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Established in 2017, USA. CryptoBridge is a decentralized exchange (DEX) that supports trading of most popular altcoins.

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CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times

CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times Earlier this week, decentralized cryptocurrency exchange CryptoBridge abruptly announced that it was shutting shop, leaving just two weeks for its customers to retrieve their funds. Around the same time, the Waves DEX also shut down to resume operations as a hybrid exchange. While Waves ostensibly […] Cet article CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times est apparu en premier sur Bitcoin Central.
Bitcoin Central

CryptoBridge Shuts Down Citing Stricter Regulatory Climate

CryptoBridge is the latest cryptocurrency exchange to shut down its business amid tightening government regulations and a shrinking altcoin market. Following on from the 2018 bear market, smaller crypto trading platforms are facing increasingly daunting challenges with many forced to cease operations.  CryptoBridge Going Offline on December 15 In a statement issued on its website,Read MoreRead More. The post by Osato Avan-Nomayo appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

CryptoBridge Decentralized Exchange Shuts Down Citing Regulations, Markets

CryptoBridge Decentralized Exchange Shuts Down Citing Regulations, Markets The decentralized cryptocurrency exchange (DEX) CryptoBridge announced that it is closing down in a message on its website. In the announcement, the exchange warns users that all of the firm’s services and servers will terminate after Dec. 15. Users will be able to withdraw funds from the […] Cet article CryptoBridge Decentralized Exchange Shuts Down Citing Regulations, Markets est apparu en premier sur Bitcoin Central.
Bitcoin Central

CryptoBridge Crashes Out Blaming Regulations And Market Conditions

The return of the bears into the crypto market is gradually taking a toll on most stakeholders. Initially, crypto miners started dropping out citing losses or unsustainable activities. Now, the larger players are feeling the heat. CryptoBridge, a decentralized crypto exchange, has announced that it is closing down. The closure message was published on its website. In the announcement in question, the exchange has warned users that all of its services and servers will terminate on December 15. Users can withdraw their funds from the exchange until the last day of its operation. However, depositing will not be allowed after December 3. The announcement states: “Please note that user verification is required by EU law for all withdrawals. We highly recommend that you start the process as early as possible as verification can take a few days.” Scammers Are Having A Field Day The company has comprehensively cited market conditions, lack of funds and increasingly strict regulation as primary reasons for its decision. CryptoBridge has decided to shut down and will not pursue any further development. Users who are visiting the official Twitter profile of this crypto exchange are served with a “that page doesn’t exist” warning. Nevertheless, a new CryptoBridgeEU account went live earlier on December 2. That account has since spread messages contradicting with the announcement that appears on the platform’s official website. That unscrupulous account alleges that the shutdown of the platform is only temporary, adding: “I’m proud to announce CryptoBridge’s termination is not the end! We will be moving our headquarters to Denmark! We will have a new site up and running so stay tuned!” The official website has put up an update that confirms the new profile is a scam: “Our social media channels are closed; all accounts on Twitter that are pretending to be representing CryptoBridge are fake. We are not planning a comeback at the moment.” Vicious Competition in the DEX Space The competition in the decentralized crypto exchange (DEX) space is rapidly becoming fierce. In that context, the Binance crypto exchange launched one in April 2019. On the other hand, its major competitor Poloniex purchased Tron-based DEX at the end of November. On November 27, Bancor, a decentralized liquidity network, unveiled a 60,000-token airdrop. The airdrop aimed at expanding the network’s liquidity pool. As the prices plunge and regulations increase, low liquidity is turning out to be a big challenge facing decentralized exchanges. It is even hindering the decentralized exchanges’ ability to compete with the centralized exchanges. Like what you're reading? Subscribe to our top stories The post CryptoBridge Crashes Out Blaming Regulations And Market Conditions appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
Cryptovibes

Decentralized Exchange CryptoBridge Shutting Down, Market Woes or Exit Scam?

Decentralized cryptocurrency exchange CryptoBridge has announced that it is shutting down. The exchange will terminate all its services and servers after December 15, 23:59 GMT. The official statement on the DEX’s website reads, “With great regret, we’re announcing that CryptoBridge is shutting down.” Deposits will be closed after December 3, 23:59 GMT while withdrawals will […]
Bitcoin Exchange Guide

Decentralized crypto exchange CryptoBridge shutting down, citing ‘increasing regulation’

U.S.-headquartered decentralized cryptocurrency exchange CryptoBridge is closing operations, citing several reasons, including “increasing regulation.” A notice on the exchange’s website reads that the “difficult” decision has been taken due to “market conditions, increasing regulation, inability to fund further development and maintain operations.” CryptoBridge had around 320,000 visitors in October, with most from Russia and Bulgaria, according to web analytics firm SimilarWeb. The exchange said its vision was to provide a gateway to decentralized cryptocurrency trading and “did everything” in its power to save the ship from sinking but couldn’t succeed. All deposits are closing Dec. 3 and withdrawals on Dec. 15, said CryptoBridge, adding that all users have to withdraw their funds in the meantime. Notably, the exchange also said that all its social media accounts will be closed. However, a Twitter account appears to be impersonating CryptoBridge, which says: “We are only temporarily shutting down. We will be opening a new and improved exchange.” The Block has reached out to CryptoBridge for further comments and will update this story if they reply.
The Block Crypto

CryptoBridge Exchange Closes Down, Hints at Relaunch

The CryptoBridge exchange, aiming to offer multiple altcoin projects through decentralized trading, is closing down. The exchange still has hold of some customer deposits, and will release the digital funds up until December 15. CryptoBridge Immediately Called for Traders to Withdraw Funds The shutdown of CryptoBridge is happening in an orderly manner, and there is no specific reason pointed for the shutdown. CryptoBridge is fully licensed and complies with European Union law, and will require KYC for distributing the remaining coins and tokens upon it closure. The exchange will operate its servers until December 15, with no chance of withdrawals after that time. The closing of CryptoBridge arrives after smaller exchanges were pressured by the loss of volumes for obscure digital coins. Multiple factors led to the shutdown, the team explained. We put in a lot of hard work and did everything in our power to make the outcome different, but market conditions, increasing regulation, inability to fund further development and maintain operations forced us to make a difficult decision. However, the dramatic notice may actually be a publicity stunt. The team actually hinted at relaunching. Our Team realizes that people are confused. We are only temporarily shutting down. We will be opening a new and improved exchange! We've mentioned this before :DWith this new exchange KYC will only be required for withdraws over 2BTC. A great improvement! pic.twitter.com/wn0hKgmMqx — CryptoBridge (@CryptoBridgeEU) December 2, 2019 Altcoin Activity Slowing Down, Killing Small Exchanges CryptoBridge is based in the US, and strict requirements may incur high operational costs. Crypto exchanges are now busy seeking regions with favorable regulations. The aim of CryptoBridge is to limit KYC to relatively large crypto coin transactions. CryptoBridge held 126 trading pairs for relatively unknown coins, and only had a turnover of around $84,000 per day, as last reported by CoinMarketCap. The closing of CryptoBridge arrives after smaller coins lost almost all activity, no longer sparking even speculative trading. Risks due to organized pumps, as well as risk to the coins themselves. CryptoBridge carried PigeonCoin, an asset that has been attacked by malicious mining, potentially stealing coins. The exchange is also one of the few that supported BitShares (BTS). In 2019, fewer exchanges remain that carry little-known coins and tokens. After the hack against Cryptopia, and the closing of Nova Exchange, there are now fewer markets with a wider selection of meme-based coins, and other unpopular assets. Leading exchanges tend to focus on listing new coins and tokens that bring with them fresh hype and new custom; while older assets with depleting volumes are usually delisted. The announcement of CryptoBridge was startling, especially after the recent admission from IDAX that its CEO had absconded with the private keys. So far, CryptoBridge seems to be in good health, and the team is preparing for a relaunch. What do you think about the CryptoBridge shutdown? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @CryptoBridgeEU The post CryptoBridge Exchange Closes Down, Hints at Relaunch appeared first on Bitcoinist.com.
Bitcoinist

CryptoBridge Introduces Compulsory KYC Verification 

CryptoBridge, a gateway to the BitShares digital assets exchange, has announced that with immediate effect, all existing customers and new crypto traders on the platform must submit their verification documents to use the platform. The move is part of plans to comply with the 5th EU Anti-Money Laundering Directive (AMLD5) scheduled to go live inRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

BitShares Decentralized Exchange Gateway CryptoBridge Makes KYC Mandatory for Users

CryptoBridge, the decentralized exchange arm of BitShares in an announcement on October 1st made it compulsory for its users to comply by Know Your Client (KYC) verification. As per the new announcement, all existing and new customers would have to submit a government identification to start deposit and withdrawal from the exchange. The recent announcement […]
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Crypto payment and exchange app SpectroCoin adds Litecoin (LTC), Ripple (XRP), and Stellar (XLM)

SpectroCoin, a bitcoin and crypto payment/exchange platform featuring a debit card option, today announced added support for three new crypto-assets including: Litecoin (LTC), Ripple (XRP), and Stellar (XLM). After lots of growth in 2017, SpectroCoin scaled back service until the company went on to receive crypto payment and exchange licenses from Estonian regulators to begin […] CryptoNinjas: Crypto payment and exchange app SpectroCoin adds Litecoin (LTC), Ripple (XRP), and Stellar (XLM)
CryptoNinjas

The Rise and Fall of Matic Network

Matic Network, a sidechain-based scaling solution for public blockchains, saw its native token skyrocket over 300 percent since late September. The move appears to be correlated with a wave of developments that were intended to expand the token’s utility. Over the last few hours though, its price crashed over 70 percent amid fears of an exit scam. Matic price chart by TradingView The Rise On Sep. 30, Matic Network announced the release of the β-mainnet. This is a second layer solution working on top of the Ethereum protocol where developers can easily build and test their full end-to-end applications.  The release was greatly welcomed by the developer community which began deploying their projects to the Matic mainnet. During this time, MATIC surged over 76 percent to reach a high $0.0177 on Oct. 11.  Among the projects migrating to Matic Network, the one that created more buzz around the community was Battle Racers. This is a blockchain-based arcade racing game.  In mid-November, Altitude Games, the company behind Battle Racers, revealed that the game will be switched to a new sidechain built by Matic Network. All of the Battle Racers non-fungible tokens, including crates and car parts, would be automatically migrated. In addition, the company launched the sale of Season 1 crates with in-game items available in Gold, Silver, Bronze, and Wood varieties. Following the announcement, MATIC shot up 215 percent. This cryptocurrency went from trading at a low of $0.0136 on Nov. 15 to a high of $0.0427 on Dec. 8. The effect of Matic developments, chart by TradingView The Fall Despite the exponential bullish impulse seen over the last few weeks, Matic Network’s token recently took a nosedive.  MATIC plunged over 73 percent in the last than 24 hours to reach a low of $0.0112.  The fall is likely to have been a response to allegations made by Samuel Gosling, the founder of the self-governing crypto evaluation platform Validity. He believed that the Matic Network Foundation had transferred 1.5 billion MATIC to Binance in the last 50 days. He argued that the Foundation was trying to liquidate 15 percent of the total supply, worth over $67 million. Binance CEO, Changpeng Zhao, defended its launchpad alumni by attributing the fall to unjustified panic selling among investors.  “Our team is still investigating the data, but it’s already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people’s trading,” he tweeted. Later on, the Matic Network team issued an official statement attributing the downward push to allegations of a “FUD account.” Gosling later recanted on his findings, noting: “It turns out it was only 381,903,830 MATIC (3 percent of the supply) that “seems” has been liquidated, I made a miscalculation and included inputs as well as outputs in my computation.” Now that the “FUD” has been cleared out, MATIC bounced back over 80 percent and is currently trading around $0.0203. Nevertheless, that is well below its previous levels. Matic recovery, price chart by TradingView Moving Forward Even though the Matic Network team claims that the sell-off was mainly triggered by Gosling’s allegations, there are those who argue it was due to low liquidity. Alex Krüger, a renowned analyst in the crypto community, believes that a mismatch between sell and buy orders could have caused the plunge.  “What happened with MATIC can happen to any token. It would be very surprising for it to happen to the large caps, but it can still happen. Adjust selling volume by market cap or order book liquidity, and presto. Hence why crypto is Traders’ Paradise, Investors’ Hell,” explained Krüger. Regardless of the reasons behind it, this is a vivid example of the risks of cryptocurrency trading. It’s important to use tools such as stop-loss orders, and remembering to diversify portfolios to prevent massive losses. The post The Rise and Fall of Matic Network appeared first on Crypto Briefing.
CryptoBriefing

How a misleading tweet drove Binance-listed Matic token tank by ~70%

Matic, a native token of blockchain scalability project Matic Network, plunged by around 70% within half an hour last night. Triggered by a misleading tweet from Samuel Gosling, founder of cryptocurrency evaluation platform Validity Crypto, Matic token dropped from $0.042 to $0.013 in under 35 minutes on Monday. Gosling tweeted that the Matic Network Foundation transferred around 1.50 billion Matic tokens (15% of the supply, worth about $67 million) in the past 50 days, adding that some of which seem to have been sent for liquidation at Binance. About two hours later, Gosling tweeted that he miscalculated the figures. “I just want to deeply apologize for providing an inaccurate claim, it turns out it was only 381,903,830 $MATIC (3% of the supply) that 'seems' has been liquidated.” Matic Network, in its blog post published Tuesday, said that Gosling’s first tweet “created the FUD” (fear, uncertainty, and doubt) among crypto Twitter and led to the price plunge. “We want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against Matic team are completely baseless,” it added. Binance CEO Changpeng “CZ” Zhao also tweeted earlier today that the exchange is investigating the matter but it is “already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle.” Matic Network held its token sale via Binance Launchpad earlier this year and raised around $5 million. "Matic has been relatively illiquid, and Binance also allows users to margin trade the token. Both of these factors likely contributed to the sharp fall," said Larry Cermak, research director at The Block. 
The Block Crypto

Crypto Exchange LedgerX Sends Its Co-Founders on Leave

Twitter rage expressed by CEO Paul Chou isn’t sitting well with the board of LedgerX. The cryptocurrency exchange’s board of directors send co-founder Juthica and Paul Chou on administrative leave. A new interim CEO The Chous’ leave became effective “immediately” and hired Larry E. Thompson as the interim CEO. The board did not reveal the reasons why the founders were removed from the company’s everyday operations. However, the news is being linked with the company’s tussle with the CFTC. In August this year, Paul Chou spoke about the Commodity Futures Trading Commission (CFTC) in great detail, narrating how the regulator had broken the law. In an expletive-filled rant, he talked about bias at the regulator’s end. During the same month, the company had prematurely announced the availability of cryptocurrency futures to US-based retail investors. It was competing with ICE-backed Company Bakkt to launch regulated futures in the US. The new CEO Thompson isn’t a Twitter-ranting founder, but an experienced Wall Street executive with over 30 years of an illustrious career under his belt. He was working at the vice-chairman of the Depository Trust & Clearing Corp. before joining Ledger. He will also work as the lead director of Ledger Holdings. LedgerX’s regulatory problems LedgerX is a US-based company providing clearinghouse and Bitcoin derivatives services. It provides a swap execution facility for institutional cryptocurrency traders who have at least $10 million in assets. Paul Chou and the company have not commented on the move yet. However, CoinDesk reported that they had talked to Juthica Chou on email. She noted that the “board composition is tricky” and no one knows about derivatives, Bitcoin and computer science. She added that disagreements and conflicts with the board become difficult because of their lack of expertise in the field. However, she wished the new management well on her and Paul’s behalf. Some documents received by the publication reveal that the company’s leadership didn’t believe in fair practices at the regulator. They thought that Christopher Giancarlo, the former chairman of CFTC held “personal animus” towards the company because of Paul Chou’s comments. The post Crypto Exchange LedgerX Sends Its Co-Founders on Leave appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
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