Cryptocurrency News With URL like www.scmp.com

Digital trading platform BitMEX exits US, Quebec as pressure mounts
BitMEX, the bitcoin futures exchange that has leased Hong Kong's most expensive office in Cheung Kong Center for US$600,000 a month, has been shutting down client trading accounts in the US and the Canadian province of Quebec, as global regulators intensify their crack down on unlicensed cryptocurrency trading platforms. The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions. According to the company's website, overall trading volume on the exchange in the past one year stood at US$965 billion.

BITMAIN REPLACES CEO JIHAN WU AFTER BITCOIN CASH GAMBLE FAILS
Bitmain Technology, the world's biggest maker of cryptocurrency mining rigs, is poised to name a new CEO to replace company co-founders Wu Jihan and Zhan Ketuan, people with knowledge of the matter said. The potential successor is Wang Haichao, who currently holds the position of product engineering director at the Beijing-based company, but has already taken over duties from co-CEO Wu and Zhan in a transition period that started in December, according to the people, who asked not to be identified because the information is private. There is no timetable yet for Wang to take over the CEO position from Wu and Zhan, who will remain as the company's co-chairs, one of the people said.

Bitmain founders step aside as cryptocurrency giant taps coder as CEO - South China Morning Post
Bitmain Technology, the world's biggest maker of cryptocurrency mining rigs, is poised to name a new CEO to replace company co-founders Wu Jihan and Zhan Ketuan, people with knowledge of the matter said. The potential successor is Wang Haichao, who currently holds the position of product engineering director at the Beijing-based company, but has already taken over duties from co-CEO Wu and Zhan in a transition period that started in December, according to the people, who asked not to be identified because the information is private. There is no timetable yet for Wang to take over the CEO position from Wu and Zhan, who will remain as the company's co-chairs, one of the people said.

Bitcoin suffers worst drop in three months, falling to US$6,840 after South Korea hack | South China Morning Post
Exchange Coinrail confirmed some of its digital currency appeared to have been stolen by hackers, but it did not say how much Bitcoin extended losses for a third day, tumbling as much as 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a cyber intrusion in its system. The largest cryptocurrency declined to US$6,840 as of 4pm in New York, the biggest drop since March 14, according to data compiled from Bitstamp pricing. That widens Bitcoin's losses for the year to 52 per cent. Peer cryptocurrencies Ethereum and Ripple fell 10 per cent and 11 per cent, respectively.

Looks like gold can be forked too: "Chinese scientists turn copper into ?gold?"
A team of Chinese researchers have turned cheap copper into a new material almost identical to gold, according to a study published in peer-reviewed journal Science Advances on Saturday. The discovery will significantly reduce the use of rare, expensive metals in factories, said the authors. Professor Sun Jian and colleagues at the Dalian Institute of Chemical Physics, at the Chinese Academy of Sciences in Liaoning, shot a copper target with a jet of hot, electrically charged argon gas. The fast-moving ionised particles blasted copper atoms off the target. The atoms cooled down and condensed on the surface of a collecting device, producing a thin layer of sand.

When will the IOTA Trinity wallet be able to do this?
Facebook is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter. The company is developing a stablecoin a type of digital currency pegged to the US dollar to minimise volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it's still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.

Renowned Stanford physicist Shoucheng Zhang who founded Danhua Capital which heavily supported and funded BlockChain startups dies at 55
Chinese-American Zhang Shoucheng, a well-respected physicist and venture capitalist, died on Saturday, following a battle with depression, according to his family. He was 55. Zhang, a tenured professor of physics at Stanford University, was internationally recognised for his work in quantum science. He was also the founding partner of Danhua Capital, a Silicon Valley-based venture capital fund investing primarily in early-stage technologies. In an email, Zhang's family said that he had passed away unexpectedly after fighting a battle with depression?. They did not reveal the cause of death. The Post obtained the email from some of its recipients.

"As bitcoin prices fall, mining cryptocurrencies is no longer profitable for many" - Interesting article on the effect of the low price on miners in China
When the price of gold tanks, miners get hurt. It is the same story in the wild world of cryptocurrencies. Prices of bitcoin, the world's leading digital currency, have tumbled nearly 30 per cent in the past week and hit a 13-month low of about US$4,500, according to data from CoinMarketCap. The total market value of cryptocurrencies has slumped to US$148 billion, which is less than one-fifth of its worth during the market's peak in January. A clash among supporters of bitcoin cash, the most successful bitcoin offshoot, was largely blamed for the market meltdown. The world's fourth largest cryptocurrency split into two distinct entities on November 16 amid long-standing, fundamental disagreements in the community.

Is STO replacing ICO as the ?new sexy? in the cryptocurrency community?
The 2017 boom in cryptocurrency initial coin offerings (ICOs) due to the success of Ethereum was followed by a sharp decline and extended bear market in 2018, amid increasing regulatory concern over fraudulent incidents. According to a comprehensive token report by Fabric Ventures, 58 per cent of all ICOs in 2018 failed to raise capital, disappeared, or refunded participants. However, the decline of ICOs has opened the door to a new type of token offering, the Security Token Offering (STO), which according to Nasdaq, is set to take centre stage in 2019?. A Security Token is a cryptographic token that shares the profits, pays dividends or pays interest to the token holder based on an underlying asset, such as shares, bonds, real estate, or art collections.

A cryptocurrency custodian debuts under Hong Kong?s new rules
Hong Kong's new regulations for cryptocurrencies have security at their heart, specifically the safeguarding of digital assets from theft or loss. Under a strict new licensing regime, trading platforms and fund managers are required to ensure their clients virtual assets are well protected. One method is to take on the services of a third-party cryptocurrency custodian. InVault, a Shanghai-based start-up, claims to be the first such digital custodian to take advantage of the new licensing requirements to launch its services in Hong Kong. The company, which has about 1 million ethereum under its protection in mainland China, has obtained a new trust licence from the Hong Kong regulator and will start offering its fully automated service in December.

Hong Kong's era of unregulated cryptocurrency ends today
Hong Kong's financial watchdog unveiled on Thursday a comprehensive set of regulations governing cryptocurrencies in a move to enhance investor protection which analysts believe could help make the city a major trading centre for virtual assets, analysts said. The new rules, announced by the Securities and Futures Commission, will target funds that invest in digital currencies as well as the trading platforms on which these virtual currency are traded. The new regime will ban retail investors from trading bitcoin via these funds or platform, but allow professional investors. Bitcoin, which just turned 10 years old on Wednesday, has been chased by investors worldwide over the past two years, pushing its price to a high of nearly US$20,000 in December 2017, up from just US$980 at the end of 2016.

China requires blockchain-based information service providers to register users using real names, censor postings and store user data
Chinese users will have to register their real names before they can use online information services based on blockchain, in the first set of rules specifically targeting the technology behind digital currencies like bitcoin that is known for providing anonymity for users. Under proposed new rules, companies and entities operating in China that provide blockchain-based information services will have to ask users to register their real names and national identification card numbers, censor content deemed to pose a threat to national security and store user data to allow inspection by authorities.

"We believe Q2 2018 marks the beginning of a very rapid deterioration at Bitmain"
Beijing-headquartered Bitmain is likely to be the worst affected among the three Chinese mining hardware makers by the new US tariffs targeting Chinese goods Chinese cryptocurrency mining hardware maker Bitmain is bracing for harder times as the China-US trade war shifts into high gear, with shipments to one of its overseas markets facing new tariffs since August 23. That could be a problem for Beijing-headquartered Bitmain, which filed for a Hong Kong stock market listing in September, and is seen as the most exposed among Chinese mining hardware makers to US trade barriers, according to analysts.

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