XRParrot, the Netherlands-based XRP-fiat gateway exchange for European customers will cease operations, citing new regulatory requirements. Even more sadly for the exchange, launched and run by Ripple developer, Wietse Wind, is that few seem to have noticed.
Dead For Five Days, Neighbours Notice Smell
All joking aside, the XRParrot exchange, launched in February 2019 with funding from Ripple’s XSpring, achieved some impressive milestones.
By linking a Euro-bank account to their exchange account, customers were able to buy and sell XRP for very low transaction fees. In October last year, the exchange had reportedly converted over 1 million Euro into XRP, making it one of the most popular European XRP gateways.
At the time of its demise, XRParrot counted over 3000 active users.
Regulations Stifle Innovators
Unfortunately, The Netherlands implementation of the latest update to the EU anti-money laundering directive was, according to some, unnecessarily anti-crypto.
To ensure compliance with the new regulations, XRParrot would need to pay enormously increased costs for new licence and administration fees.
Hence, Wind took the decision to do a controlled ‘soft’ shutdown, making new orders unavailable, while informing users with accidental or automated orders that they would be processed for the last time.
Wind took to Twitter to explain his decision, and gratitude to XRParrot’s former users:
I am really grateful over 3000 individuals trusted my service, and proud that it has processed a crazy amount of transfers and XRP purchases for EU customers.
XRP Starts The Year On A Positive Note
Unlike the beleaguered XRParrot, XRP has started the year on a positive note. After languishing at under $0.20 for the second half of December, January has so far seen gains which have taken it within a whisper of $0.25.
And this could be just the beginning. If the current lawsuit in the US goes in Ripple’s favour and XRP is designated as a commodity, then some believe that the token will surge to over $500.
Do you think regulations are stifling innovators like Wietse Wind? Add your thoughts below!
Images via Shutterstock The post appeared first on Bitcoinist.com. origin »
A provision for de minimis exception in crypto taxes could lead coin holders to manipulate the system while burdening IRS further. The US Internal Revenue Service recently published guidance regarding the tax treatment of digital currencies.
A cashless society is coming, and it’s only a matter of time. Perhaps you have noticed the steady trend aimed at eliminating cash as a means of exchange. Those who have recently attended a sporting event as Atlanta’s Mercedes-Benz Stadium surely noticed that their cash is no longer accepted at concession stands.
A post by a renowned Chinese crypto trader has gone viral after he noticed a sharp decline in the value of crypto tokens supported by Nike’s Air Jordansneakers in an exchange that is based in the US following the fallout between the NBA and Chinese government officials.
Ripple has been actively pushing its technology using the digital asset, XRP in the traditional market. With traditional money transfer companies like MoneyGram adopting XRP, XRP/MXN volume saw a noticeable spike on Bitso by 25%.
Bobby Lee, the co-founder of BTCC, China’s first cryptocurrency exchange, has a new startup called Ballet. The company ‘builds’ un-hackable Bitcoin and crypto wallets with no electronic parts, in a credit card-like form.
The crypto community spotted some massive funds movement from OKEx and got scared that the cryptocurrency exchange was hacked. However, CEO Jay Hao called for calm. Hundreds of Millions in BTC Move From OKEx On Wednesday, Twitter user Whale Alert sounded the alarm, saying that at least 24,000 BTC moved from OKEx to unknown wallets.
The industry news outlet, The Block Crypto has noticed that the BitMEX Insurance Fund has increased to holding over 31,300 bitcoins or approximately $314 million. Notably, the increase has been for about 50.
In a tweet on August 23, 2019, Breanne M. Madigan, Global Institutional Markets at Ripple blockchain company said the XRP/MXN trading volume on Bitso crypto exchange spiked by over 25%. Also, the surge in trades occurred at a time when MoneyGram began using Ripple’s xRapid technology in Mexico, which shows the technology’s real use case […]
The post Ripple, Moneygram Had An Impact On The XRP Token But No One Noticed appeared first on ZyCrypto.
Bakkt has been trumpeted as a future main driver of crypto institutional adoption and even the bull market. The bitcoin futures exchange boasts everything Wall Street firms are looking for – the promise of uncorrelated returns to the stock market plus the confidence of regulatory oversight.
LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest.
The purpose of this infographic is to visualize the size of large cryptocurrency hacks that have occurred in the past as if they all happened today. The hacks included in this infographic extend beyond exchanges, as there were other large entities that experienced cryptocurrency hacks, such as marketplaces like Silk Road 2.
Bitfinex, currently the most controversial exchange in the cryptocurrency space, changed the Bitcoin Cash ticker symbol on its platform. The ticker symbol, which was changed to BAB following the events surrounding the coin during its hard fork, was changed back to BCH.
By CCN: Stealth (XST) is a coin that is listed as part of three pairs on two exchanges. One exchange is the venerable Bittrex, one of the few known to be not faking its volume, and another is one of which we’ve never heard.
CryptoNinjas
Gemini, the US bitcoin exchange headqaurtered in New York, confirmed today that it has introduced support for Segregated Witness (SegWit) addresses and transaction batching. Current clients and customers have already noticed SegWit addresses — which begin with bc1 — can now be used for bitcoin deposits.
If you haven’t noticed, crypto exchanges have been making money hand over fist despite the crypto winter. Economist and trader Alex Kruger apparently did and started a conversation about crypto exchange fees, posing the question of whether customers are being overcharged.
A research firm Diar, in a report that they published recently, noted that traditional and institutional investors in the cryptocurrency market prefer over the counter Bitcoin markets to the exchanges.
Promises have a tendency to be broken. Especially in today's business world, words have a habit of getting lost in the sea of anonymity. It is thus refreshing to note the excitement of Matthew Fetzer, a crypto community member who noticed the Tron decentralized exchange on TronScan. For the uninitiated, a decentralized exchange is an […]
The exchange, an heir to BTC-E, has seen trading grind to a halt in the past days, while traders noticed an outflow of funds from its cold wallets into Binance.
Cryptocurrency exchange Zaif announced on Thursday that a recent hack has resulted in the loss of 5,966 bitcoins (BTC) and a total of $60 million USD worth of bitcoins, Bitcoin Cash (BCH) and MonaCoin (MONA).
ViaBTC’s Coinex crypto exchange will list Craig Wright’s BSV if a chain split does occur this November. In a statement this Saturday, Coinex said: “We’ve recently noticed that nChain, an.
The cat is out of the bag and a lot of crypto traders and enthusiasts noticed what happened when the popular crypto exchange of BitMEX went offline for a brief period during a scheduled maintenance last night.
Following a high-level proposal in July to ban the importation of all cryptocurrency mining equipment into Vietnam, the Vietnamese Customs Department has announced a total ban on all mining rig imports, according to a local news outlet.
Observant people living in major urban centers might have noticed by now a new type of ATM popping up. These are called cryptocurrency ATMs, and they do not need cards to operate. They are in place to cater to the need of some crypto holders who want to quickly exchange some of their digital coins […]
As Crypto ATMs Gain Popularity, Hackers Are Peddling Malware Targeting the Machines was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Is the Bitpaction Exchange Making an Exit? The Bitpaction cryptocurrency exchange has ceased contact with its customers and followers on Twitter and Telegram and there are fears it is attempting a hasty exit.
On July 3, 2018, Binance suspended all trading and withdrawal services due to "irregular" Syscoin (SYS) trades carried out "from a number of API users. " The exchange has since resumed all activities, according to a blog post.
You may have noticed something recently, transactions on the Ethereum network have been oddly expensive. MyCrypto has chalked up this suspicious rise in transaction fees to a good-for-nothing exchange, essentially incentivizing its users to push out thousands of transactions onto the Ethereum network.
Ardent crypto fans have noticed that a new king has taken over the crypto exchange scene – and he brought some friends. With Binance and OKEx having been the undisputed leaders – with the crown switching regularly between the two – the status quo had become virtually unchallenged. Huobi came in third, with Bitfinex, Upbit, […]
Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.