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Binance Acquires Spot and Derivative Crypto Trading Platform JEX

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Binance has announced its acquisition of JEX, a crypto asset trading platform offering traders spot and derivative trading services.

 

According to Binance, the acquisition will see JEX known as Binance JEX as it joins the Binance Ecosystem. It will focus on further building the crypto-assets derivatives market, as it provides Binance users with professional services including futures contracts, options and other derivative products

 

Binance will manage the JEX team and the JEX tokens run by its Foundation, introducing more utility to the JEX token. 

 

On what will become of the JEX token, Binance revealed that 

 

“The JEX tokens the long rum will be gradually distributed to all users via marketing activities and community incentives; subsequently, the tokens will be gradually retrieved and burned in various forms including trading commissions deductions and so on“.

 

JEX described itself as “the first blockchain asset transaction platform that initiated Bitcoin options trading and other crypto options trading in the world, is run by JEX Technology co., Ltd. JEX Exchange is an efficient Bitcoin futures  & Crypto options trading platform, which is devoted to the innovation and development of blockchain futures and options trading model and derivatives.

 

Binance had in earlier announced the commencement of its Open Blockchain Project. An initiative to develop stablecoins pegged to local currencies. It also unveiled its Lending Products which at its first phase was fully subscribed by over $15million in less than 10 minutes. Its second phase is set to commence in a few hours time.

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Coinbase, Binance and Bitmex Rank Top in Web Traffic in October

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Image: ICO Analytic

According to a report published by ICO Analytic, Coinbase, Binance and Bitmex rank the top in web traffic in the month of October, 2019.

The report which featured 20 exchanges reports Coinbase with unique visits in the month of october having 20.5 Million. This figure represents a 0.7% reduction compared to the month of September.

Binance was the second on the list having a 18.2 million unique visits for the month however, this reduced by 3.0% in comparison to the month of September.

Crypto Exchanges web traffic in October, 2019.

Margin trading platform Bitmex had 9.8 million visits with a 14% drop from its September height. This could be influenced by the leak user email addresses scandal it faced.

Fourth on the list of top cryptocurrency exchanges in terms of web traffic was Coinsbit which saw an 83% increase in October from September received a web visit of 5.7 million.

Top losers for last month according to the report were Bithumb which saw a nosedive of almost 50% reduction as it stood at a 44% reduction of web traffic in October as compared to September. 

Bithumb traffic was 4.0 million. Kucoin was the number two loser as it lost 26% traffic in October as compared with September. It received 1.5 million visits.

Both Bitmex and UPBIT was a tie as they both received 14% reduction in their web traffic in October. UPBIT saw  4.1 million users visits.

bIndorax gained 7.8% with a 3.4 million user visits. Bittrex received 3.0 million visits against its 7.7% growth.

HitBTC had the least user visits for October with its stats showing 1.2 million visits at a loss of 5.5%.

Highest gainers in terms of percentage of visits were Consbit, ZB.com and Bitbank which received 83%, 57% and 22% respectively.

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Poloniex Updates Its User Agreement as it spins out of Circle, to Comply with GDPR

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Poloniex informs its customers of update to its User Agreement as it spins out of Circle.

From an email sent to customers of the exchange, Poloniex said the new user agreement will become applicable to the use of the Poloniex service on the 7th of November.

According to Poloniex, the changes to the User Agreement are made to provide customers of the exchange with greater clarity and certainty surrounding their use of the Poloniex services.

And that it’s part of the Poloniex team’s continuous effort to improve the performance of the exchange and to better serve its customers.

Owing to the spin off from Circle, the new firm Polo Digital Assets, Ltd will be in charge of processing customer’s personal information, including acting as the data controller in compliance with General Data Protection Regulation to where it applies.

The new firm Polo Digital Assets, Ltd according to the email, will continue to process customer’s personal information for the purposes for which it was provided or as otherwise set out in its privacy policy.

On the 18th of October, Poloniex announced through a blog post that will be spinning out from Circle to form a new entity that will exclude US customers.

According to the post, Poloniex revealed the new company will have the backing of a major investment group and it will enable it focus on the needs of global crypto traders with new features, assets and services. And for this, it intends spending $100 million for expansion and development.

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Houbi Global Joins Other Exchanges Closing Up Shop in the US

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Houbi Global has joined the list of cryptocurrency exchanges such as Poloniex withdrawing from the United States to other markets.

The announcement was made via a press release on the company’s blog. According to the blog. Houbi global said that according to the laws of the United States as it concerns cryptocurrency, the exchange’s User Agreement prohibits users in the US from using the platform.

Therefore, the accounts of US customers have been gradually disabled so as not to make any more transactions on the platform.

The statement read, “We will freeze all US user accounts from 13 November 2019 (GMT+8) onwards. We are sorry for any inconvenience resulting therefrom.”

All US customers are advised to return all the funds borrowed in the exchange’s margin trading platform and to withdraw all crypto assets balances.

As Houbi Global advises customers to withdraw their assets, it also informed them of its San Francisco based US partner, the Houbi.us exchange platform which was specifically designed for US customers.

The US platform according to Houbi ” is an advanced U.S. digital currency trading platform operated by HBUS Holdco Inc. (“HBUS”), a San Francisco-based company and strategic partner of Huobi Global. HBUS holds itself up to high ethical standards with commitment to U.S. regulatory compliance, and offers a wide variety of tokens for trading, low trading fees, and 24/7 tailored customer support to American customers.”

US Customers can create both individual or corporate accounts, visit www.huobi.us/register for an individual account or www.huobi.us/institutional for a corporate account.

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IDEX to Launch Version 2.0, to Rival Centralized Exchanges High Transaction Per Second DEX

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IDEX has announced the release of a new upgrade to its decentralized exchange dubbed IDEX 2.0.

The IDEX 2.0 which it called “the next generation of non-custodial trading” will feature new UI/UX, off-chain matching engine and layer-2 smart contract settlement system.

According to IDEX, the new release will be able to scale to hundreds of thousands of transactions per second and it is the only non-custodial platform to match the throughput and performance of centralized exchanges.

The first version, IDEX 1.0 IDEX claims is remains one of the most successful Ethereum DApps, consistently capturing over half of all Ethereum DEX traffic.

However, the cost is comes along with the successes, “In 2018 IDEX traders paid over $4.3M to the network to settle trades, and the contract consumed over 1% of the Ethereum network capacity on peak days.”

And it has grown to be one of the largest contract state on the entire Ethereum blockchain, an additional and increasing cost to the public. It’s time for a change, IDEX said.

Considering the challenges of the first release, IDEX 1.0, IDEX said the new release is designed to address the challenges by using an application-specific layer-2 solution, Optimized Optimistic Rollup.

These will help to eliminate all gas costs for settling trades on the Ethereum Network, eliminate coordination problems found on the previous release by introducing a true order matching system, add new order types such as stop-loss, and offer traders and institutions a high-trust, secure environment for transaction with high throughput matching centralized exchanges.

The version 2.0 is estimated to be released before the end of the year while after sufficient testing has been performed, IDEX 2.0 will be ready to go live on mainnet by first quarter of 2020.

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