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Cryptocurrency Midday Report

Jun 11, 2018

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  • Binance will be launching euro trading pairs this year. According Chief Executive Officer Zhao Changpeng. Users will be able to convert their digital tokens to fiat currencies such as the EUR€. Most cryptocurrency exchanges only provide crypto-to-crypto trading. Binance will be offering a fiat currency like the EUR€ for the first time on its platform. Binance also has plans to receive an exchange license from Jersey in the Channel Islands
  • The CSA is warning cryptocurrency investors who trade on Canadian exchanges because none of the Canadian exchanges are officially recognized in Canada. The regulatory body further explained that “We want investors to understand that just because a platform may advertise itself as an exchange, that does not mean the platform is complying with applicable securities regulations”
  • The DeNederlandscheBank (DNB) stated that the current infrastructure of blockchain technology is not able to meet the high demands of traditional financial markets. Major forthcomings noted are a requirement for high energy consumption and uncertainty about making a payment. The bank has also tested prototypes of blockchain technologies and stated that requirements for financial market infrastructures must be met: safety, reliability, efficiency, payment finality (legal security), authorization, resilience, availability, capacity, scalability, costs and sustainability
  • The US Commodity and Futures Trading Commission (CFTC) has subpoenaed four cryptocurrency exchanges to obtain their trading for an investigation into market manipulation. The targeted exchanges are: Bitstamp, Coinbase, itBit and Kraken. Initially the exchanges rejected the request, however compliance was given after the CME compromised the limiting range of its access to just a few hours of activity and to limit market participants.
  • Cryptocurrencies remain lower at Midday with the market experiencing a broad based sell-off. Quantamize's AI Machine Learning 3-Day Crypto Signals were updated this morning and 6 out of 30 cryptocurrencies we model are a Buy.

Sources:

 

https://www.coindesk.com/cftc-demands-crypto-exchange-data-in-market-investigation/

https://btcmanager.com/canada-urges-caution-as-no-cryptocurrency-exchange-guarantees-user-security/

https://www.bloomberg.com/news/articles/2018-06-11/crypto-giant-binance-to-offer-euro-trading-pairs-this-year

https://btcmanager.com/dutch-national-bank-states-blockchain-not-ready-to-compete-with-banking-systems/

https://www.coindesk.com/cftc-demands-crypto-exchange-data-in-market-investigation/