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Poloniex Spinning out of Circle to form a new Company, To Exclude US Customers.

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Cryptocurrency exchange poloniex announced through the company’s blog it will be spinning out from Circle to form a new company called Polo Digital Assets, Ltd and it will be excluding US Customer as it spins out.

The new company will have the backing of a major investment group and according to Poloniex, it will enable it to focus on the needs of global crypto traders with new features, assets and services.

Incentivizing users, Poloniex has reduced the trading fees for spot trading to 0%. This was effectively done on the 21st of October, 2019 and will continue till the end of the year.

The exchange affirmed it intends to continue beyond that with highly competitive pricing models for traders. And going forward, it intends to spend more than $100million for expansion and development.

In February, 2018, Circle announced it has acquired the US based cryptocurrency exchange Poloniex for a sum of $400 million. In the press release, Circle said it is on a mission to make it possible for everyone, everywhere to create and share value.

According to the firm, Poloniex addresses another key element of Circle’s product foundation: an open global token marketplace. Circle expressed its commitment to maintaining the features and services that have made Poloniex so familiar and relied upon by customers.

As it is spinning out from Circle, Poloniex will be excluding its customers from the United States and Circle will be winding down operations for them. Bittrex has also moved out of the US

According to Poloniex, from November 1st, US Customers will not be able to execute trades on the exchange but they will still be able to withdraw funds from the exchange until 15th of December, 2019.

Poloniex expressed great confidence in the journey ahead as it said “The Cryptocurrency revolution has just begun, and we’re in it for the long haul.”

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Binance Acquires Decentralized Application Platform DAppReview

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Binance, a global blockchain ecosystem has acquired decentralising applications platform dAppReview. DappReview is the leading information and analytics platform for decentralized applications.

Binance through the acquisition of DappReview will support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.

Founded in February 2018, DappReview has become a platform for decentralized applications exploration and guidance with over 300,000 active users monthly spread across 9 dozen countries. Over its short time since inception, it has become the platform of choice for Dapp developers helping them to introduce their dapps to its global userbase.

According to Binance, DappReview will maintain its independence in technical development and operation, and Binance will offer support in non-technical fields including marketing and business development. DappReview will release a new suite of products in Q1 of 2020.

Speaking on the acquisition, Binance CFO Wei Zhou was quoted saying “On-chain applications are still the missing piece for mass blockchain adoption. The DappReview team has shown its commitment to dapps and strong execution in building a leading global dapps platform within a year of establishment. Binance and DappReview share a mutual goal of driving blockchain applications,”

The acquisition is part of Binance’s consistent efforts in building a robust global blockchain ecosystem. This isn’t the first acquisition in recent time. Less than a month ago, Binance in November acquired India based cryptocurrency exchange platform WazirX.

The acquisition of DappReview according to Wei Zhou , “ marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future.”

The mission of DappReview is to build a vibrant dapps ecosystem and boost mass adoption of blockchain. Apart from dapps analytics services, we also provide full packages of support for dapps developers from fund-raising, product development to marketing and promotion,” said Vincent Niu, Founder and CEO of DappReview.

The acquisition according to DappReview will empower it with more resources to accelerate its business growth while it aims to partner with more blockchain protocols and developers on dapp data integration, and push for the adoption of decentralized applications on a global scale.

Image: Binance

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Binance now Allows Customers to Freely Transfer Crypto Between Themselves  

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Leading global cryptocurrency exchange Binance has launched a new feature that allows its customers to easily transfer funds from account to another within the platform.

The feature which doesn’t charge users transaction fees for transfer works by having a customer initiate withdrawal as normally done and inputting the address of the receiving account however, the address must be from the Binance platform.

The transfers are made without having to require any block confirmation thus it ensures quick and seamless movements of crypto assets between user accounts on the platform.

For transactions which requires the use of MEMO, Binance said users are expected to include the correct memo/tag/payment ID else the transferred funds could be lost and it may not be able to recover it. Internal transfers without inputting the MEMO will be rejected.

Since each transfer internally is between customers and there is no block confirmation, Binance disclosed that there will be no TxID instead, what will be displayed to customers will be “Internal Transfer“.

Binance has continued to make the use of its platform easy for its customers by offering various features, upgrades and products. Few weeks ago, it upgraded its Buy Crypto page allowing its customers to easily purchase and cryptocurrencies with just a few clicks using various fiat currencies.

It also acquired an Indian based cryptocurrency exchange with its unique matching engine WazirX which it has integrated into its platform allowing Indians to purchase cryptocurrency on Binance with the Rupee.

According to Binance, the internal transfer function can now also be enabled and disabled via API.

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342,000 ETH transferred to unknown wallet as UpBit gets hacked

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South Korean cryptocurrency exchange UpBit has been hacked with 342,000 ETH transferred to an unknown wallet.

This was confirmed in a statement released by the exchange where the CEO of Upbit Lee Seok-woo apologizes for the inconvenience caused to users.

Speaking on the hack, the statement read “At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

According to the statement, upon confirmation of the hack, UpBit responded by protecting customer’s assets. This it did by ensuring that owing to the hack that resulted in the transfer of 342,000 ETH to an unknown wallet, the exchange will be covered by UpBit’s funds.

Also, all crypto assets in Hot wallet storage has been transferred to Cold Wallet. Cybercrime in the cryptocurrency exchange business continues to be a threat to the growing adoption of cryptocurrency.

Over the decade bitcoin has been on, various exchanges has been hacked, while some were able to recover from the breach, some weren’t fortunate.

The hack which is worth over $47 million could be related to the negative price action across the cryptocurrency market. Ethereum is currently trade at 1.73% loss.

Owing to the breach to the exchange, deposits and withdrawals will be put on hold and resumption is estimated to commence in two weeks time.

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Exclusive Bonus for New Users: Sign Up and Earn 5USD with Huobi

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Nigerian authorities have made progressive plans to regulate cryptocurrency activities in the country, a decade after it was launched.

Late last year, the Nigerian Securities and Exchange Commission (SEC) set up the Fintech Roadmap Committee to develop a framework for the regulation of Virtual Financial Assets (VFAs) and their exchanges in Nigeria among other things.

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