Another crypto exchange hits our headline this week. Let’s take a look at our trending stories.
OKex Suspends Withdrawal Operations
OKEx, one of the largest cryptocurrency exchanges, has suspended withdrawal of all cryptocurrencies. The exchange explained that it suspended its operations because it has “been out of touch” with one of its private key holders. The exchange explained that they are currently cooperating with a public security bureau in investigations.
The exchange explained that all its other functions remain normal and stable on the website. They also added that the security of clients’ assets will not be affected. OKEx reportedly plans to resume withdrawals once the key holder authorizes transactions.
In their official statement, the company explained:
“We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”
The founder of OKEx, Xu Mingxing, was reportedly taken away by police for custody.
Ternio Joins Visa’s Fast Track Program
Ternio recently joined Visa’s Fast Track as a cryptocurrency-focused enablement partner. This new partnership is intended to help fintech to introduce crypto-friendly payments systems in their operations. Terry Angelos, Visa’s Global Head of Fintech, had this to say about the partnership:
“We are excited to partner with Ternio as a cryptocurrency-focused enablement partner that can help fintech of all sizes access the reach, scale, and security of the Visa network…. Our work with Ternio is a stepping stone in that evolution and we look forward to further supporting them on their journey.”
Daniel Gouldman, CEO & Co-Founder, added:
“Ternio is the leader in white-label technology for companies in the cryptocurrency space and we’re thrilled to deepen our partnership with Visa to further drive interoperability between blockchain and legacy financial systems. By becoming part of Visa’s FastTrack program, Ternio will be able to further accelerate and scale our existing Visa card programs while simultaneously offering a suite of additional services.”
This partnership is yet another step to bridge the gap between traditional fiats and cryptocurrencies. Ternio already has other debit card programs that include the Litecoin Card. This is under the partnership with Litecoin Foundation and its BlockCard debit card platform.
Spain’s New Crypto Bill
The Spanish government has approved a new bill that requires all crypto owners to disclose their crypto holding. This is including any gains on their assets. The bill, entitled “Law on preventive measures to combat tax avoidance”. This is a further step with attempts by the government to seek greater control over cryptocurrencies in the country. According to Maria Jesus Montero, the Minister of Finance and a government spokesperson, the new bill is part of a bigger plot to curb tax fraud. The bill will:
“Oblige citizens to provide detailed information on balances and transactions carried out inside and outside of Spain.”
If approved, all digital asset owners will be required to report the acquisition of cryptocurrencies, exchanges, transmission, collections, payments, and any activities surrounding their use. It will also ban cash business transactions higher than 1000 euros. Previously, the country had set the limit to 2500 euros.
The bill came days after members of Spain’s lower house of congress received an equivalent of 1 euro in cryptocurrency in their email to promote the use of cryptocurrencies in the country. The cryptocurrencies were sent to all the 350 members of Spain’s lower house by Tutellus. Tutellus is a decentralized platform looking to tokenize education technology. Miguel Caballero, the Tutellus founder, explained:
“We have explained to your honorable members that we are in a time of profound change in the use of money, in addition to highlighting the important role that cryptocurrencies have today.”
Crypto Cruise Ship ‘Satoshi’ set to sail
The Crypto Cruise Ship, popularly known as Satoshi, is getting ready to set sail from the Mediterranean to Panama. According to Chad Elwartowski, the COO of Ocean Builders, the company behind Satoshi, the ship will make Panama bay its home. He added:
“We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier.”
The ship is 811 feet long with 12 decks and 777 cabins. It has three restaurants, two cafes, a juice bar, two pools, a water park, and four whirlpools. Notably, Bitcoin, the US dollar, and other currencies will be used to pay for any goods and services on the ship.
Members of the public can own part of the ship by registration and taking part in an auction scheduled between November 5 to November 28. The company plans to sell 200 cabins in the first sale, which will cost between $25,000 and $50,000. Buyers will move into their new condors next year in January and will be required to pay a monthly fee to cover any expenses.