AirAsia Planning Cryptocurrency-Based Rewards Program

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Huobi Officially Launches in South Korea with 100 Cryptocurrencies

Huobi has officially launched in South Korea. The platform facilitates the trading of 100 cryptocurrencies and 208 markets. The exchange is also creating an investor protection fund and program to immediately compensate for any losses that are not investor error.

Also read: Japan's DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Huobi Korea Launched

Huobi Korea, a subsidiary of the Beijing-based crypto trading service provider Huobi, announced that it has officially launched on March 30.

Huobi Officially Launches in South Korea with 100 Cryptocurrencies

"Huobi Korea will list 100 coins and 208 markets (33 USDT markets, 98 BTC markets, 77 ETH markets)," Zdnet detailed. The exchange stated that it stores 98% of its customer assets in cold wallets. Furthermore, the exchange's internal access procedure has been strengthened, according to the publication. "In order to open the repository, we have added security to complex procedures that require multiple people to authenticate together," the news outlet conveyed, and quoted an official of the exchange explaining:

We are also creating an investor protection fund and run an investor protection program to immediately compensate for losses that are not investor error.

100 Cryptos

Huobi confirmed on Thursday that "In Huobi Korea, 100 coins can be traded," noting that the exchange "will try to support more and more coins trading."

Huobi Officially Launches in South Korea with 100 Cryptocurrencies The supported cryptocurrencies, according to Huobi, include DAT, DBC, DGD, DTA, EDU, ABT, ACT, ADX, AIDOC, APPC, AST, BAT, BCD, BCH, BCX, BIFI, BLZ, BTC, BTG, BTM, CHAT, CMT, CTXC, CVC, LINK, LSK, LTC, LUN, MANA, MCO, MDS, ICC, IOST, ITC, ICC, IOST, ITO, EKO, ELA, ELF, ENG, EOS, ETC, ETH, EVX, GAS, GNT, GNX, MTP, MTL, MTN, MTX, NAS, NEO, OCN, OMG, ONT, OST, PAY, POWR, PROPY, QASH, QSP, QTUM, QUN, RCN, RDN, REQ, RPX, RUFF, SALT, SBTC, SMT, SNC, SNT, SOC, SRN, STK, STORJ, SWFTC, THETA, TNB, TNT, TOPC, TRX, USDT, UTK, VEN, WAX, WICC, WPR, XEM, XRP, YEE, ZEC, ZIL, ZLA, and ZRX.

Korean Won Support Coming Soon

Huobi Officially Launches in South Korea with 100 Cryptocurrencies As for the Korean won trading, Huobi Korea wrote, "the KRW market is in the process of being prepared and will be available soon."

The lack of won trading is likely due to the South Korean regulation which enforced the real-name system at the end of January. Since its implementation, Korean banks have only been issuing virtual accounts to the country's largest four exchanges – Upbit, Bithumb, Coinone, and Korbit. However, Money Today reported on Thursday that a major bank in Korea, Shinhan Bank, is in talks to start issuing virtual accounts to a smaller crypto exchange, Coinplug.

The official from Huobi Korea was quoted by Zdnet saying:

We are concentrating our ability to prepare for the rapid opening of the Korean won market…All employees will work hard to provide safer and more stable trading services.

Huobi's Global Expansion

Huobi is currently the third largest crypto exchange globally with a 24-hour trading volume of $1.32 billion at the time of this writing. South Korea's largest exchange is the Kakao-backed Upbit with a trading volume of $745 million during the same time period.

Before China closed down cryptocurrency exchanges, Huobi was among the largest in the country. Today, the company has a presence in six countries – Korea, Singapore, USA, Japan, Hong Kong and China.

Last week, Huobi registered with the U.S. Financial Crimes Enforcement Network in preparation for its U.S. launch. Meanwhile, Japan's SBI Group has stopped the capital and business tie-up with Huobi Group.

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ERC20 Tokens Surge Ahead of New Coinbase Listings

Coinbase is poised to list its first new crypto assets of 2018 and one coin that's unlikely to make the list is ripple. The U.S. exchange, whose CEO Brian Armstrong is known for his love of all things ethereum, has all but confirmed that its next additions will be ERC20 tokens. 0x and REP (Augur's native token) surged in price as investors hone in on the likeliest tokens to make the cut.

Also read: 80,000 New Merchants in Europe Gain Option to Accept Crypto

New Coinbase Listings Cause a Ripple

Crypto traders have been starved of positive news for weeks. Thus they leapt on the news, released Monday evening, that Coinbase was set to list new tokens. The last time the U.S. exchange added a new asset was back in December in the form of bitcoin cash. That one didn't go so well, with accusations of insider trading that pumped the price in advance of the news leading to a lawsuit. This time around, Coinbase has sought to break the news gently, confirming that it will add support for ERC20 tokens, leaving only the question of which assets it will anoint. The exchange wrote:

We're excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren't announcing support for any specific assets or features at this time.

Coinbase Loves Ethereum

Brian Armstrong's love affair with the ethereum ecosystem is well documented. The CEO was previously pilloried for tinkering with ethereum dapp browsers at a time when bitcoin transaction fees were sky-high and Coinbase had yet to implement batching or Segwit. It makes sense that Coinbase would add ethereum tokens ahead of, say, ripple, which has pumped at least twice this year over false Coinbase rumors.

ERC20 Tokens Surge Ahead of New Coinbase Listings

Diar's weekly crypto newsletter, released on Monday morning, appears to have called it right. It contains an analysis of the criteria Coinbase uses to decide which assets to list. Ripple may not qualify because Coinbase decrees it essential that "the ownership stake retained by the team is a minority stake", and as everyone knows, most of the XRP in existence resides with Ripple. The same reasoning could also preclude stellar from being added, while dash, despite its high liquidity and existing fiat trading pairs (another Coinbase requirement), may be ruled out due to its anonymity features.

Diar's tip for Coinbase inclusion, augur, seems likely, as does 0x, a project boasting three advisors who are current or former Coinbase employees. Both assets, together with ERC20 tokens such as OMG and SNT, jumped in price off the news, but were unable to sustain their momentum amidst another red day for the markets. Having just featured in the intro to HBO's Silicon Valley, Coinbase has been having a good week.

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Thursday 22 March 2018

Swiss Foundation Gets $30mln To Start ‘Non-Volatile’ Cryptocurrency

Swiss Foundation Gets $30mln To Start 'Non-Volatile' Cryptocurrency

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Swiss Foundation Gets $30mln To Start 'Non-Volatile' Cryptocurrency

NEWS

A group of financiers will create a "complimentary global currency" subject to random identity checks and pegged to fiat, Financial Times reports March 22.

Discussing plans for Saga, which will feature a Swiss foundation and advice from various banking figures, chairman of JPMorgan Chase International and ex-governor of the Bank of Israel Jacob Frenkel said there was appetite for a notionally non-volatile cryptocurrency.

The foundation has already accrued $30mln in investments, and plans to issue tokens at an initial price of $0, these "entitling its investors to a rising number of Saga as usage of the cryptocurrency grows."

"While Blockchain technologies have gained growing acceptance, encryptic currencies have raised public policy concerns, since they are anonymous, unbacked, and are highly volatile," Frenkel told the publication.

"I share these concerns and see great value in Saga's vision to address them properly."

The move appears to be a fresh admission of the virtues of cryptographic technology for issuing and supporting new global currencies from the banking sector amid an ongoing trend. However, organizers are up-front about the highly-controlled nature of all aspects of Saga's timeline.

Purchasing tokens "will require owners to pass anti-money laundering checks and allow national authorities to check the identity of a Saga holder when required," providing zero anonymity.

"We are not aiming for Saga to replace any national fiat currencies, but to be a complementary global currency," Saga founder and president Ido Sadeh Man continued.

"We are targeting people who are holding digital currencies and looking for safe harbours from the raging volatility."

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US Hits Crypto Buying Service Payza With Money Laundering Lawsuit 185

US Hits Crypto Buying Service Payza With Money Laundering Lawsuit

NEWS

Nikhilesh De

Mar 21, 2018 at 19:50 UTC | Updated Mar 21, 2018 at 19:52 UTC

Digital payment processor Payza has been charged by the U.S. government with running an unlicensed money services business.

One of the founders of the firm, Ferhan Patel, has been arrested, while his brother, co-founder Firoz Patel, remains at large. On Tuesday, the Department of Justice unveiled the charges and accused the Patels and Pazya of facilitating as much as $250 million in money laundering on behalf of Ponzi schemes and child pornography sites, among other enterprises.

The court filing lists several charges: conspiracy to operate an unlicensed money transmitting business, conspiracy to launder money, and operating an unlicensed money transmitting business in the District of Columbia.

While the government's statements and accompanying indictment make no mention of cryptocurrencies, the firm has been operating in the space for some time, offering buys and sells of bitcoin since 2014. The company expanded to other cryptocurrencies last year, when it said in a press release that it would offer exchange services for XRP and ethereum, among others, and more recently announced that it was integrating dash.

Per the U.S. government's court filing, which was released Tuesday but is dated November 3, 2016, the Patels "operated a money transmitting business that operated without the necessary state licenses and knowingly transmitted funds that were derived from illegal activity."

"Defendants...knew that many of co-conspirator Payza's customers transmitted criminally derived proceeds via co-conspirator Payza. The transmission of these funds promoted the continuation and operation of these underlying criminal schemes," the filing states. All told, Payza allegedly transmitted more than $250 million over the course of six years.

The filings also make mention of two other firms, AlertPay and EgoPay, which the Patels were said to have owned and managed. EgoPay froze customer funds in early 2015, later claiming that it had been the target of a hack. The service closed down that year, as noted in the Department of Justice's document.

Court documents indicate that Ferhan Patel was arrested in Michigan and will be transported to Washington D.C. A message sent to Firoz Patel by way of his personal website was not returned by press time.

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