Category: Crypto Exchange

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Crypto Exchange

CoinJar introduces ‘CoinJar Bundles’ designed to simplify investing in cryptocurrencies

Cryptocurrency exchange and wallet service CoinJar, today announced the launch of “CoinJar Bundles“, designed to simplify the creation and management of diversified cryptocurrency portfolios, especially for new investors into the sector.

CoinJar Bundles allow CoinJar customers to seamlessly purchase multiple cryptocurrencies in one transaction. CoinJar has curated a collection of bundles, including the largest cryptocurrencies by market cap, bundles that centre around stablecoins, ERC-20 tokens, and more.

Among them, CoinJar’s ‘Popular Trio Bundle’ provides weighted allocations in BTC, ETH and XRP, while the ‘Universe Bundle’ allows customers to easily invest across the company’s entire digital currency inventory.

Each Bundle will clearly break down asset allocations between ‘proportional’ and ‘cap adjusted’. Funds added to each Bundle may be automatically allocated in fixed proportions or allocated to reflect the ratio of basket content and quantity of cryptocurrencies set according to a Bundle’s settings.

“Diversity is king. But building a healthy, diversified crypto portfolio can be intimidating, not to mention time consuming.” said Asher Tan, CEO of CoinJar.

“We’re a big believer in simplifying access to the cryptocurrency space, which is why we’ve launched CoinJar Bundles – a single-click way to invest in multiple cryptocurrencies at once”, said Asher.

Beyond bundles and after a successful launch in the UK, CoinJar is expanding to a number of European countries, and is quickly becoming the simplest way to buy a diversified cryptocurrency portfolio on iPhone and Android devices.

About CoinJar

Established in 2013, CoinJar is the easiest way to buy, sell, store and spend cryptocurrencies in the UK and Australia. CoinJar’s iOS and Android apps allow users to trade cryptocurrencies on the go, while CoinJar Exchange and CoinJar OTC Trading Desk cater for professional traders, as well as individuals and institutions looking to make larger transactions.

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Australia Crypto Debit Cards Crypto Exchange Crypto News

CEX.IO Exchange Announces Crypto-Backed Lending Platform Launch in Australia

CEX.IO, one of the largest cryptocurrency exchange in the world, has announced the impending launch of a new cryptocurrency-backed loans service that will allow Australian crypto traders and holders to take out instant cash loans for their cryptocurrency assets.

Announced September 7, the new crypto loans service will become available in 217 countries around the world, including Australia, the United Kingdom, EU, and a range of Asian countries. CEX.IO LOAN will provide crypto users with the ability to borrow capital against their cryptocurrency holdings without the need for credit checks. 

$10 Billion Crypto Backed Loans Market Explodes in Australia

Data published by Credmark via Forbes reveals that crypto-backed lending is rapidly becoming one of the largest lending mechanisms in the blockchain ecosystem, with the crypto lending market reaching $8 billion in total lifetime loan originations by the end of 2019. The market has exploded in 2020, capturing another $2 billion by Q3 2020.

Crypto backed loans are relatively straightforward — users lock up their cryptocurrency with a loan provider, and are provided with a specific percentage of the assets locked as the loan principal. Recent changes to the tax treatment of cryptocurrency around the world have made crypto backed loans highly popular, as under specific international tax laws or in some scenarios a crypto loan allows users to access cash without creating a taxable event.

CEX.IO will provide users with the ability to borrow between $500 and $500,000, with larger and longer duration loans providing more attractive interest terms. Anton Chashchin, Commercial Director for the CEX.IO LOAN service, highlighted the various benefits of the crypto loans in a September 7 press release:

“Our clients are a vibrant and diverse group of market participants, whose needs evolve with the industry … Our loans offer that extra boost, which traders, investors, startups, and entrepreneurs in general, need, while they can still benefit from the potential appreciation of assets they own,”

Notably, CEX.IO will make loan funds available via a card — delivering additional crypto card functionality not yet seen in the crypto backed loans ecosystem.

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Australia Crypto Exchange Payments

Revolut Enters The Australian Cryptocurrency Market

It’s only been a month since Revolut went live in Australia following a beta with 30,000 more on the waiting list. Now, the possibility to buy cryptocurrencies has also been enabled.

For the moment, Aussie crypto enthusiasts can trade in bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP and stellar (XLM) right from their new banking app, with the possibility of more cryptocurrencies being added later still in discussion.

Users of Revolut’s premium service, Revolut Metal, will be the first to access the new crypto trading service. This feature will be rolled out to other customers shortly.

Ease of Exchange

Already known as the app that allows you to enjoy a vacation without worrying about where to find the best exchange rates, Revolut users in Australia will be able to buy cryptocurrency assets in a total of 27 currencies at great rates.

With fewer options for purchasing cryptocurrency than in the European Union, for now, Revolut CEO Matt Baxby saw the app as a way to simplify the hassle of moving assets between platforms, facing fees every time.

“We’re very excited to be adding another feature to our Financial SuperApp with the introduction of our cryptocurrency exchange services.

We’re cutting out that complexity – with Revolut anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

Edward Cooper – the head of the crypto division at Revolut – also weighed in on why ease of exchange is central to the company’s ethos. According to Cooper, public feedback on the main crypto trading platforms was quite negative about the semi-hidden exit and deposit fees – something they sought to change.

Carrying over the transparent and advantageous platform fees at the root of their success in the fiat market, Revolut plans to gauge interest for crypto trading in Australia before expanding into other APAC territories, such as Japan and South Korea.

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Australia Binance Crypto Exchange

Binance Teams Up With FinTech Australia

Binance — the largest cryptocurrency exchange by worldwide volume — announced today that it is joining FinTech Australia, the most influential advocacy body for the FinTech industry in the country.

In an announcement published August 26, Binance stated that Binance Australia, which functions as the Australian affiliate of the Binance platform, will be taking a seat as a FinTech Australia member. The Australian arm of the exchange will be joining other major finance tech platforms such as Square, Stripe, Afterpay, and Transferwise.

FinTech Australia focuses on advocating for the development of next-generation technology-driven financial platforms and services in Australia, connecting different stakeholders in the Australian financial ecosystem in order to challenge existing financial structures and catalyze growth.

Binance Australia CEO Jeff Yew highlighted the strength of the Australian fintech development ecosystem in the announcement, noting the adaptive position the Australian government has adopted regarding the future of fintech in the country:

“We’re excited to be joining the FinTech Australia … As a trusted body and key leader in the digital asset industry, we are committed to working with peers and regulators to drive discussion that supports constructive policy development that advances the financial services sector in Australia”

Advocacy for Supportive Aussie DeFi Ecosystems

In addition to promoting the development of fintech in Australia, FinTech Australia also promotes adaptive regulatory changes in Australia — recently pushing for and achieving the incorporation of several changes to the ASIC’s Enhanced Regulatory Sandbox guidance and notification form, which has a significant impact on the future of blockchain-driven decentralized finance

The new collaboration between Binance Australia and FinTech Australia will focus on expanding cryptocurrency adoption, as well as the development of crypto-related markets and industries. 

“We aim to bring additional cryptocurrency expertise to FinTech Australia’s membership base. It’s important for us to continually drive awareness and education of cryptocurrencies to increase adoption in Australia. We believe this will lead to more innovation and economic opportunities across the nation.”

Categories
Bitcoin Crypto Exchange Cryptocurrencies Scams

Australian Crypto Traders Hit With Barrage of Bitcoin Scam Emails

Australian cryptocurrency and traders are receiving higher amounts of Bitcoin and crypto-related scam emails than ever before — despite the best efforts of the Australian Federal Police and a new international anti-scam initiative.

The latest flood of Bitcoin scam emails targeting Australian cryptocurrency holders and investors take a “traditional”  approach to defrauding targets out of their crypto holdings, promising foolproof investment schemes, fraudulent payment claim phishing emails, and nonexistent bonus programs aimed at capturing financial details from unsuspecting recipients. 

Bitcoin Email Scammers Use Leaked User Data

Phishing and payment claims scams are nothing new in the world of cryptocurrency — Australian predictive email security platform MailGuard published a warning in December 2019 warning Aussies of a cryptocurrency focused extortion scam fueled by multiple large scale data breaches. 

Cryptocurrency scammers use data leaked in hacks that, in many cases, provides fraudsters with names, email addresses, and other personal information. A major cryptocurrency exchange leak in November 2019 saw the BitMEX exchange, for example, saw a vast amount of user email addresses leaked through negligent misuse of mass-email practices in an event described by crypto-focused lawyer Jake Chervinsky as “outrageously incompetent”

A more recent data leak saw a large portion of the users of cryptocurrency exchange Poloniex notify customers that their email addresses and passwords had been leaked, resulting in widespread distribution of scam emails taking advantage of the event.    

Aussies Targeted by Bitcoin Sextortion Scam

The new wave of crypto scam emails targeting Australian traders reflects a recent rise in scammers focusing on Australian traders. Earlier this year, the Australian Cyber Security Center published a notification warning Australians of a new “sextortion” campaign in which scammers threaten to release personal or sensitive information unless paid in Bitcoin.

The Australian Federal Police has taken a hardline approach to combating international cryptocurrency scammers, recently distributing AFP officers around the world in order to target criminals in Eastern Europe, Nigeria, and Brazil. 

While the scam emails presented in this email article are all marked as spam by email filters, cryptocurrency holders are reminded to maintain a vigilant stance toward email-based cryptocurrency spam. 

Categories
Australia Crypto Exchange Cryptocurrency Law

iSignThis seeks $264mln in Damages from ASX Over Crypto-Related Trading Suspension

Aussie payments company iSignThis has announced legal action targeting the Australian Securities Exchange (ASX) over a dispute stemming from the suspension of iSignThis share trading — with the ASX pointing toward activity in the crypto market as a contributing factor to the trading halt.

iSignThis (ISX), an Australia-based fintech company that provides payment processing services for companies active in the Australian and European markets. The trading of ISX was suspended by the ASX in October 2019.

The ASX provided complex reasoning for the suspension of ISX trading, citing media speculation, the volatility of ISX share prices, and reviews into ISX company documents indicating that the company was providing services to cryptocurrency exchanges.

ASX “Damaged ISX Reputation,” No Public Crypto Link Evidence

In response, iSignThis has filed a court case against the ASX, arguing that their suspension from the stock market was unfair.

While iSignThis were previously seeking compensation worth only $27mln, they now have filed an amended statement of claim for the legal dispute opened earlier this year.

ISX is seeking compensation, attributing damages to the companies’ reputation caused by this report. iSignThis attempted to stop the report from being published – however, the ASX responded by saying that not releasing the Statement of Reasons would cause damage to its own reputation.

iSignThis Increases Damage Claims

Although the original lawsuit was seeking only $27mln in damages, iSignThis stated at the time that this sum would most likely increase if no resolution was provided. It has since increased nearly tenfold.

The CEO of ISX, John Karantzis, released a statement today concerning the reasons for the amended statement of claim.

 “Uniquely, ASX as a market operator may have misled and deceived the market that it is obligated to maintain on a fair, transparent and orderly basis, throwing doubt on its ability to manage a Tier 1 market.

“By any measure, the damages claimed and the impact of any adverse finding make this a high stakes and material case for the ASX.” 

If the courts rule in favour of iSignThis, who have vehemently denied providing services to any unregulated or fraudulent companies, the ASX will have to pay the damages requested, remove the Statement of Reasons and reinstate the trading of ISX shares.

Categories
Australia Binance Crypto Exchange

Binance Launches Direct AUD PAYID Deposits in Australia

International cryptocurrency exchange Binance has announced the integration of new AUD support for Australian users, allowing Aussie crypto traders to deposit AUD directly to the trading platform for the first time.

The new AUD deposit functionality, announced on Friday, will allow Australian traders to load Australian dollars to their Binance accounts through the PayID system supported by over 100 Australian banks. AUD support provides Australian traders with the ability to directly fund their accounts, a process that previously required several steps. 

Prior to the launch of Binance AUD support Aussie Binance traders were forced to purchase Bitcoin or other cryptocurrencies through platforms such as Australia-based Easy Crypto, which provide simple AUD to crypto buys and sells, then send purchased cryptocurrency to a Binance wallet.

PayID executes fiat currency transfers nearly instantly, significantly cutting down the wait time for traders aiming to buy into the crypto market. 

Aussie Traders Slow to Adopt New Crypto Exchange Options

The launch of Binance’s new AUD PayID deposit system was announced during the launch of the exchange platform’s “Full Fiat” Australian exchange late last month, but was only recently made available to all users. 

Whether or not Australian crypto users — who primarily purchase cryptocurrency via Australia-based platforms such as Coinjar and Easy Crypto — have shifted to the international exchange platform is not yet clear. Binance CEO Changpeng Zhao, in statements released to crypto news media platforms, clarified that Binance does not disclose user data.

Categories
Australia Crypto Exchange Crypto News Scams

Australian Crypto Exchange ACX.io Under Scrutiny from Crypto Community as Possible Exit Scam

ACX, boasted as Australia’s “most liquid Bitcoin exchange,” has come under fire multiple times this year from concerned cryptocurrency traders and platform users who report that they are unable to withdraw funds.

Discussions on popular media platform Reddit concerning the trading platform note that many users claim to be unable to withdraw cryptocurrency funds, citing empty public hot wallet addresses and complaints filed with the Australian Financial Complaints Authority (AFCA).

ACX.io was ejected from the Blockchain Australia industry body subsequent to an internal disciplinary process. The trading platform, supported at launch by Blockchain Global Limited (BGL), is currently the target of a group of cryptocurrency users that plan to file a class-action lawsuit against key stakeholders of ACX.io, including Sam Lee, Allan Guo, and Wenyong Huang. 

Concerns of ACX Exit Scam Increase

Traders and cryptocurrency investors active on the ACX trading platform have remained vocal on social media throughout 2020, claiming that the Melbourne ACX office is “completely deserted.”

In January 2020, the exchange was subject to an “audit” announced on the website, which stated that withdrawals were “temporarily disabled”

“Dear ACX customers we are going through the audit process with ACX hot and cold wallet. During this time, the deposit and withdrawal functions will be temporarily disabled.”

Blockchain Global Will Pay for Legal Action on Behalf of Customers

In March 2020, Blockchain Global published an announcement announcing that it had received multiple complaints regarding the ACX platform, noting that ACX was launched with the assistance of accelerator funding during an incubation period, which ended in December 2017. 

All wallet management thereafter, according to the Blockchain Global Statement, was handled by a “Blockchain Tech PTY LTD” a company established in March 2017 owned by “Blockchain Jet PTY LTD.” Blockchain Global, states the announcement, has had no access to customer funds or exchange operations, and had not received any shareholder updates or management visibility up to the date of the announcement.

Interestingly, Blockchain Global stated in the same announcement that if ACX were unable to deliver a timeline in which all withdrawal requests could be met or a litigation process to reveal contracts between specific stakeholders could not deliver transparency, Blockchain Global itself would fund legal fees for the liquidation of all related entities in order to return customer funds. 

Categories
Australia Bitcoin Crypto Debit Cards Crypto Exchange

Revolut Hints Toward Australian Launch of New Crypto Service

Crypto, gold and stock trading platform has announced the launch of new cryptocurrency trading services across the United States, with the digital bank platform stating that Australia is next.

Revolut customers across 49 US states are now able to purchase, sell, and trade both Bitcoin and Ether on Revolut’s crypto platform. The UK-based platform launched services in the US in March 2020, but held off on launching crypto trading features due to regulatory hurdles.

The new crypto trading facilities provided by the platform are delivered in partnership with Paxos, a New York-based trust. In addition to assisting with the launch of Revolut’s new crypto trading feature set, Paxos is also launching a new crypto brokerage platform, providing custodial services for clients such as Revolut and handling regulatory compliance.

Paxos CEO Chad Cascarilla has stated that the new launch will streamline the process of entering the crypto market for firms, providing financial enterprises with access to APIs that deliver regulatory compliance and a range of technological capabilities that facilitate the purchase or sale of crypto. 

Revolut to Launch New Crypto Service for Aussies

Revolut crypto chief Edward Cooper expressed future plans for the new crypto trading capabilities of the Revolut platform, noting that the Asia-Pacific region — specifically Australia — will be the next country to access the new crypto trading feature set. 

“We’ll launch the core product first and then see what steps we need to make to launch the crypto product. We’ll probably be fastest to market in the Australian market, so I’d imagine Crypto Australia is next.”

In addition to cryptocurrency and security trading features, Revolut also provides users with the ability to spend cryptocurrency directly via crypto cards, a market currently limited within Australia.

Categories
Crypto Exchange Cryptocurrency Tax Regulation Trading

Crypto Exchanges Provide ATO, US Secret Service With Trade Data & Analysis Tools

Cryptocurrency is widely touted as a pseudo-anonymous means of value transfer free from the restrictions of government bodies and related oversight. Anonymous digital currencies, however, are only as private as the platforms that are used to trade them.

Government bodies around the world, including the Australian Taxation Office, now have access to a broad spectrum of data delivered to them by major exchanges such as Coinbase — including advanced blockchain analysis tools.

US Secret Service Gains Access to Blockchain Analysis Tools

Recent public records published by the US Government reveals that the US Secret Service, part of the US Department of Homeland Security, has signed a four-year agreement with Coinbase that will provide the agency with access to the platform’s advanced blockchain analysis software.

Coinbase Analytics is a cryptocurrency analysis platform that allows government agencies and other parties to track the flow of cryptocurrency across multiple blockchains, facilitating the identification of cryptocurrency users by linking transactions and wallets to specific exchange accounts and fiat/crypto bridges.

ATO Leverages Exchange Data to Target Aussie Traders

The US Government isn’t the only authority making use of cryptocurrency exchange data. The Australian Taxation Office now has access to bulk records from Australian cryptocurrency exchanges, which is used to ensure that Australian crypto traders are meeting their tax obligations.  

The ATO currently operates a joint effort with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Securities and Investment Commission (ASIC) to link cryptocurrency balances and trades to Australian traders. 

While Bitcoin and other cryptocurrencies are often referred to as “anonymous” value transfer systems, there are many ways through which cryptocurrency exchange users can be tracked and identified. The ATO issued over 350,000 tax warning letters to Australian crypto traders earlier this year, demonstrating the results of exchange data gathering and analysis.