Binance Cuts Time Needed for BTC, ETH Deposits and Withdrawals

Binance has just cut the time needed to make withdrawals and deposits in two top cryptocurrencies. The crypto exchange announced Tuesday that it’s adjusted its systems so that the number of block confirmations – in effect, how long before a transaction is considered confirmed as complete and can be executed – has been halved for bitcoin (BTC) deposits to 1 block confirmation. Withdrawals will take two confirmations. For ethereum (ETH) and related ERC-20 tokens, Binance said 12 block confirmations are now required for deposits and withdrawals – that’s down from the previously…

Polish Crypto Exchange Bitmarket Suddenly Shuts Down

Polish cryptocurrency exchange Bitmarket has just shut down without warning. According to a brief message posted late on July 8 on its website, Bitmarket – said to have been Poland’s second-largest crypto exchange – stated: “We regret to inform you that due to the loss of liquidity, [from] 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” While it’s not clear exactly what caused the “loss of liquidity,” a Reddit post suggested that the exchange had been exhibiting odd behavior in the weeks prior to…

KuCoin Launches Bitcoin Derivatives Trading With 20x Leverage

IDG-backed cryptocurrency exchange KuCoin has just launched a platform offering crypto derivatives trading. Announced Monday, the KuMEX trading venue is now live in public beta and will offer initially a bitcoin perpetual contract (XBTUSDM), quoted in U.S. dollars, with up to 20x leverage. Aimed to make pricing “more fair and rigorous,” KuCoin said, KuMEX uses a bitcoin spot index providing a volume-weighted average of the U.S. dollar price of bitcoin across six exchanges: Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex. The spot index also avoids a contract being liquidated “because of the…

High-Frequency Trading Is New Battleground in Crypto Exchange Race

The Takeaway High-frequency trading (HFT), a longtime and controversial practice in traditional markets, is becoming commonplace in crypto, too. Placing trading servers physically close to exchanges’ matching engines can win an edge on speed. This helps HFT firms make large profits in the legacy markets. Crypto exchanges such as ErisX, Huobi and Gemini are trying to attract large algorithmic traders with colocation offers. Demand for the service is high, but its benefits are a matter of debate, due to the structure of the crypto market. A handful of cryptocurrency exchanges…

Dogecoin Price Surges 37% Following Binance Listing Announcement

The price of the popular dogecoin cryptocurrency is surging after the announcement that it will soon be listed on the Binance exchange. Binance said in a support notice that trading will open for dogecoin (DOGE) at midday (UTC) Friday. The exchange will at launch offer trading pairs for DOGE against Binance coin (BNB) and bitcoin (BTC), as well as the stablecoins tether (USDT), Paxos standard (PAX) and USD Coin (USDC). Users can already deposit DOGE in preparation for trading, the exchange said. The news has given a big boost to the price of…

Former Ripple Exec to Lead Binance’s US Expansion as New Exchange CEO

The operator of Binance’s upcoming U.S. crypto exchange, BAM Trading Services, has hired a former Ripple executive as its CEO. BAM announced on Tuesday it had appointed Catherine Coley as CEO, who will be responsible for rolling out Binance U.S., as well as expanding the exchange’s marketplace in North America. Prior to joining the firm, Coley was the head of  XRP Institutional Liquidity at San Francisco-based distributed ledger tech startup Ripple, BAM said in the announcement. Before entering the blockchain and crypto space, Coley worked for banking giant Morgan Stanley…

S&P 500 Gains Can Earn You Bitcoin on New Bain Capital-Backed Exchange

Crypto investors have a new way to bet on the price of bitcoin – or on traditional assets – with the formal launch of EverMarkets Exchange (EMX)’s derivatives platform. The Palo Alto, California-based startup was founded two years ago and opened the exchange to a restricted audience at the end of May 2019. Effective Monday, the market is now available to participants worldwide – though U.S. residents are excluded. Co-founder Craig Austin told CoinDesk that the company wants to give customers access to a “world market” by trading derivatives tied…

Binance Talking to Facebook About Libra Listing, Becoming Node: Reports

According to reports in the crypto press Thursday, cryptocurrency exchange Binance is talking to Facebook about getting involved in the social media giant’s upcoming Libra project. Finance Magnates says it spoke to Binance at the FinTech Junction event in Israel on Thursday, with the exchange’s CSO, Gin Chao, saying that early discussions have taken place with Facebook over a possible future listing of the libra token. Chao said that as libra will be on a private blockchain initially, it won’t need external liquidity. However, Facebook may ultimately desire a secondary market, he said, adding: “Currencies…

Irish Crypto Exchange Bitsane May Have Disappeared With Users’ Funds

Irish cryptocurrency exchange Bitsane may have done a runner with users’ funds. Forbes said Thursday that the Bitsane exchange, which offers spot trading of cryptos and gained popularity as an early provider of XRP trading, has gone offline and has deleted its social media accounts. Emails sent by Forbes bounced back, it said. Customers of the exchange are saying that they have possibly lost amounts ranging from $5,000 to $150,000 in crypto holdings. On crypto data website CoinMarketCap, Bitsane’s trading information has not been updated for over 10 days. A user that…

Another Indian Crypto Exchange Shuts Down Blaming Banking Ban

Regulatory uncertainty ushered in by India’s central bank appears to have brought about the demise of another cryptocurrency exchange in the nation. In a Medium post published Thursday, the Koinex exchange says it’s been forced to shutter its services as a de facto ban on banking relationships for crypto firms – ordered by the Reserve Bank of India (RBI) in April 2018 – has meant that it is economically unfeasible to continue with normal business. The exchange writes: “We have consistently been facing denials in payment services from payment gateways, bank…