LibertyBit exchange ceases trading
LibertyBit, a bitcoin exchange registered in Canada has announced its temporary closure. It says that this has come as a result of bank account closures and fraudulent account activity. The exchange had been acclaimed by Reddit users for use of the Google Authenticator for two-factor authentication to increase security. Ultimately, this has not helped the business remain trouble free. The exchange accepted transactions in both US and Canadian dollars. The latter currency, of course, benefited from Canada's Interac e-Transfer system that allows funds to be transferred by email. LibertyBit....
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LibertyBit, the second largest Bitcoin exchange in Canada, has announced that it is suspending its operations and returning all funds to customers. The root cause of the shutdown is the closure of its RBC bank account on May 17 as well as "a surge of fraudulent transactions". LibertyBit writes: The effects have been two-fold: 1) Inflicting monetary losses on the company and 2) Damaging our primary banking relationships. These circumstances make it infeasible to continue operating the service without significant changes to our transfer system and identification measures. We feel it is our....
Some Canadian Bitcoin exchanges have reportedly received letters from financial regulators reassuring them they do not have to follow the detailed rules required by US regulators, and used recently to seize Mt. Gox funds. According to online news service The Register letters were sent to several Canadian exchanges which said they are not considered money services businesses. The Financial Transactions and Reports Analysis Centre of Canada (FTRACC): "confirmed the exchanges were not actually money service businesses and were therefore exempt from laws governing this type of firm." But this....
Cryptocurrency exchange Binance has announced that it will cease offering trading pairs and payment options in Singapore dollars to remain compliant with the country’s regulators. The announcement followed a notice issued by the Monetary Authority of Singapore (MAS) stating that Binance “may be in breach of the Payment Services Act.”
Binance Complying With Singapore’s Regulations
Crypto exchange Binance announced Sunday changes to its services in Singapore. The company wrote that “to remain compliant with local regulators,” it will cease....
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