OKEx Rolls Out A P2P Crypto Exchange in India With Zero Transaction Fees

The popular Malta-based spot and derivatives exchange – OKEx – has been eyeing the Indian crypto market for some time, and has now announced its plans to launch a peer-to-peer crypto exchange in India with zero trading fees. The firm is set to launch the platform by August 5.

Jay Hao, the chief executive of OKEx, commented on their recent endeavor into India and promised to improve the ecological layout and overall trading experience for Indian users. He said:

“We’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users.”

The platform would offer Bitcoin and USDT trading pairs against the national fiat – INR. The firm has promised to add other coins later as the demand picks up. The platform would also allow INR deposits via popular online payment portals like UPI, IMPS, and NEFT.

OKEx Launches 30,000 USDT Giveaway Campaign to Promote Their Launch

OKEx launched a giveaway program to promote its new platform with 30,000 USDT being up for grabs. Users can benefit by participating in the giveaway contest comprising of quizzes, social media postings, and referring friends.

There remains an interest in international exchanges in the Indian crypto ecosystem, despite the uncertainty of over-regulation. OKEx also invested in the Indian derivative exchange CoinDCX during its seed funding round. Apart from OKEx, Binance, the world’s leading exchange, has also shown great interest in the Indian market and has already availed INR on-boarding for Indian customers. Apart from that, Binance also acquired WazirX exchange.

Research from OKEx also revealed the growing interest of Indian customers in the crypto space, and there are currently 5 million Indians with crypto holdings. While another analysis from CoinDCX revealed a 1031.4% month-on-month increase in BTC/INR trading volume.

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Author: Hank Klinger

Trident Crypto Fund Suffers Major Database Breach, Hackers Leak 266,000 Users Data

According to the Russian newspaper, Izvestia, the Malta-based Trident Crypto Fund has succumbed to a data breach this week.

On Thursday, the CTO of the cybersecurity firm DeviceLock, Ashot Oganesyan, said the data of 266,000 people registered with the fund was posted on file-sharing websites shortly after the breach took place.

IP and Email Addresses Have Been Stolen

Personal information stolen from the database included cell phone numbers, email and IP addresses along with encrypted passwords. The stolen information was posted online on February 20, along with a description of the vulnerability that made the breach possible.

On March 3, the hackers decrypted 120,000 passwords and published them. Izvestia managed to contact a victim of this data breach, who confirmed his registration to a Trident Crypto Fund’s seminar and said he didn’t make an investment.

The Fund Is Quite a Mystery

Meanwhile, the fund itself has raised suspicions all on its own. In particular, the fund has none of its members listed on its website, nor is it present on LinkedIn, not to mention that it doesn’t provide clear information about where it’s registered and located.

Further research into the Crypto Fund has yielded little, other than that it’s based in Malta and offers clients the opportunity to invest in an index of top 10 cryptos.

The news about the hack was first published on Thursday morning, European time, but no official announcement was made by the fund through any official channel. No one from the fund commented anything about the matter either.

Leaks of User Data Reported by Digitex and Binance

It was only last week that Digitex also reported a user data breach, saying that it was most likely only email addresses that had been stolen. As a result of the theft done by a former employee.

One of the better-known exchanges, Binance, also saw verification details of 60,000 users go public in the summer of 2019. Back then, Binance said the know-your-customer (KYC) data didn’t match what the company had on record, suggesting there was no breach whatsoever.

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Author: Oana Ularu

Binance Adds 15 New Instant Fiat-to-Crypto Conversions With Simplex Partnership

Trying to corner local markets, the Malta-based crypto exchange Binance has added support for 15 more fiat currencies through the integration with Simplex.

Gateways for currencies like the Korean won, the Swiss franc, the Polish zloty, the South African rand and the Australian dollar have been created and made available through the exchange’s fiat-to-crypto trading facility. The Russian ruble and the pound sterling are now Simplex supported too. The integration was confirmed by developers to be fully operational until Thursday in the afternoon.

Binance’s Base Cryptocurrencies Will Be Paired with the Supported Fiat Currencies

The supported fiat currencies are going to be paired with the base cryptocurrencies on Binance, which are the assets used by the exchange for default trading pairs. These cryptocurrencies include the Bitcoin (BTC), Ether (ETH) and XRP, while the fiat currencies include the US dollar and even the Nigerian naira.

It seems that fiat volumes are not that significant for the trading activity on Binance, seeing from a daily volume of about $3.5 billion, $3.5 million is fiat. Most of this volume is in US dollars since a gateway for this currency became open. As Binance is folding some of the currencies it supports into US dollars, it’s still not sure if end-users are the ones who generated the exchange’s dollar volume.

Simplex and Binance Working Together Since 2019

Simplex and Binance have become partners in January 2019. They allow users to buy crypto using their debit and credit cards in either euros, Canadian dollars, US dollars and Japanese yens. While the fee charged is 3% plus $10 on purchases under $200, it’s still cheaper than the card or bank providers’ transactions, which levy a 3% FX fee aside from the usual fiat-crypto swap fees. By encouraging users to make trades in their local currency, Binance is becoming more global.

In October 2019, the company’s CEO Changpeng Zhao said Binance integrated the Russian ruble because Russia was representing one of the key markers for the exchange. Thursday, the firm hired a product lead that used to work for Uber in order to expand its services to local markets.

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Author: Oana Ularu

Former Strategic Executive at Dell and the NBA Joins Exchange Platform Binance

Former Strategic Executive at Dell and the NBA Joins Exchange Platform Binance
  • Malta-based crypto exchange, Binance hires new chief strategy officer to streamline business operations.
  • Gin Chao previously worked as an executive at leading tech firm Dell and the National Basketball Association.

Cryptocurrency Exchange giant Binance announced on June 5 via a press release that it has recruited a former strategic executive at Dell and the National Basketball Association (NBA), Gin Chao as its new global strategy officer.

The recruitment of the experienced strategist will help the organization maintain its position as one of the leading exchanges in the world.

Developing Global Business Strategy for Binance

Binance’s management stated that Chao will advance the global strategy of the firm, while also developing major strategies that will ensure that the exchange remains the biggest player in the industry.

Chao’s other major responsibilities include finding ways to bridge departments via new hires, while also contributing to the firm’s legal department. As an experienced strategist, his expertise will also be required in discovering virgin lands for Binance’s business partners.

Developing Strategies for Binance Labs, Binance VC Arm

The former Dell strategist will be expected to create and manage strategies for areas and projects within the company, which includes Binance Labs, Binance’s venture capital (VC) arm and its fiat-to crypto gateways.

With the increased competition in the crypto sector, platforms are springing up every day, and the only way for the established ones to survive is to sit tight, which is why analysts are of the opinion that hiring Chao is a great business coup.

Who is Gin Chao?

Gin Chao is a master strategist with a lot of experience under his belt. He holds a bachelor of science degree in Mechanical Engineering from the prestigious Carnegie Melon University before proceeding to the New York Stern School of Business where he earned a Masters in Business Administration.

Notably, Chao shot to prominence while working for Deutsche Bank’s investment banking group, where he raised over $2 billion for the company, spending close to 15 years in the financial sector. He left the United States and move to Asia, where he worked with Dell and the NBA.

His appointment as a chief strategy officer in charge of corporate development and legal department at Binance is stemming from his track record, as being a diligent and upright professional who always gives his best to his employers, irrespective of the role, sector or discipline.

A Global Strategy

Binance is strategically diversifying its operations, so as to meet the demand of its teeming customers. Bitcoinexchangeguide reported in June that the exchange platform’s native BNB token can now be purchased using Visa and MasterCard Based payment options.

The latest development represents a great leap of faith for the crypto world, as it will represent one of the few times that MasterCard will be partnering with any cryptocurrency organization.

Binance further revealed that the new relationship with Visa and MasterCard will is the step in the right direction, especially at a time when the fiat and crypto worlds are at loggerheads.

The giant strides by Binance in 2019 represents a great leap for the crypto industry and a further prove that the industry has come to stay.

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Author: Ogwu E