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Coinbase Experiences Technical Issues as BTC Price Soars

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It’s been an eventful week for Bitcoin traders, with the price of the cryptocurrency rising above $10,000 per bitcoin on Monday, only to have the price plummet by 14 per cent in only 15 minutes on Tuesday. Although the large spike and subsequent decline would have provided trading opportunities, users of Coinbase, a major bitcoin and cryptocurrency exchange, weren’t able to get in on the action as the exchange crashed just as the price of BTC started its ascent.

According to various media reports, the exchange was offline for about an hour. According to the exchange’s website, the connectivity issues lasted from 16:14 – 16:58 PDT on the 1st of June 2020.

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Coinbase system outageSource: Coinbase

According to Coinbase, the system issues were caused due to observing increased latency. The exchange did commence an investigation into the issue, however, the exchange has not disclosed any further information.

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The importance of Coinbase

The issues at Coinbase are magnified due to the importance of the exchange, as it is the largest US crypto exchange and the largest bitcoin holder among exchanges with almost 1 million bitcoin.

According to The Block, a crypto news and analysis site, which carried out recent research, Coinbase holds more than double the amount of bitcoin than Huobi, a Singapore-based exchange, and Binance in Malta.

Volatility puts pressure on trading systems

However, Coinbase is not alone in experiencing system outages at critical times. In fact, a number of trading providers have been experiencing platform issues amid higher levels of trading activity in recent months, driven by COVID-19 volatility.

As Finance Magnates reported, in March Robinhood experienced a system-wide outage, which left many users unable to access their accounts. After an investigation, the cause of the outage was found to be stress on its infrastructure—which struggled with an unprecedented load. That, in turn, led to a “thundering herd” effect—triggering a failure of the company’s DNS system.

On the 21st of May 2020, IG Group also experienced a system-wide outage. At the time, clients of IG Group were reporting problems when using the firm’s trading terminals. Several users complained about problems logging into or using the broker’s platforms, as well as having trouble reaching help phone lines. 

One day later, the online trading provider again experienced technical issues, in which client positions were not appearing on its platform, the company said at the time.

Source: https://www.financemagnates.com/cryptocurrency/exchange/coinbase-experiences-technical-issues-as-btc-price-soars/

Blockchain

IRS gets access to crypto exchange Circle’s user data, targets Kraken next

Shortly after getting a court authorization to obtain records of cryptocurrency exchange Circle’s customers, the US Internal Revenue Service (IRS) is now seeking to get access to similar data from trading platform Kraken.

The post IRS gets access to crypto exchange Circle’s user data, targets Kraken next appeared first on CryptoSlate.

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Shortly after getting a court authorization to obtain records of cryptocurrency exchange Circle’s customers, the US Internal Revenue Service (IRS) is now seeking to get access to similar data from trading platform Kraken.

“Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer,” said acting assistant attorney general David Hubbert of the Justice Department’s Tax Division, adding, “The Department of Justice will continue to work with the IRS to ensure that cryptocurrency owners are paying their fair share of taxes.”

Earlier this week, a federal court in Massachusetts approved the IRS’s request to serve a John Doe summons on “Circle Internet Financial Inc., or its predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC (collectively ‘Circle’).”

With this move, the IRS wants to identify the U.S. taxpayers who transferred $20,000 or more via transactions that involved cryptocurrencies between 2016 and 2020. According to the regulator, it needs the exchanges’ documents to check if those crypto traders are paying their taxes in full.

“Tools like the John Doe summons authorized today send the clear message to U.S. taxpayers that the IRS is working to ensure that they are fully compliant in their use of virtual currency,” said IRS Commissioner Chuck Rettig, adding:

“The John Doe summons is a step to enable the IRS to uncover those who are failing to properly report their virtual currency transactions. We will enforce the law where we find systemic non-compliance or fraud.”

Kraken is next in line

After Circle, the Department of Justice has filed a similar request for the tax regulator with the United States District Court for the Northern District of California, seeking to reveal customer records from Kraken.

However, this time around, the court denied the initial filing, arguing that it is “overboard” and the IRS needs to narrow down its request, The Block reported yesterday.

Namely, the court stated that “complete user preferences,” “any other records of Know-Your-Customer due diligence,” and “correspondence between Kraken and the User or any third party with access to the account pertaining to the account” are all too “broad categories of information.”

The judge’s order reportedly said:

“Any such response must specifically address why each category of information sought is narrowly tailored to the IRS’s investigative needs, including whether requests for more invasive and all-encompassing categories of information could be deferred until after the IRS has reviewed basic account registration information and transaction histories.”

Now, the IRS has until April 14 to refile a new “narrowly tailored” version of its request.

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Source: https://cryptoslate.com/irs-gets-access-to-crypto-exchange-circles-user-data-targets-kraken-next/

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Blockchain

Cryptocurrency exchange volumes surpassed $1 trillion for second month in a row in March

Crypto exchange volumes surpassed $1 trillion in March — the second consecutive month that volumes have reached thirteen figures.

The post Cryptocurrency exchange volumes surpassed $1 trillion for second month in a row in March appeared first on The Block.

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Crypto exchange volumes surpassed $1 trillion in March — the second consecutive month that volumes have reached thirteen figures.

According to data compiled by The Block, spot trading volumes for March totaled $1.17 trillion. That’s a 5% decrease from February’s all-time high volume of $1.23 trillion. 

A breakdown of March’s crypto-only exchange volumes shows that 65% of it came from Binance, 18% from Huobi, and 15% from OKEx. 

March’s total for fiat exchange volumes was $406.51 billion. The top three crypto exchanges with fiat support were Coinbase (with 22% of the volume), Upbit (21%), and Kraken (11%). 

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Source: https://www.theblockcrypto.com/linked/100346/cryptocurrency-exchange-volumes-one-trillion-march?utm_source=rss&utm_medium=rss

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Blockchain

A comprehensive regulatory overview of the United Arab Emirates


Quick Take

  • The UAE recently introduced a new and comprehensive regulatory framework for digital assets.
  • With its regulatory advances, the UAE is likely to set new standards for digital assets in the West Asia region, given the synergies with its highly beneficial regulatory environment for private individuals and businesses alike.
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Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.


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Source: https://www.theblockcrypto.com/genesis/99945/regulatory-overview-uae?utm_source=rss&utm_medium=rss

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Blockchain

KuCoin Test Network Kratos Beta Officially Ends

KuCoin, one of the world’s top cryptocurrency exchanges, announces that their KuChain team is bringing Kratos beta network to the next stage of development. The team shares gratitude with the community who participated in the beta launch.  The official statement on KuCoin’s blog assures the community that the Kratos beta laid the foundation for important […]

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KuCoin, one of the world’s top cryptocurrency exchanges, announces that their KuChain team is bringing Kratos beta network to the next stage of development. The team shares gratitude with the community who participated in the beta launch. 

The official statement on KuCoin’s blog assures the community that the Kratos beta laid the foundation for important developments that are taking place on KuChain. 

With that said, KuCoin Community Chain (KCC) officially made its way into stable development and is expected to deploy in the first half of 2021. 

KCC is a high caliber decentralized public blockchain created by KuCoin. The reason behind this technology is to provide a more seamless and efficient experience for people who want to interact with the blockchain. 

KuChain was proudly developed based on Ethereum. Therefore, KCC will be completely integrated with Ethereum and will be ERC-20 compatible. It’s important to note,however, that KuCoin Token (KCS) will still be the sole payment accepted for gas on KCC.

KuCoin extends gratitude to their community, and are eager to share updates as the development process continues. 

About KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 6 million users in 207 countries and regions around the world. In 2018, KuCoin has secured $20 million in Round A funding from IDG Capital and Matrix Partners.

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Source: https://www.cryptoglobe.com/latest/2021/04/kucoin-test-network-kratos-beta-officially-ends/

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