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Bitcoin [BTC], Ethereum [ETH], and XRP liquidity provider gains UK’s FCA authorization




Bitcoin [BTC], Ethereum [ETH], and XRP liquidity provider gains UK's FCA authorization
Source: Unsplash

A cryptocurrency firm, B2C2, which provides liquidity for all the top currencies in the market – Bitcoin [BTC], Ethereum [ETH] and XRP, Litecoin, Bitcoin Cash, and Ethereum Classic [ETC], has received a green signal from the United Kingdom’s regulatory body, the Financial Conduct Authority [FCA] for its UK subsidiary, B2C2 OTC.

Additionally, the firm is well-known for providing liquidity to cryptocurrencies in currencies such as the United States Dollar, Japanese Yen, British Pound Sterling, Singapore Dollar, Australian Dollar, and Canadian Dollar.

According to the firm’s official announcement, B2C2 OTC has received the authorization of the regulatory body to arrange and deal in Contracts for Difference [CFD], acting as an add-on to its global exposure. The financial regulatory body has not only given authorization to the firm but will also be regulating the CFD.

This product is available for only eligible counterparties and professional clients. Contract for Difference [CFD]s refers to a method of trading that allows individuals to trade and invest in cryptocurrencies by entering into a contract with a broker, instead of opening a position directly in the cryptocurrency market.

The founder and CEO of B2C2 stated:

“We are excited to have received authorisation from the FCA to introduce a cryptocurrency CFD product. Eligible counterparties and professional clients can now gain derivative exposure to the cryptocurrency markets, benefiting from the competitive pricing and liquidity they’re accustomed to receiving from B2C2 while avoiding the risks associated with crypto custody.

Along with the company benefiting directly from the regulator’s decision, this marks a huge milestone for the Financial Conduct Authority as the regulatory stance of the government is still unclear. This is the first time the regulatory body has given authorization for the cryptocurrency CFD.

Moreover, the Chancellor of the Exchequer launched a cryptocurrency taskforce, Cryptoassets Taskforce, which is formed by three major bodies, Financial Conduct Authority, Bank of England, and HM Treasury, in March 2018. The recent report by the task force had stated that Bitcoin and other cryptocurrencies are too volatile to be a good store of value and that they are not “widely accepted” as a means of exchange.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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