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Coinbase Still Suffer Latency Issues Amid AWS Amazon Outage

Coinbase Still Suffer Latency Issues Amid AWS Amazon Outage

Crypto exchange Coinbase was hit Thursday with a prolonged outage that took down most of its services, and isn’t yet fully back. This time, however, the connectivity issues weren’t related to intense trading volumes or Bitcoin’s restless bull runs. Instead, the issues came as Amazon’s internet infrastructure service experienced a multi-hour outage that affected a large portion of the internet.

“We are currently experiencing elevated error rates on some backend systems due to an Amazon AWS outage. You may encounter intermittent delays or errors while transacting, as well as accessing other parts of our applications. Customer support inquiries are also delayed,” the exchange said on its status page.

Customers voiced on Twitter their displeasure about technical difficulties that hinder activity at Coinbase, as it prevented them from taking advantage of Bitcoin activity.

Coinbase said yesterday on its website it was investigating issues with ID verifications for some customers, later adding that it had identified the problem and implemented a solution.

Outside the crypto domain, many popular web-based services that rely on Amazon’s cloud-computing service to function, like Roku, Flickr, and Adobe, were also down.

Although Amazon said it had identified the root cause of the outage, and had completed immediate actions to prevent recurrence, Coinbase platforms still suffer tech problems.

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Down Detector reported more than 100 users experiencing problems with the service, including being locked out of their accounts.

This is not the first time that the San Francisco-based crypto exchange has experienced technical failure, but previous outages came mostly in tandem with jumps in bitcoin prices.

This year alone, Coinbase users reported being unable to trade during these times of peak Bitcoin volatility at least nine times. The most notable incident came in March when the crypto community was gearing up for the bitcoin supply squeeze, known as a halving, which also caused trading to halt.

In most cases, not much of an update is given except for a message indicating that its retail and professional-focused platforms are experiencing “connectivity issues.”

This prompted some users to call for legal actions, signaling that there is something suspicious about who Coinbase goes down when crypto markets are moving up.

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China’s Leading Blockchain Infrastructure Provider Adds Polkadot

China’s Leading Blockchain Infrastructure Provider Adds Polkadot

Blockchain Service Network (BSN), a China-based blockchain infrastructure provider, backed by the Chinese Government announced that it has integrated cross-chain communication blockchain protocol Polkadot, Oasis and a Chinese focused public chain initiative Bityuan into its network.

BSN expanded its blockchain network portfolio with recent additions. Earlier this year, the network onboarded Ethereum, Tezos, Neo, EOSIO, and IrisNet. BSN plans to provide a centralized blockchain framework to bring leading networks under a single roof.

Blockchain Service Network is China’s most ambitious blockchain project as the country plans to lead the digital transformation of the global economy. BSN was originally launched in 2019, but the international version of the network was launched in July this year to allow blockchain developers to build and operate decentralized applications.

The new integration will help Polkadot developers to connect to the public chain of BSN. The cross-chain protocol announced to join BSN’s Open Permissioned Blockchain Initiative as the Chinese regulators heavily scrutinize decentralized public chains.

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Oasis and Bityuan

BSN announced that in addition to Polkadot, two other companies (Oasis and Bityuan) are joining the network. Oasis network helps developers build private and scalable decentralized finance applications, while Bityuan is a blockchain solutions provider to Chinese companies. Talking about Oasis Network, Jernej Kos, Director at the Oasis Foundation, said: “The Oasis Network’s privacy features can also create a new type of digital asset called Tokenized Data that allows users to take control of their data and earn rewards for staking it.”

Commenting on the development, Yifan He, Executive Director of BSN Development Association, said: “I am seeing commercial use cases built on the Bityuan framework are surging in China recently. I believe with this integration BSN will get developers around the world to be excited about building dapps that are enterprise-based and commercial oriented.”

Finance Magnates earlier reported about the adoption of Digital Asset Modeling Language (DAML) by BSN.

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Coinsquare Applies for Regulated Crypto Marketplace in Canada

Coinsquare Applies for Regulated Crypto Marketplace in Canada

Coinsquare, one of Canada’s biggest digital currency exchanges, today said it has applied to the country regulators to operate a regulated marketplace for digital assets.

If approved, the proposed venue would be the first to offer Canadians regulated automated trading systems that bring together institutional and retail orders of digital assets deemed securities.

The Toronto-based exchange, which claims $5 billion per year of cryptocurrency trades and over 100,000 customers, has also announced several new appointment to its senior management. Coinsquare onboarded Nicholas Thadaney and Wendy Rudd to its board of directors. Both executives bring lengthy experience in Canadian securities regulation, investment dealer operations and regulated marketplaces.

“The outstanding leaders who have joined our executive team and Board will play an important role in informing and executing our mandate to deliver full transparency and compliance in all aspects of our operations,” said Stacey Hoisak, CEO of Coinsquare.

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The new hires come shortly after Stacey Hoisak has taken on the role of Coinsquare’s new CEO, and the appointments of Lawrence Truong as compliance officer, and Eric Richmond as COO. The exchange has reshuffled its management earlier this year after former CEO Cole Diamond and founder Virgile Rostand stepped down after regulators accused Coinsquare of misleading investors and manipulating the market.

This incident was the first instance in which Coinsquare, aka Canada’s Coinbase, has been disciplined under 2016 laws. Coinsquare principals were also fined $1.9 million and the company was required to create an independent board of directors.

Toronto-based company is also facing pressures from the Canadian Revenue Agency to hand over seven years of client data to audit Canadians for unreported crypto gains.

“The measures we have taken are in strict adherence to regulatory requirements and demonstrate Coinsquare’s strengthened commitment to our clients, employees, shareholders, and the digital asset community. Our goal is to create a customer-centric safe place for Canadians to trade digital assets,” the exchange CEO said.

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Securitize Gets FINRA Nod for Broker-Dealer/ATS Acquisition

Securitize Gets FINRA Nod for Broker-Dealer/ATS Acquisition

Security token firm Securitize said on Tuesday it got the green light from the US regulators to move forward with a duo of acquisitions, a broker-dealer and alternative trading system for digital assets.

The San Francisco-based startup, which helps firms tokenize their securities and assets, got such an endorsement to buy Distributed Technology Markets (DTM) in a bid to enter more regulated markets and reach institutional investors.

Distributed Technology Markets is part of a family of companies, and the acquisition will include taking over its sister company, Velocity Platform, which runs a money services business with money transmitter licenses in several states.

As part of the takeover, the newly acquired entity will be renamed Securitize Markets, which will offer a complete digital suite of services from primary issuance through secondary trading. Jonathan Kelfer, Co-founder and former CEO of Velocity Markets, has been named as the firm’s new CTO.

Securitize will soon be capable of offering blockchain-based securities and at some point to develop its own secondary marketplace, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This process gave the company firsthand insight into such processes.

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Regulators Clear Security Token Trading Systems

“By integrating Securitize Markets into our existing digital transfer agent platform and services, we can now offer a seamless digital solution for issuers and investors that dramatically improves the experience compared to the poorly digitized processes that are being used today,” said Securitize CEO and co-founder, Carlos Domingo.

Chris Wittenborn, CEO of Securitize Markets, also noted: “Securitize Markets is continuing the initiative of working hand in hand with regulatory bodies to construct a compliant capital markets framework for private securities – including digital asset securities. We’re excited to join forces with Securitize in an effort to continue developing this market.”

Securitize will capitalize on DTM’s regulatory approval to operate as an alternative trading system (ATS), which facilitates transactions in securities that are not publicly-traded. It creates a way for companies to tokenize equity and issue it on a blockchain without running afoul of regulatory obligations.

Many Fintech and blockchain firms have responded to US regulators’ classification of certain digital tokens as securities and therefore coming under the SEC’s supervision. Wall Street’s top watchdog says that ‎any entity that wants to become an ATS needs to register with the SEC as a broker-dealer and become a member of a self-regulating organization, such as ‎FINRA.‎

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Crypto.com Receives License from Malta Financial Services Authority

Crypto.com Receives License from Malta Financial Services Authority

Cryptocurrency exchange and app, Crypto.com announced today that it has received major regulatory approvals in Malta. The company has secured a Financial Institution license along with a Class 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA).

According to the official announcement, the company becomes one of the first crypto platforms in the world to achieve such regulatory approvals in the Maltese jurisdiction. Malta approved cryptocurrency laws in 2018 to regulate the market and since then, the European country developed a clear framework for cryptocurrency platforms to operate under MFSA.

The Financial Institution License obtained by crypto.com allows the company to offer payment services and issue electronic money. Through Class 3 VFA license, crypto.com can offer order execution, custody services, and account dealing to experienced and non-experienced investors.

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“We have a long-standing commitment to building a fully regulated business in every market we operate in. Being one of the first cryptocurrency platforms to receive in-principle approval for a Class 3 VFA License and a Financial Institution License is an important milestone and we look forward to securing licenses in more markets throughout 2021,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in a statement.

Expansion in Europe

The company aims to achieve a competitive edge across Europe with new approvals. In recent years, Malta emerged as a hub for international crypto platforms. Leading cryptocurrency exchanges selected Malta as an important destination for global expansion. Malta introduced laws in 2018 to create a regulatory framework for blockchain and crypto companies but many companies were unsure about the exact requirements. Earlier this year, the Maltese authorities announced that the country was considering substantial measures towards the digital economy, including regulation of crypto platforms.

Finance Magnates reported last year about the intent of crypto exchanges to apply for MFSA license. The authority received ‘Letters of Intent’ from 34 prospective digital asset providers, including 21 cryptocurrency exchanges.

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KuCoin Resumes Deposits & Withdrawals of All Tokens After September Hack

KuCoin Resumes Deposits & Withdrawals of All Tokens After September Hack

Following a $275 million hack in September, cryptocurrency exchange, KuCoin announced on Sunday that it has “restored the deposit and withdrawal services of all tokens.” After a partial reopening that took place in October, this restoration of services is the exchange’s latest step towards a full recovery.

Indeed, in October, users on the Seychelles-based exchange were allowed to move their Bitcoin, Ether, and Tether Dollars on and off of the exchange; however, now users can move the full variety of tokens on and off the exchange even though certain tokens may have some withdrawal restrictions due to “ongoing judicial proceedings.”

A Devastating Hack

Still, the exchange may have a way to go before full functionality is restored. When KuCoin was hacked on September 26th, the original sum of stolen coins was reported at around $150 million. However, crypto analytics firm Chainalysis said that the number was closer to $275 million.

At the time, KuCoin said that the incident was being investigated by law enforcement and that users would not lose their funds: “rest assured, if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,” a statement by the exchange said.

In a live stream that followed the hack, KuCoin Chief Executive, Johnny Lyu said that the heist was pulled off by hackers who had managed to obtain the private keys of the exchange’s hot wallets. However, as soon as the exchange saw that the withdrawals were happening, the remaining funds were transferred into new hot wallets and the old ones were abandoned.

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CoinTelegraph reported that the hack “mobilized a massive response across the cryptocurrency world:” after news of the hack went live, a number of projects chose to freeze their tokens or reclaim them from the hackers; some even initiated hard forks to help KuCoin retrieve stolen funds.

Life after the Hack: Challenges and Opportunities

While KuCoin appears to be on the road to recovery, the exchange is still dealing with several other challenges: KuCoin’s web domain is currently locked in Singapore. In the United States, KuCoin is embroiled in a class-action lawsuit.

Still, the company is moving forward on other fronts. Last week, Finance Magnates reported that KuCoin is planning the launch of a non-fungible token (NFT) exchange. NFTs are unique, ‘collectable’ tokens that have use cases in areas that include ‘artwork and GameFi’.

According to an announcement published by KuCoin, the NFT exchange platform will be fully operational within “the next few months.”

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