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In recent news pertaining to crypto exchanges, Yobit has announced a ârandom coinâ pump for Oct. 11, the founder of Okgroup has announced Okcoin USAâs plan to launch a stablecoin, and Coinbaseâs chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.
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Skepticism on Twitter over
Aggressive Yobit Campaign
Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming âYobit Pumpâ scheduled for 9 a.m. EDT on Oct. 11. According to Yobitâs Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.
The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange thatâs already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.
In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.
Okgroup Founder Vows Full Compliance
with Planned Stablecoin
Star Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.
In a recent tweet, Mr. Xu posted: âEmbracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.â Xu added that âthe dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.â
Xu also spoke in favor of stablecoins, stating: âStablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is itâs electronic. Today, the amount of cash in Chinaâs domestic monetary system is not small.â
Coinbase Executive Optimistic About Securing Regulatory Approval in Japan
In a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchangeâs desire to obtain regulatory approval to operate in Japan.
Lempres stated that talks are âgoing wellâ with Japanâs Financial Services Authority, adding: âWe are ⊠committed to getting it done. It will certainly be in 2019.â
Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. âThe Japanese government is more focused on security,â he explained. âThat is good for us ⊠Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.â
Despite his praise for Japanâs crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. âWe have everything built to protect our storage ⊠in the U.S,â he stated. âWe wonât do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.â
What is your response to Yobitâs random coin pump? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Twitter
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