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hong kong cracks down on cryptocurrency exchanges

A major bitcoin conference has suddenly jumped from China's capital to Hong Kong — which has greater freedoms than Beijing — in the face of a Chinese government crackdown on cryptocurrencies. The Blockchain Global Summit hosted by BitKan, a company specializing in bitcoin trading and services, was set for Sept. The conference was then quickly rescheduled to begin Sept. Chinese authorities, including its central bank, early this month banned the new issuance of digital tokens to raise money for a project or company.

China has displayed much greater mistrust of cryptocurrencies — computer-generated assets that aren't tied to government authority — than other countries. BitKan responded to that ruling on "initial coin offerings" ICOs in explaining its decision to move the conference.

Though we have reported to the local enforcement and there will be no ICO related contents on the summit, we decided to change the time and location of the summit to lower the risks of being cancelled," a notice on BitKan's website said. The company added that "most" of the people scheduled to give lectures and speeches at the event would be able to attend the new Hong Kong version.

The summit location isn't the only change BitKan has made recently. The Chinese company was blamed for a recent dip in bitcoin's price after it announced it would halt some bitcoin trading services. Chinese regulators have been ramping up their crackdown on cryptocurrency businesses.

Domestic financial media outlet Yicai Global reported that China plans to shutter all bitcoin exchanges by month's end. That report came nearly two weeks after Chinese regulators banned fund-raising through initial coin offerings. BTC China, another one of the biggest exchanges in the country, has said it will stop all trading by Sept. Beijing has steadily increased its influence in Hong Kong in recent years, but doesn't yet control it to the extent that it rules the mainland.

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Markets Pre-Markets U. Key Points. The Blockchain Global Summit hosted by BitKan, a company specializing in bitcoin trading and services, was moved from Beijing to Hong Kong China is cracking down on cryptocurrencies. VIDEO The Bottom Line.

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hong kong cracks down on cryptocurrency exchanges

Hong Kong Takes Action

Coincheck President Koichiro Wada L bows in apology at the beginning of a press conference in The stolen Bitcoins were never recovered and the police were unable to find the culprits. All of this has come at a time when Japan has been attempting to position itself at the epicenter of the cryptocurrency world. In April of , the government made Bitcoin legal tender. In September last year, the regulator -- the Financial Services Agency FSA -- started to officially recognize virtual currency exchanges that met their standard. Coincheck was in the process of applying to be a registered exchange but had been warned by the agency that its cybersecurity was poor and needed dramatic improvement. On January 29, just three days after the breach, the FSA issued Coincheck with a "business improvement order. The FSA ordered the firm to turn in a full report, including their cybersecurity plans, by February

hong kong cracks down on cryptocurrency exchanges

The Straits Times

Coincheck President Koichiro Wada L bows in apology at the beginning of a press conference in The stolen Bitcoins were never recovered and the police were unable to find the culprits. All of this has come at a time when Japan has been attempting to position itself at the epicenter of the cryptocurrency world.

In April ofthe government made Bitcoin legal tender. In September last year, the regulator -- the Financial Services Agency FSA -- started to officially recognize virtual currency exchanges that hong kong cracks down on cryptocurrency exchanges their standard. Coincheck was in the process of applying to be a registered exchange but had been warned by the agency that its cybersecurity was poor and needed dramatic improvement. On January 29, just three days after the breach, the FSA issued Coincheck with a "business improvement order.

The FSA ordered the firm to turn in a full report, including their cybersecurity plans, by February hong kong cracks down on cryptocurrency exchanges In addition, the agency has began examining all cryptocurrency exchange operators in Japan and will conduct on-site inspections if necessary. Investigators suspect the hackers were able to create a falsely authorized ID, which allowed them to penetrate the system, starting at am on January 26, and make massive withdrawals during an eight-hour period.

The Yomiuri Shimbun, Japan's largest newspaper, reported on January 30that the police had already determined that during the hack, the stolen NEMs were first sent to a particular address. From that address, the NEMs were then later sent to eight different addresses. The police are still following the virtual money, the report added. They have not specified the timing or where they will procure the funds to do it. An estimatedusers are affected, they say. The popular press in Link reported that a number of celebrities may also have lost money.

One member even appealed to the hackers to give the stolen NEM. However, while it is very unlikely that the hackers will respond to this plea, some question whether Coincheck will be able to pay back their customers. Gox, wasn't optimistic, based on his own experience. The rate they are using to calculate repayment is much lower than the NEM value at the theft time… There is no refund time frame currently set and [disgruntled customers] may sue the exchange, which will likely have to settle such lawsuits until it runs out of funds.

There are now more than 15 registered virtual currency exchanges in Japan. The Virtual Currency Girls. Jake Adelstein. Read More.

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After clamping down on domestic trading of cryptocurrencies, China is looking to do the same to international crypto trading by its citizens. Related Tags. Need to calculate your bitcoin holdings? It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Tags: China. Until we resolve the issues, subscribers need not log in to access ST Digital articles. Show More Filters. The Bottom Line. It vowed to crack down on cryptocurrency exchanges. Blockchain News. Specialist advice should be cryptocurrenncy about your specific circumstances. The company added that "most" of the people scheduled to give lectures and speeches at the event would be able to attend the new Hong Kong version. That being said, we always encourage and this web page readers to conduct their own research in relation to any claims made in this article. News About this Firm. Though we have reported to the local enforcement and there will be no ICO related contents on the summit, we decided to change the time and location of the summit to lower the risks of being cancelled," a notice on BitKan's website said. In terms of daily trading volume, reports indicate that a number of cryptocurrency exchanges connected to Hong Kong rank in the top 20 globally. While exact figures related to trading crcks Chinese citizens are unavailable, the government-controlled publication provided an indicator of the extent of the problem.

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