OKCoin becomes the first global cryptocurrency exchange

OKCoin becomes the first global cryptocurrency exchange to be licensed in Japan

Cryptocurrency company OK Group opens a new trading platform in Japan. As noted by Bitcoinist, it is the first global cryptocurrency exchange to be licensed by a local regulator. OK Group brings together brands such as OKCoin and OKEx.

According to the publication, OKCoin Japan Co. Ltd. headquartered in Tokyo, has completed the registration of its legal education and is ready to provide virtual asset exchange services to local traders. The company states that it has always strived to operate in accordance with the requirements of the Financial Services Agency (FSA) and the Japan Virtual Currency Exchange Association. OKCoin also completed the preparation of measures to protect users and their assets.

“The license issued today, despite the difficult situation with the coronavirus in Tokyo, was a significant approval for us,” said John Feng, CEO of OKCoin. - It demonstrates not only the interest of the regulator in the crypto industry, but also the support provided by OKCoin Japan. This is the first license this year and the first ever that the global cryptocurrency exchange managed to obtain through the usual registration procedure. "

The company noted that it is working on a commercial application of the blockchain in collaboration with local partners. In addition, she intends to announce a set of special services for institutional clients.

OKCoin Japan will support most of the major digital assets, including Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash. At the launch stage, the possibility of working with traditional currencies is not provided.

In December 2019, OK Group announced its intention to invest $ 140 million in the development of the blockchain industry in China.

Note that the Huobi cryptocurrency exchange also operates in the Japanese market. In her case, the license was obtained not through regular registration with the FSA, but through the acquisition of a local licensed site BitTrade.

Media: Cambrial Capital Crypto Fund Closes Amid Negative Market Dynamics

Cambrial Capital, a cryptocurrency-focused fund of funds, is shutting down, CoinDesk writes, citing two sources familiar with the situation. The fund manages assets ranging from $ 6 million to $ 10 million.

“We don't talk about our products publicly because we are a regulated entity,” said David Fauchier, investment director at Cambrial Capital. "Any answer we have to pass through our regulatory filter, and now we're a little busy."

Cambrial Capital opened in 2018 and is regulated by the UK Financial Conduct Authority. Sources say the fund's team is respected in the industry, but the coronavirus 'black swan' hasn't spared it either.

A fund of funds collects investments for reallocation among a variety of other funds with different management strategies. Teams like Cambrial Capital practice arbitrage, market making, OTC trading, and other tactics. Sometimes such funds, due to their diversified strategy, are considered independent of the market, however, cryptocurrency investments in any case carry a significant degree of risk.

Earlier it became known about the closure of the Adaptive Capital fund, which, presumably, lost about half of its assets during the market crash in mid-March.

In addition, one of the investors complained about the non-payment of funds by Cryptolab Capital. According to him, when he contacted the fund to request a withdrawal, he was informed of "100% loss of assets and liquidation of the company."

CEO of AAX Exchange Predicts Imminent Recovery of Crypto Market

According to the CEO of the AAX exchange, Tor Chan, the cryptocurrency market will overcome all problems and will soon recover.

Now a lot of problems have accumulated, among them such as the spread of the coronavirus and the collapse of stock indices. They have had a negative impact on the crypto market.

Bitcoin could not withstand the pressure and collapsed along with other coins. However, the industry will overcome all these problems and make a new breakthrough.

The AAX CEO emphasized:

In times of panic, investors left the markets in search of cash. The cryptocurrency market suffered along with the rest of the markets. However, in the coming weeks and months, we will see the crypto market start to grow.

Tor Chan believes that Bitcoin and other digital currencies will rise in value due to the policies of the governments of several countries, which reduce interest rates. Institutional investors will act as the second main driver of cryptosphere growth, the head of the trading platform noted.

A similar point of view was previously expressed by one of the most ardent supporters of bitcoin, co-founder of Morgan Creek Anthony Pompliano. He also, like Tor Chan, believes that the arrival of institutional investors in the crypto market will trigger a surge in the value of BTC and other digital currencies.