New Exchange Protects User Funds with Segregated Bank Accounts
Hong Kong-based exchange Gatecoin has launched after a lengthy setup process, promising segregated bank accounts for customers in 40 countries across five continents. The company says it is the first to offer this kind of security, which is common in the non-crypto forex exchange world. This means customer funds are kept in separate bank accounts to the company's own funds, and thus can have funds returned in the case of a force majeure financial event that depletes company reserves. Gatecoin is a licensed Money Services Operator in Hong Kong. It offers bitcoin trading in USD, EUR and HKD....
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Gatecoin Ltd., a Hong Kong-based digital currency startup, has launched a digital currency exchange with a bitcoin trading platform that keeps clients' cash deposits in segregated accounts to minimize exposure to risk. Gatecoin, incubated by the Hong Kong Science and Technology Parks and Tsinghua University, cites segregated client accounts as a groundbreaking feature for bitcoin, with more innovative bitcoin services in the pipeline. In announcing its new trading platform, Gatecoin noted that it keeps clients' deposits in segregated accounts to "minimize counterparty risk." (According to....
Polish bitcoin exchange BitMarket.pl has had its bank accounts suspended by Bank BPH. BPH initially said the suspension was the result of a technical glitch, but later claimed it was due to outstanding debt and lack of credentials, according to BitMarket.pl. The exchange said it discovered its BPH accounts were suspended on 26th January. BitMarket.pl founder Michal Pleban told CoinDesk that the real reason for the bank's decision was prompted by a query filed by the local district attorney's office. The filing revolved around one particular transaction on the exchange, which was allegedly....
Fraud reports are not uncommon in this day and age, and it looks like criminals are resorting more and more to posing as official bank employees. A lot of harm can be done by contacting bank clients and “social engineering” their way into user accounts. Or in some cases, bank customers can even be persuaded to transfer funds into another account....
South Korean bitcoin exchange Yapizon was hacked earlier this week, losing more than US$5 million worth of user funds and bitcoin. According to the exchange’s official statement translated by CCN, four hot wallets of the exchange were hacked by an unknown group of hackers. The Yapizon legal team noted that approximately 37 percent of user funds were hacked and exactly 3,816 bitcoins were stolen from the exchange. Users of Yapizon outraged over the exchange’s decision to spread losses from the theft equally amongst all bitcoin accounts. Considering that the exchange lost 37 percent of its....
Segregated Witness has been merged into Bitcoin Core. During a Bitcoin Core development meeting on Thursday, it was decided that the code for Segregated Witness (SegWit) is ready to be merged into the master branch. According to Bitcoin Core contributor Eric Lombrozo, the merge is expected to take place in the coming days. Why This Is a Big Deal. Segregated Witness is an improvement to the Bitcoin protocol that enables a variety of new features and enhancements to the network. Much of the Bitcoin community is excited about this change due to its effective increase to the Bitcoin block size....