin SV. This move propelled Kraken to conduct a Twitter poll, whether they should join the delisting move. Calvin Ayre, founder of CoinGeek said, “The decision to delist bitcoin SV seems to be based on the fact that they don’t like one scientist that works on the platform.”

Bots To Manipulate The Decentralised Markets

Bots To Manipulate The Decentralised Markets

A research study conducted by the Cornell Tech has divulged that stock trading bots can be used to manipulate the profit-making strategies on decentralized exchanges (DExes). One of the researcher explained that, “We have no idea what the extent of the malfeasance is on centralized exchanges. If we extrapolate from what we’ve seen on DEXes, it could well be on the order of billions of dollars.”

Rakuten Open For Registrations for Its Upcoming Cryptoexchange

Rakuten Open For Registrations for Its Upcoming Cryptoexchange

A jumbo internet company based in Japan, Rakuten is now allowing user to register and open account of its up coming Rakuten Wallet cryptoexchange in June. In 2018 Rakuten acquired Everybody’s Bitcoin platform and got license in December. Its board stated, “The virtual currency market has cooled rapidly and the downside risk of profitability has been increased by continuing the business,”