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OKEx's OKCoin Crypto Exchange Starts Fiat-Crypto Trading Services in Argentina

Countries around the world are finding ways to open their economies to cryptocurrency, and Argentina is one of the latest on the list. In a new launch from OKCoin, locals will now have access to fiat-crypto trading services in the country. OKCoin is already widely popular for establishing the biggest cryptocurrency exchange in the world – OKEx. The launch was confirmed in a tweet by OKCoin on November 15^th.

The tweet said, “We are expanding to Latin America! Traders can now deposit or withdraw the Argentine peso (ARS) in exchange for cryptocurrencies including #Bitcoin, #BitcoinCash, #Ethereum, #EthereumClassic, #Litecoin, #Ripple, #Cardano, #Stellar, #Zcash, #0x, and more.”

Expanding on this decision, the company also created a blog post on Medium about the changes, which was linked in the tweet.

In the Medium post, OKCoin starts off with explaining their dedication to offering their services globally, calling their entry into Argentina a “landmark achievement.” The post goes on to say,

“This means our platform can now offer both Spot and Margin trading between the Argentine peso and several major cryptocurrencies. Up until now, investors have had very few options for converting pesos into digital assets. As one of the world’s first and largest exchanges, OKCoin enables traders to exchange fiat currency for cryptocurrencies on a secure platform that complies with local and international regulations.”

The services begin today, allowing users to make a deposit with the local Argentinian peso (ARS). From there, they can exchange the fiat currency for any of the cryptocurrencies they offer. Argentina will be in good company soon, considering that OKCoin wants to bring these types of services through the rest of Latin America “in the coming months.” Right now, even though there are many consumers that have access to a smartphone, the value of the peso is becoming weaker and weaker. With the crypto market growing rapidly in the area, this is the perfect time to have access to a local exchange.

Speaking on this addition to their platform, CEO Tim Byun said,

“OKCoin is committed to opening up new markets for digital currency consumers throughout the world, and we are very excited to extend our safe, secure and licensed trading platform to consumers in Argentina. This is just the beginning of our Latin American expansion, as we’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options, so they can buy and sell with confidence.”

The launch of the platform in Argentina seems perfectly timed with their sponsorship of C20, a Spanish-language crypto conference Buenos Aires. The conference is going on from November 16^th to 17^th, and OKCoin will be featured at Booth #17 to answer questions and even offer a demonstration of their platform. Two of their representatives, Pablo Magro and Jhanny Rumpf, will be speaking at panels in the afternoon on November 17^th.

This year has brought in many welcoming moves for cryptocurrency in the country. In May, Bitcoin was approved for use in cross-border transactions by Banco Masventas. The following month, local enthusiasts created the “Bitcoin-wagon” campaign, bringing awareness of cryptocurrency and its benefits to rural areas that have a high percentage of unbanked individuals and families.

https://twitter.com/OKCoin/status/1063061605360025606

OKCoin Founder Files Request for 60% Stake in LEAP Holdings Construction Engineering Firm

The cryptocurrency exchange OKCoin is run by Star Xu, though it looks like Xu would like to add to his investments. In a report from CoinDesk, the media news website suggests that Xu is looking for a potential backdoor IPO, based on a recent request that he submitted to the Hong Kong Stock Exchange (HKEX).

Xu’s approval he seeks through HKEX is for a 60% stake in LEAP Holdings Group Ltd, a firm that is centered around a construction engineering firm. The total shares would add up to 3.2 billion at about $0.02 per share.

This acquisition would ultimately cost Xu $60 million, and the firm is suspended at the moment to keep the stock price from fluctuating as a result of this news.

So far, the stock exchange has not approved the request, but OKCoin would have an avenue to become a public company if they manage to be successful in the purchase. Instead of having to go through all of the regulations to become a public company, they would essentially already be purchasing a firm that is listed in the country.

Huobi took a similar path in August 2018, when they took on the role as the largest shareholder of Pantronics Holdings, costing them around $70 million.

Some major firms are looking to host their own IPOs to break into this part of the financial sector, like Bitmain, Canaan, and Ebang. However, they have not made much progress with HKEX, considering the expiration of some of these applications. According to an insider who spoke to CoinDesk, HKEX has expressed their apprehension about approving the Bitmain request.

In the meantime, some exchanges are looking elsewhere for their IPO opportunities, like Canaan’s journey to get an IPO in New York. At this point, nothing has made public.

Private Records of Star Xu, OkCoin Creator, Gets Compromised and Being Sold on the Dark Web

Obtaining access to an individual’s private data on sale in the darknet is very common. In August 2018, prominent Chinese hospitality chain, Huazhu Hotels Group fell into the hands of hackers. Personal data of more than 130 million hotel guests was sold at 8 BTC which was approximately $56,000 by then.

Recently, OkCoin’s Founder, Star Xu became a victim as well when his personal information was discovered in an ad. According to a Chinese news outlet, the advert originated from a vendor who goes by the alias “darrenchen.” The vendor claimed that the information he was selling comprised of Star’s family, the OKCoin exchange and his private credentials.

The Malicious Attempt

It is purported that the info is being sold for 0.00029 BTC. At the moment, BTC is trading at slightly above $3,430, meaning that someone must have paid only about $1 to access the said information.

While it’s still not clear as to whether anybody parted with $1 to obtain Star Xu’s private data, some people were quick to point out that the amount is too small for such kind of info. As of now, no one has come out with information revealing this malicious attempt. This could indicate that the seller is a fraud and most likely he is attempting to scam vulnerable users on the dark web.

Such kind of illegal data is available on underground illegal markets and is accessible using special software such as the Tor browser. In these websites, malevolent vendors trade illegal goods and services such as weapons, drugs, or smuggled goods.

Bitcoin as a Common Trading Tool on the Dark Web

Data from Blockchain Technology Research Firm, Chainalysis, shows that Bitcoin use on the darknet is on the increase. According to the research company, even with the crypto bear market and more private options like Zcash (ZEC) and Monero (XMR) networks which are anonymity-centric, Bitcoin has recorded high transaction volumes.

Last year, Chainalysis revealed that the flagship digital currency transacted close to $600 million on the underground market, $100 million less as equated to 2017. The drop was particularly linked to the shutdown of large online dark net markets like Hansa and AlphaBay which operated on the Thor network.

Immediately after doing away with Hansa, the Dutch authorities were quick to open up a page on the darkweb notifying users that they already are aware and are keen on such activities.

A high-ranking economist at Chainalysis, Kim Grauer told Reuters that controlling the dark web is quite a challenge because when one market closes another one mushrooms in its place.

Generally, dark markets will continue to thrive since participants simply move to other platforms and technologies after a shutdown.

It is interesting to note that, Bitcoin still remains as the first crypto of choice of cybercriminals to conduct their fraudulent activities. Moreover, bitcoin price fluctuation is not an issue when it comes to people wanting to make purchases on the darknet web.

OKCoin USA Crypto Exchange Adds Ripple (XRP), Steller (XLM), Cardano (ADA), Ox And ZCash (ZEC)

OKCoin Adds Support For More Virtual Assets

One of the leading virtual asset exchange companies, OKCoin, today declared that it has added support for five more virtual assets on its exchange for users who reside in the United States. The five virtual assets include Ox (ZRX), Stellar (XLM), Zcash (ZEC), Ripple (XRP), and Cardano (ADA).

Traders and investors based in the United States who reside in applicable states will now be in a position of buying and selling the above virtual assets safely OKCoin exchange, which is licensed.

The cryptos will be paired against Ethereum, Bitcoin as well as the fiat, US dollar. As a result of the addition, OKCoin will now have an expanded list, which includes the rest on the list that comprises of Litecoin, Ethereum, Bitcoin, Ethereum Classic as well as Bitcoin Cash.

Fiat-to-Token Pairs

It is interesting to note that the new exchangeable cryptos will be paired against the US dollar. However, only traders based in California will be permitted to trade on them for now.

Token-to-Token Pairs

Additionally, the five tokens added will be paired against Bitcoin and Ethereum and people will be able to trade for token-to-token in twenty one states within the United States. According to Tim Byun, the CEO of OKCoin USA, the firm is thrilled at welcoming the new five virtual assets as well as all the communities that trade them.

OKCoin is committed to spreading out the trading pairs for its clients, even as it establishes a wider range of fiscal products on the internationally regulated exchange. The firm is also looking forward to bringing virtual assets to the exchange which are instrumental when it comes to value, utility, and traceable use cases. Thus, the announcement made today denotes a major step forward in the whole bionetwork.

The additions

Ripple (XRP)

This is a self-governing decentralized virtual asset that has the ability to settle payments in less than five seconds. Ripple can also handle approximately 50,000 transactions within a second. This therefore makes it the best virtual asset to make international payments.

Cardano (ADA)

Cardano is largely a decentralized public blockchain and virtual asset project which is also an open source. The firm is currently building a smart contract platform whose aim is to deliver more cutting-edge structures than any other protocol which has been established before. It is also exceptional since it has been able to advance out of a systematic viewpoint.

Lumens (XLM)

These are the native virtual assets of Stellar, an open bionetwork that permits any virtual asset to be issued virtually, transmitted and swapped online. It also has an integral order book, and can also move effortlessly between community members.

Zcash (ZEC)

Zcash is a virtual asset that protects the privacy of users. It is also established on strong science. One can also transact securely and proficiently with low charges.

Ox (ZRX)

This is an open-source protocol which was designed in such a way that people can exchange on any ERC20 virtual asset on the Ethereum blockchain in a quick and cheaper way. It also permits the exchange of an increasing number of virtual assets based on the Ethereum protocol.