Era after WEX: who plays on the market of cryptocurrency exchanges in the CIS and what they offer

For a long time before cryptocurrency business was in a state of embryo, and then slowly and painfully rose to his feet, one of the exchange platform provides more than 80% of all bitcoin trades. At the time, Mt.Gox was the undisputed leader and monopoly in the industry of digital currencies. This status allowed the leadership in the person of Mark Karpeles assets to expose users to unnecessary risks, to ignore the accumulated problems and remain afloat. Crash of 2014 was a disaster of gigantic proportions, but also gave the opportunity to others to draw the right conclusions and learn from the mistakes of its predecessors.

Since then much has changed; now it is impossible to say that the market is a monopolist, however, deny that the leading positions are occupied by only a few exchanges, it would be silly. Investors no longer scared by the news of the theft of $530 million from Japan’s Coincheck, but only rumors about a possible break-in Binance can throw quotes bitcoin in a bloodbath.

This is not to say that Binance is a monopolist in the market of cryptocurrency exchanges, but confirms that the problems have a large enough market still affect investor sentiment, even if the supposed theft of tens of millions of dollars are not able to fundamentally influence the development of the industry. Of course, the background information used for price manipulation, but only because the average investor still believes in the significance of insignificant events.

So, we’ve already determined that everything that is somehow related to Binance, can affect the state of the market. But if to forget about the quotes, you will notice that Chanpen Zhao decided not to repeat the mistakes of the past and, instead of consolidation and the pursuit of monopoly, chose the distribution model. Binance offers not a single solution but many on the same infrastructure: OTC, decentralized exchange and regional trading floors that support Fiat money.

Accents that makes the biggest by trading volume stock exchange in the industry, talking about the importance of regional players that give their users access not only to stabilium, but Vietnam couples, as well as provide operational support by narrowing the target audience. To work on a smaller scale, but in many places is good, tells us Binance. A kind of another interpretation of the paradox «less is more».

ForkLog decided to find out what cryptocurrency exchanges are playing at the regional level in the CIS and what they offer to their users.


A major player in the domestic market is a stock exchange Yobit providing liquidity for small cryptocurrency projects and allowing users to trade a wide range of altcoins.

This model is often criticized by the community, as trade cryptocurrencies with minor capitalization involves greater risks, but in the case when they met, the dividends due to the sudden movements of prices can at times exceed profit from marketable digital assets.

If we look at a model with a third party, it can be assumed that among the hundreds of projects that will fall into oblivion in the medium term must be at least one innovative idea. Probably, the listing procedure on Yobit once will reveal a previously unknown gem.

Yobit also encourages the activity of traders, free giving small amounts the equivalent of different coins. It is also worth to add that Yobit one of the few platforms that offers traders to interact with digital currencies in game format using Dice.

At the same time, the exchange allows you to invest the received free coins in a special program to receive subsequent payments from the special Fund. The purpose of the function InvestBox is to promote the developers of their projects among the community of traders.


In 2011 in Russia was created by BTC-e, which went on to become a legend of the business, and a story about a devastating fall. You can argue long about the reasons for her collapse, complaining about the mentality of the Russian people and in General business in the CIS, but for a long time BTC-e has occupied a niche in the industry and was a response to the demand for Russian users. Mock ruins and everyone can, however, draw the right conclusions — not all, as is shown by the restart of the exchange under the brand WEX.

A Holy place is never empty, and competitors, which previously had to be satisfied with second places, got a chance to occupy the niche until the mastodon to writhe in agony. A prominent player in this context is a UK registered exchange EXMO, which surely operates on the CIS market.

Not to say that the users Express very positive view about the EXMO, however, none of the exchange cannot boast of perfect service. Over the past year, the top management of the organization fell two possibilities to strengthen the position of history from WEX in Russia and care Binance from Belarus, and they have been used, which indicates the ability to catch the wave.

In addition to the input/output of Russian rubles and Ukrainian hryvnias on Bank cards, which certainly attracts the users of these countries in the first place, on the EXMO appeared the OTC marketplace for the big players, making deals worth over $100 thousand. At the same time, the exchange provides services for merchants willing to accept bitcoin and Ethereum to be paid, thus expanding your business and the processing sector. And if the same Binance a Playground Launchpad for tomenselo, EXMO, in turn, suggests Initial Exchange Offering [IEO].

It is noteworthy that, even before the rumors about the IPO of the largest exchanges have become mainstream, in EXMO ForkLog announced that canadian public company GoverMedia Plus Canada Corp. received exclusive rights to negotiate the purchase of the platform for 180 days. In case of success the company under the brand EXMO will be quoted on the Canadian stock exchange (CSE).


In Ukraine objectively is ranked Kuna exchange, headed by Mikhail Chobanyan. It provides users with 18 trading pairs with the Ukrainian hryvnia, as well as with digital analogues of the Russian ruble and the U.S. dollar. At the same time, by analogy with the same Binance, Kuna offers to holders of tokens KUN a number of privileges.

Note that Kuna is perhaps the easiest and legal way o crypto funds on the cards Visa/Mastercard of Ukrainian banks. The company has also developed software for bitcoin ATM who are already working in major cities, and continues to develop the concept of electronic token based on the hryvnia, regardless of the national Bank.

Recently, the exchange has added new ways to Deposit and withdrawal of currency is the Kuna and Advanced Cash Code. The latter will allow users to transfer assets between accounts on the exchange and outside the exchange space.

In addition, the exchange has launched a beta version of the mobile application API Kuna, which allows you to monitor the market and trade and also gives more opportunities to set up trading bots.

It is important that the support team Kuna after updating the design switched to clock mode, and the platform is ready to conquer new markets, including Russia, Georgia, Belarus and Kazakhstan.


In the CIS market are the smaller players — such as, for example, Coinsbit and until very recently Ukrainian Liqui. Bearish trend in cryptocurrency market, like any other, validates the business for the strength, and to resist have failed to do, which is quite natural.

So, in the case of Liqui inability to provide liquidity to its users was a decisive factor, and came to the conclusion that the activities of the platform should stop, what will happen in the next month.

Many of this year crippled and hacker attacks. The new Zealand stock exchange Cryptopia, which is also popular in the former Soviet Union because of the number presented her assets, was the victim of a hacker attack, the damage from which is estimated at more than $16 million.

And while some players use the situation to expand, other competition can not stand. It remains to hope that the bitter experience of the predecessors of the local exchange in the CIS and beyond will continue to improve the infrastructure, security and service component.


The crypto currency exchange Coinbase Coinbase closes Index Fund

The representative of cryptocurrency exchanges Coinbase confirmed the information about closing the cryptocurrency index Fund for accredited investors Coinbase Index Fund, which is scheduled for the end of October. In comments to CoinDesk, he said that such a decision management platform has come realistically assess demand from retail, accredited and institutional investors. Is the index Fund you can have a go on the newly introduced product Bundle Coinbase.

Recall that Coinbase has announced the launch of cryptocurrency index Fund will hold positions in the currencies listed on the stock exchange GDAX, in March of this year. He started working in June for accredited US resident with assets in excess of $1 million or annual income of more than $200 million ready to invest with it from $250 thousand to $20 million In August, Coinbase Commission for new and existing users of the product was reduced from 2% to 1%.

However yesterday it became known that the number of active users of Coinbase in December last year decreased by nearly 80%. Similarly, according to Diar, subsided and the volume of trading on this site.


The financial services Agency of Japan is preparing new requirements for cryptomeria

Japanese financial services Agency (FSA) this summer will toughen requirements for local cryptocurrency exchanges to prevent possible hacker attacks, the risks of which are seriously evaluated after cracking the crypto currency exchange Coincheck in January.

To continue, under the new rules, only those who will meet criteria in five areas:

  1. The financial regulator expects that the exchange will increase the level of system security management will not be to store cryptocurrency on the hardware with access to the Internet and the transaction will protect the multi-factor authentication.
  2. For strengthening of counteraction to laundering of funds obtained by illegal means, cryptomeria will have to pay more attention to customer identification.
  3. To separate the management of the assets of the exchange and customer, every day several times will have to be check account balances-user and staff cripture will be forbidden to conduct operations with clients ‘ funds.
  4. However, the financial regulator will limit the possibility of work kryptomere with cryptocurrencies, it offers users high levels of anonymity.
  5. At the domestic level to prevent manipulation operators kryptomere will have to clearly separate the functions of shareholders and management, as well as developers and asset managers.

Recall that the financial regulator of Japan have for some time actively putting pressure on the local cryptocurrency exchanges in order that they refused to support altcoins Monero (XMR), zcash for (ZEC) and Dash (Dash). In General, due to the increasingly stringent requirements of several kryptomere has withdrawn the application from the FSA, while others received administrative regulations on business improvement and warnings revealed their shortcomings. While foreign Binance and crypto currency exchange Kraken announced the departure from Japan, and some of the exchanges, the regulator temporarily suspended.


German Gref: cryptocurrency is a byproduct of the development of the blockchain

The head of Sberbank German Gref called cryptocurrencies a by-product of the development of blockchain technology and urged not to interfere with this process.

Talking to reporters on the sidelines of the forum Astana Finance Days in the capital of Kazakhstan, President of Russia’s largest Bank said

“You know, I have always advocated that to try in any case not to restrict the development of new technologies, in particular, the blockchain technology. Because cryptocurrency is a byproduct of the development of critical blockchain technology”.

German Gref has previously expressed concerns that a rush to regulate cryptocurrency, or a ban can harm the development of the new technologies on which they are based. While the blockchain technology he called “is immature” and relegated to its introduction in Russia is 8-10 years.

Headed by Gref, the Bank is actively involved in studying the blockchain, the development and implementation of solutions based on new technologies. Sberbank is a party to the blockchain of Ethereum consortium Enterprise Alliance implements joint projects with the Federal Antimonopoly service, Federal registration service, Alfa-Bank and others.

We will remind that consideration of the State Duma of Russia is now three bills that should regulate the cryptocurrency market and ICO in the country. The documents have already passed the first reading. Earlier, the head of the financial market Committee of the state Duma Anatoly Aksakov said that they can take until the end of the spring session of the Parliament, but he recently said that their adoption can migrate in the fall because of the “complexity”.


Mining of cryptocurrencies in Russia will be governed by applicable tax laws

For Russian miners and owners of the cryptocurrency will not develop a separate tax regime, and to spread existing rules of the Tax code. This was announced by the Chairman of the Duma Committee on financial markets Anatoly Aksakov.

If the turnover of the natural persons engaged in cryptocurrency, then it will be subject to personal income tax if a legal entity — taxation will conform to the shape of its business. Thus Aksakov admitted that the option of separate taxation may occur if this initiative expresses the government.

Market analysts believe that some taxation for cryptocurrency is unacceptable as they are not legal tender and should therefore be taxed as ordinary assets.

«If digital money to create a separate regime of preferential taxation, there is a risk of tax evasion with their use. And if you enter a higher tax burden will risk eviction using such tools companies from Russian jurisdiction,» the identified risks analyst «Discovery Broker» Timur Nigmatullin.

The Finance Ministry said that the issue of taxation of miners and owners of cryptocurrencies will be solved only after the passage of the digital money. While the Ministry stressed that the authorities do not intend to allow circulation of cryptocurrency between individuals as the only means of payment is the ruble.

Recall that in late may the Russian state Duma has approved in the first reading a bill to regulate cryptocurrency, introduced in the lower house on March 20, the group of deputies headed by Anatoly Aksakov. The basis of the bill was a document published by the Finance Ministry on January 25. Now the state Duma is preparing amendments for the second reading. It is expected that the bill will be adopted in the autumn.


Binance will keep track of questionable transactions in real-time

The world’s largest crypto currency exchange in trading volume Binance working with the software vendor — the company Chainalysis — on implementation instrument of compliance control.

In partnership Chainalysis will provide a crypto currency exchange access to their decision, “know your transaction” (KYT Chainalysis), which allows monitoring of cryptocurrency transactions in real-time. The tool helps to keep track of suspicious or potentially illegal activities, ensuring compliance with KYC and AML procedures.

As noted by CFO Binance Wei Zhou (Zhou Wei), the company hopes that this step will inspire kryptonyte on taking serious measures to combat money laundering and the financing of terrorism.

“The ultimate goal of our partnership with Chainalysis is the creation of an ecosystem of blockchain where everyone will feel safe. We believe that the fight against money laundering will be collaborative and active,” said Zhou.

Co-founder and chief operating officer Chainalysis Jonathan Levine (Jonathan Levin) in a press release, the company expressed hope that “many will follow the example of Binance in the development of compliance programs, AML global level, relevant regulatory requirements and ensure a relationship of trust with major financial institutions.”

We will remind, earlier the results of the study group Blockchain Transparency Institute showed that two-thirds of the leading cryptocurrency exchanges in the world are involved in the laundering of money obtained illegally.


In the capital of Slovenia create a «real City bitcoin»

The largest commercial and shopping complex in Ljubljana’s BTC City, operating since 1990, decided to turn into a “real City bitcoin”. 500 retail outlets spread over a total area of 475 square meters now accept payment for goods and services in the cryptocurrency.

The basis solution is based on developed by the French startup Eligma system cryptocriminals. According to the company, the first successful transaction in the system using the crypto Elipay occurred in April of this year in the water Park complex. At the moment, the calculations can be made in bitcoin, and in the future will add support for Bitcoin Cash token and a private company.

In the BTC are going to turn the complex into the world’s first ecosystem that will meet the requirements of all visitors, customers and business partners, integrating such advanced technologies as the blockchain, artificial intelligence, virtual and augmented reality, machine learning and cryptocurrencies.

Recently opening in the BTC City, the international blockchain conference Beyond 4.0, Prime Minister of Slovenia Miro cerar (Miro Cerar) took advantage of a new opportunity and with the help of his Secretary of the office of tadea of Slapnica (Tadej Slapnik) bought coffee for the cryptocurrency.

We will remind, last year the government of Slovenia has declared its intention to make the country a leader in the development of the blockchain in Europe. Speaking at the event Digital Malaysia 2020, Prime Minister of Slovenia Miro Cerar said that the regulatory bodies and the Ministry of the country has already mastered the technology and possible areas of its application.


Investors Kasbari risk to be deceived in return of investment

While Russian law enforcement bodies have begun check in which suspended the activities of the group companies, Casbee, which is suspected of creating the cryptocurrency of the financial pyramid in the Internet intensified specialists, advertising services, repayment to the investors of the project.

For example, according to “Kommersant“, the assistance with the return payment, the involvement of law enforcement and foreign experts for 10-60 thousand rubles offered in advertising messages“, the Center for financial security.” Thus, according to the publication, the company has a minimum share capital and massive legal address. In comments to journalists the Chairman of the Board “the Renaissance the Credit” Sergey Korolev suggested that the centre may create the appearance of legal action, “not doing anything for real money back, and to prosecute such fraud is extremely difficult.”

In addition, according to the Director of the Department for combating unfair practices of the Central Bank of the Russian Federation Valery Lyakh, another danger for investors, Cerberi are scammers who offer to invest the remaining funds in a new financial pyramid.

Recall that the founder of financial pyramid MMM Sergei Mavrodi promised to launch in 2018 own cryptocurrency. In may, the Twitter account of who died in March Mavrodi wishing offered to exchange the coupons MMM for free MVR to Mavro office.


The largest Korean exchange Upbit suspected of fraud

10 and 11 may at the headquarters of South Korea’s largest cryptocurrency exchange Upbit were searched. Police seized hard drives and data accounts. This was reported by the Crypto edition of Corea.

The operation was carried out by the staff of Prosecutor’s office of Seoul, which is engaged in financial investigations.

According to the newspaper, police suspect Upbit fraud. In particular, the fact that the company transferred money from clients ‘ accounts to a separate account, which, presumably, belongs to one of the leaders of the exchange.

Information about the investigation against Upbit confirmed the leading Korean publication Etoday and Chosun.

An official statement on this matter was available.

Recall that the Seoul Prosecutor’s office launched an investigation against the local cryptocurrency exchanges in March 2018. In April suspicion of embezzling billions of won were detained four leaders of the two kryptomere. Press reported the name of only one of them: it’s Kim IK-hwan (Kim Ik-hwan), head Coinnest, the fifth largest crypto currency exchange of the country.

It is worth noting that in March Upbit launched a system to reward users for information about multi-level fraudulent schemes related to cryptocurrency and ICO. At that time, the company said it has already found 20 of these schemes and report them to the police.


Carl Icahn: «it seems Bitcoin bubble»

American billionaire investor Carl Icahn believes that bitcoin is a bubble. He declared it in interview to TV channel CNBC.

The businessman stressed that did not succumb to the mania surrounding the cryptocurrency. He compared the situation with bitcoin with a land boom in Mississippi 1718-1720 years, attracted Parisians to buy land in America.

«It can be said, shocking me. If you read history books about all these bubbles, as in Mississippi, when John law sold the land, and the French went crazy, giving him the money. And then in one night all busted… that’s what it is for me,» said Aykan.

He added:

«Frankly, I don’t understand. I’m the last guy, I just don’t understand. And I try to stay away from what you don’t understand.»

One of the main claims expressed in the address of Bitcoin is strong price volatility, which is unacceptable for a global means of payment. The growth of bitcoin by more than 1000% in a year also raises the suspicion that it is a bubble that will soon burst.

Recall that on 29 November the price of Bitcoin exceeded $11,000 and a day later dropped to $9021,85 – almost 20%. At the same time today, December 1 BTC is traded at the rate of about $10 800.