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NASDAQ-Powered Cryptocurrency Exchange Platform to Launch in June

Nasdaq-powered cryptocurrency exchange platform to launch in june

NASDAQ-Powered Cryptocurrency Exchange Platform to Launch in June

Osato Avan-Nomayo · May 15, 2018 · 5:00 am

DX.Exchange, a NASDAQ-powered cryptocurrency exchange platform is set to launch in June 2018. DX becomes the latest in a slew of crypto exchange services as the digital currency market continues to mature. The platform hopes to offer a robust ecosystem for OTC derivatives and crypto tokens.

DX.Exchange Will Utilize NASDAQ’s Matching Engine

DX is partnering with NASDAQ to use the latter’s matching engine to deliver a seamless P2P crypto exchange platform. According to Daniel Skowronski, the CEO of DX, the platform benefits from the collaboration in three critical areas; brand recognition, technological infrastructure, and regulatory compliance. Over 70 exchange services all over the world use the NASDAQ matching engine.

No Trading Fees

DX will not charge trading fees. Instead, traders will pay a monthly subscription fee of 10 euros. The zero-trading fee policy is expected to attract customers from around the world. The platform also wishes to be at the forefront of transparency and accountability in the emerging crypto market. Commenting on the zero-trading fee policy, Skowronski said:

Crypto enthusiasts shouldn’t have to pay more than a minimal membership charge to trade with their peers, and they shouldn’t have to trade in an unregulated [and] unsecured environment. The combination of NASDAQ technology and the DX.Exchange interface is one that will create a one-of-a-kind, fair trading experience, that puts the traders first.

Nasdaq-powered cryptocurrency exchange platform to launch in june

Cryptocurrency traders on the platform will be able to purchase crypto tokens with fiat, trade digital currency pairs, as well as make fiat withdrawals. DX also plans to offer exchange services allowing traders to buy and sell cryptos using credit cards.

At inception, the platform will list six cryptocurrencies which include bitcoin, bitcoin Cash, Ethereum, and Litecoin. When the platform is up and running, the development team plans to expand its services to cover between 20 to 25 cryptos. DX also hopes to add more tokens as time goes on. However, these tokens must pass its strict coin vetting process.

Compliance with Statutory Regulations

DX is fully licensed by the Estonian Financial Services Authority (EFSA) and CySEC, the Cypriot market maker regulator. The platform isn’t open to U.S. traders, but the DX management is reportedly trying to acquire the necessary federal license to offer its services to U.S. residents. The KYC procedure on the DX platform involves email and phone number verification which promises quick and hassle-free identity verification.

Cryptocurrency exchange platforms are often targets of cybercriminals. The team at DX plans to leverage the robust security features of the NASDAQ architecture to guard against malicious incursions from hackers.

Do you think the launch of NASDAQ-powered DX Exchange is good news for the crypto market? Let us know in the comment section below.

Images courtesy of Twitter/@danskowronski, Flickr

Cryptocurrency Exchangecryptocurrency tradingDX.ExchangeNasdaq Show comments

Published at Tue, 15 May 2018 09:00:00 +0000

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Report: Only ‘7.929 BTC’ Funded Terrorism Since 2015

Coin Center CEO Jerry Brito has said it is “time to assess” cryptocurrency’s exposure to terrorism in light of the US Congress moving to investigate links.

Brito: Community ‘Shouldn’t Be Concerned’ By Congress

Highlighting preliminary findings from the Center for a New American Security (CNAS), which he describes as “by and large excellent,” Brito said the community should learn not to fear scrutiny from regulators.

“News reports today that Congress may soon commission a study assessing the link between terrorism and virtual currencies have generated concern within the cryptocurrency community, but they shouldn’t,” he began.

No one should want cryptocurrency networks to be used to finance terrorism, and an assessment of how they may be used and how to prevent that use should be welcome.

The announcement from Congress comes as bitcoin remains in the headlines globally due to the ongoing ransomware-based cyberattack.

While its perpetrators’ plan to get rich appears to have stalled, the level of disruption caused has nonetheless placed bitcoin at the heart of mainstream internet businesses’ latest headache.

Only ‘Anecdotal Evidence’ Of Crypto Terror Financing

The CNAS meanwhile clearly segregates terrorism from comparatively innocuous cyber attacks of this nature.

“Currently […] there is no more than anecdotal evidence that terrorist groups have used virtual currencies to support themselves,” Brito highlights a remark from the report, which he notes is “very important.”

“…There is time to develop an appropriate response to the possibility,” he continued.

bitcoin value

The possibility remains precisely that, CNAS confirms, with the overwhelming choice among organized terrorist groups and even individuals regarding funds transfer still being the “legacy financial system,” as Brito describes it.

“They still find it possible to circumvent global rules governing terrorist financing with suficient (sic) ease and frequency that using VCs is unnecessary,” the report continues.

They exploit incomplete implementation of regulatory requirements and global standards at banks, use unlicensed and undersupervised (sic) money services businesses (MSBs), or simply cart around cash.

A timeline supplied in the CNAS report highlighting “selected” incidents of terrorist financing only produces 7.929 BTC as a total from 2015 – 2017.

This, a commentator responded, is less even than “the cost of commissioning” the report itself.

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Congress Commission Will Not Surprise

In terms of regulation, Brito considers the Congressional findings will likely “reach the same conclusions” as CNAS regarding regulatory next moves. These revolve around taking a measured approach to financial innovation without overwhelming “compliance burdens.”

“Financial policymakers should consider how to actively support beneficial financial technology development, particularly when it can bring virtual currency and new payment technology platforms successfully into the regulated financial sphere,” he quotes the report.

The international community has traditionally been at odds over the ‘real’ extent of cryptocurrency penetration among terrorist actors.

The ostensible need to guard against terrorism has formed grounds for regulatory moves from sources such as the European Union, whose plans to link cryptocurrency wallets to holders’ names in a database is still causing controversy.

What do you think about Jerry Brito’s angle on cryptocurrency in terrorism? Let us know in the comments below!

Images courtesy of coincenter.org, Shutterstock

The post Report: Only ‘7.929 BTC’ Funded Terrorism Since 2015 appeared first on Bitcoinist.com.

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