China's GBL Bitcoin Exchange Disappears Along With Users' Money
It seems like this type of thing is happening far too frequently, but alas, another occurrence of an exchange disappearing along with users' money has taken place. This time around the exchange is China's GBL (founded May 2013), located online at btc-glb.com was said to have been based in Hong Kong, but detective work done by those in the bitcoin community determined the website was hosted in Beijing, raising red flags. The company also never received a financial services license, making them little more trustworthy than a stranger on the corner asking you for a loan. Despite the signs of....
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Popular bitcoin exchange BTC China (which by surprise happens to be the world's largest BTC exchange) is now requiring users to prove their identity when creating or utilizing a trading account, according to CoinDesk. The message provided to users upon logging in: "In response to a recent policy shift, BTC China now requires users to submit identification or a passport number. Existing users will need to provide this information upon login. We apologise for any inconvenience." Users outside of China are seemingly not affected by the policy change. Some who submitted passport numbers are....
Bitcurex, one of Poland’s largest exchanges has shut shop after a reported 2300 BTC ($ 1.5 mln) theft. The polish exchange was one of the oldest in the country. Before the website of Bitcurex was taken down, a message was posted by the administrators in Polish which translated reads: “On 13.10.2016 as a result of third-party systems service www.bitcurex.com/ www.bitcurex.com damaged by external interference in automated data collection and processing of information. The consequence of these actions is the loss of part of the assets managed by bitcurex.com/dashcurex.com.” People were....
Users of the world's largest bitcoin exchange, BTC China, claim the site now requires them to provide some form of identification to create or use a trading account. Logging into BTC China produces the following message: "In response to a recent policy shift, BTC China now requires users to submit identification or a passport number. Existing users will need to provide this information upon login. We apologise for any inconvenience." Despite the ID requirement, there does not seem to be an ID verification process for users outside China. Some users posted on reddit that they were able to....
BTC China, which is now the world's largest Bitcoin exchange, has received a whopping $5 million in Series A investor funds from venture capitalists from Lightspeed China Partners and Lightspeed Venture partners. It's a lot of money, and it's absolutely needed. The exchange has been growing so rapidly and has passed Mt. Gox as the number one exchange, with an average of 90,000 BTC trades daily (about $5.4 million at the current exchange rate). Bobby Lee, who heads BTC China says the money will be used for "general operating expenses", but to also "aggressively grow and expand the....
Coinpit is taking significant and innovative steps to offer a safer alternative to Bitcoin’s custodial futures exchanges. Thanks to Bitcoin’s multi-signature technology, users that store bitcoins on Coinpit remain in complete control of their funds. Even if the exchange is hacked, goes bankrupt, or disappears completely, customers can in most cases still retrieve their money. Speaking to Bitcoin Magazine, Coinpit Founder and CEO Bharath Rao explained why he believes trustless exchanges are an important next step for the Bitcoin industry. “Why is a bitcoin worth 600 times the world reserve....