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Daily Roundup: 24th July 2018 – China cracks down on Bitcoin miners in Muslim province, EU’s “battle plan” against Crypto & more

Binance will expand to South Korea

Since the sentiment in the markets have switched to the bulls again, many exchanges launched expansion campaigns. Coinbase hires known Wallstreet experts to lure institutional money into crypto, SBI Holdings launches its own exchange and now Binance announced to expand to South Korea. The exchange added South Korean as a language earlier this year and hired the local marketing director Jeon Ahrim who is South Korean. The East Asian country is an important market for crypto and has many private and institutional investors. The rise of new trading models and Coinbase’s expansion campaign has challenged Binance’s position as the exchange with the highest volume.

CoinEx & Fcoin – What’s behind their new Trade-Driven/Trans Mining Model?

China shuts down crypto mining in Muslim province

Xinjiang Uyghur is an autonomous region in China. The region is inhabited by a Muslim majority the Uyghurs. Tensions between the Uyghurs and the Chinese state are traditionally high. Law enforcement can be difficult in this province. Due to strong opposition, civil unrest and separatist activities on the one hand and violent oppression and even the use of military force on the other hand. Bitcoin miners are likely the smallest problem in Xinjiang Uyghur. So far, the Chinese government only warned crypto miners to stop their activities until the 30th of August. The authorities suspect that Bitcoin miners in the region do not only evade taxes but that they could also fund terrorist activities. Links to the Taliban and Isis in the region are known.

 

Malta launches its first two-way Bitcoin ATM

Malta continues its innovative and cryptofriendly policy. Lately, the government has released positive legislation. Low taxes continue to attract exchanges, companies and startups. OKex and Binance are just two big names on the island. Another important attraction factor for the island is, of course, the network effect that the crypto sector has on the island. It is not unlikely that cryptocurrencies will become the standard on the Mediterranean island. So why bother with a two-way ATM?

EU parliament releases report on how the European central bank could defeat Bitcoin

The proposed measure is in no way creative and just a copy of China’s actual measures against Bitcoin from a few years ago. A pathetic display when you are considering measures that an autocratic regime imposed on its citizens. The report continues to analyze competition between cryptocurrencies (intercompetition) and wallet, exchanges and other third-party providers (intracompetition). The report is just a theoretical approach as of now. But it could become reality sooner than expected.

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