Uphold Crypto Wallet & Exchange Full Tutorial 2020

Uphold Crypto Wallet & Exchange Full Tutorial 2020

If you want to find a nice and easy way to trade between cryptos, national currencies, as well as precious metals, then Uphold is a great platform to you.

Uphold have as an as well as a web platform and you will find that there is more functionality available on the mobile app, so I take you through both platforms.

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This is not financial advice and these are simply my own opinions, as such, this should not be treated as explicit financial, trading or otherwise investment advice. I always recommend you do your own research before making any type of investment.

Source: coin4world.com

QuadrigaCX trustee only has $30M to pay $171M worth of claims

QuadrigaCX trustee only has $30M to pay $171M worth of claims

Home / Uncategorized / QuadrigaCX trustee only has $30M to pay $171M worth of claims

The trustee for the collapsed Canadian crypto exchange QuadrigaCX, has received $171 million in claims from the exchange’s customers.

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Source: icryptodesk.com

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QuadrigaCX Trustee Has Roughly $29M to Repay $171 Million Worth Claims

QuadrigaCX Trustee Has Roughly $29M to Repay $171 Million Worth Claims

QuadrigaCX, the Canadian cryptocurrency exchange that went under after the death of founder Gerald Cotten, is still facing a complicated liquidation procedure. With the company’s fate all but doomed, its bankruptcy trustee, auditing giant Ernst & Young (EY), has revealed the value of creditor claims it is dealing with.

In an update with the Ontario Superior Court of Justice earlier today, EY confirmed that Quadriga’s creditors are asking for $171 million in payouts. These claims are from 17, 053 customers, all of whom got affected after the exchange suddenly went under.

QuadrigaCX has been the poster boy for how not to run a cryptocurrency exchange for almost two years now. The exchange’s founder, Gerald Cotten, died mysteriously in India while on vacation in December 2018. When Cotten died, he was the only man to know the keys to Quadriga’s cold wallets – which held about $150 million in customer deposits. Since then, the funds have remained locked with customers filing to get their money back from the company.

In its filing, EY told the Superior Court that the claims against QuadrigaCX include almost 90.2 million Canadian dollars and over $6 million worth of cryptocurrency – including Bitcoin, Ether, Litecoin, Bitcoin Cash, and Bitcoin SV.

The company noted that Cotten had traded with customers’ funds, adding that this should account for any discrepancies between the firm’s assets and liabilities.

“Mr. Cotten proceeded to trade these account balances with Affected Users that had deposited real assets, as such, Quadriga’s assets likely never matched the liabilities owed to Affected Users,” the auditing firm added.

So far, EY has raised about $29.8 million from selling assets in Cotten’s estate. The firm has also reached a settlement agreement with the deceased’s widow and gotten some funds from a third-party payments firm previously used by QuadrigaCX. It now plans to convert all recovered assets to Canadian dollars and allocate the funds to users.

The funds will be distributed based on market prices as of April 15, 2019 – the day QuadrigaCX finally declared bankruptcy – or February 5, 2019, when it restricted customers from accessing its site. EY is asking that the court decide what date to use, so it can process the funds and calculate how much exposure it is facing. EY asks that all user claims be treated equally, as it would be inefficient to sort out who gets priority on a claim-by-claim basis.

In addition, the report also noted that some claim forms had errors in them. Some of these forms weren’t signed, some had no witnesses, and some even contained the wrong account numbers. Since about a third of the funds have a defect or the other, EY believes that it would be more costly to follow up on them and make rectifications. Instead, the firm wants to accept them and proceed with the potential refunds.

Source: insidebitcoins.com


Anycoin Now Third Dutch Crypto Exchange Registered By DNB

Anycoin Now Third Dutch Crypto Exchange Registered By DNB

Anycoin Direct, a Dutch digital currency platform, has announced on Friday that it had officially registered itself as a cryptocurrency exchange service. This registration, done with the Dutch Central Bank (DCB), is now under the new rules for the crypto industry at large that the regulator had established.

With its registration, Anycoin stands as the third Dutch crypto company to have ever gained a license from the DNB, with the other two companies being BLOX and AMDAX.

Anycoin issued out a press release, detailing that the process to obtain a license has been ongoing for several months, now. The license itself was given to the company on Thursday, as per the statement. Through this license, it’s ensured that the platform will work within the regulatory frameworks of the DNB, and will stand as a “safe and regulated” platform, holding all the recommended crime prevention measures.

Julian van der Wijst stands as the CTO and co-founder of Anycoin, and gave a public statement about the matter. He made it clear that Anycoin hopes to welcome a number of traditional financial investors, newcomers, as well as family officers into the world of cryptocurrency.

The DNB has followed suit of many other global regulators regarding the update to its anti-money laundering policies, which is in accordance with the Financial Action Task Force (FATF)’s updated provisions.

The latest AML bill was passed by Dutch parliament earlier this year, with the regulator enforcing it quickly. As a result, only a few months’ time was allows for crypto companies to make registrations. All crypto exchanges operating within the Netherlands are mandated to register themselves before the 21st of November, 2020.

Should any company fail to register themselves, an immediate cease and desist order will be sent to them, mandating that they must stop all operations. From there, fines will be put into effect, alongside “enforcement action.”

The DNB has been hit with a massive backlash from the crypto industry since this move, claiming that these new rules are too harsh to survive. Many companies, including the Deribit major options trading platforms, had pushed their base of operations out of the Netherlands, seeking more crypto-friendly jurisdictions.

Even with the backlash, the DNB had already received a total of 38 applications from various crypto exchanges for registration. However, it should be noted that only three have managed to gain the regulator’s approval.

Source: www.cryptovibes.com

Uphold Crypto Wallet & Exchange Full Tutorial 2020

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