TOP BITCOIN & CRYPTOCURRENCY NEWS FOR 10-APR-2018

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Former Twitter, Facebook Comms Expert To Serve As VP Of Communications At Coinbase

Coinbase has hired a new Vice President (VP) of Communications, Rachel Horowitz, the cryptocurrency exchange announced Monday, April 9.Horowitz joined Coinbase via Spark Capital, an investor in Coinbase, where she was a partner leading marketing and communications, in addition to acting as an advisor to portfolio founders. 

 Rachel Horowitz said:

 “It has so, so much about what drew me to Twitter when I joined the company… It just feels like this is a very exciting company at a very critical moment. That’s cool for me personally, but that’s very, very interesting from a communications perspective.” 
 Last week, Coinbase announced it was launching a venture fund for new companies in the crypto space. Coinbase stated that they will be, “providing financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way.” 

Japan Revises Registration Rules for Cryptocurrency Exchanges 

 

The Japanese financial regulator has revised its rules and procedures for registering cryptocurrency exchanges following the hack of Coincheck and the inspections that revealed many inadequate security measures of multiple exchanges. The regulator says its aim is to rebuild the crypto industry. 

According to the Sankei Shimbun, the FSA “will strengthen the registration review” process for companies that have applied for registration but have not been approved. These companies, known as “quasi-operators” of cryptocurrencies, have been allowed to operate while their registrations are under review.For registrars that pass the initial examination process, the agency will “proceed with [their] on-site inspections,” the news outlet detailed, adding that:

As a result of the inspection, it is a policy [of the FSA] to strongly seek ‘withdrawal’ from exchange companies that do not show improvement.

 According to Jiji Press, the agency additionally revealed on Friday that another exchange, Campfire, is also “showing a willingness to withdraw its registration application.” 

Tech Bureau and GMO Coin have already received business improvement orders from the agency.  

 “We mainly examine the system of protecting users, the auditing function, which we do not know by reporting alone, whether they are exercising corporate governance by properly separating management and execution,” 

 23 Cryptocurrency Exchanges in South Korea to Self-Regulate, 10 Opt-Out 

 The Korean Blockchain Association is preparing a self-regulatory review of cryptocurrency exchanges operating in the country as well as launching standards for self-regulation. Jeon Jae-jin, chairman of the association’s self-regulation committee, was quoted by Seoul Finance explaining, “We will focus on establishing the safety and transparency of the exchanges.” 

 According to the publication, the member exchanges at the time of this writing are Glosfer, Nexcoin, Neoframe, Upbit, Bithumb, Gopax, Coinlink, Scoin, Okcoin Korea, Whalex, Zeniex, Kairex, Kcx Exchange, Komid, Korbit, Coinone, Coinzest, Coinplug, Crypto Company, Dexko, Korea Encryption, Money Exchange, and Huobi Korea. 

 The Korean Fair Trade Commission (KFTC), which recently ordered twelve crypto exchanges to revise their consumer contracts, has also provided recommendations for the standards. The agency says they should “contain a wide range of disclaimers, restrictions on unauthorized deposits and withdrawals, restrictions on the arbitrary use of services, and corrective clauses on identity and password management,” the publication detailed, adding that:

The association plans to incorporate the [K]FTC’s recommendations in the development of the standard terms and conditions.

 “The exchanges expect that this self-regulatory review will be an opportunity to demonstrate the stability of the exchanges,” Seoul Finance wrote and quoted an official of the association:

Since our affiliates actively cooperate in creating a healthy market, we expect [this action] to lead to new account issuance and market activation.

 Goldman Sachs Exec Leaves To Join Mike Novogratz’s Crypto Merchant Bank, Report Says

 Cryptocurrency merchant bank Galaxy Digital, founded and run by former Wall Street exec Mike Novogratz, will reportedly be hiring Goldman Sachs executive Richard Kim as its new chief operating officer, Bloomberg reported yesterday, April 9.

“Crypto capitalist” Anthony Pompliano posted on Twitter that the “brain drain from Wall Street continues.” 

 Novogratz – who is one of crypto’s richest people in the world according to Forbes – left Wall Street in 2015 after two years of losses at the Fortress Investment Group, having previously served 11 years at Goldman Sachs. He has referred to cryptocurrencies as the “biggest bubble of our lifetime,” noting that “you can make a whole lot of money on the way up, and we plan on it. In Sept. 2017, Novogratz announced plans to start a $500 mln crypto hedge fund, which were later halted in December

 Shares in Novogratz’s Digital Galaxy are reportedly being sold through private placement, as well as through a reverse takeover of shell Canadian pharmaceutical company to be listed on a Canadian exchange –allowing it to not disclose its financials – with the goal of raising around $200 mln, Bloomberg reported in early February. 

 According to Bloomberg, an unnamed source has said that Kim had reportedly been working on setting up a crypto trading desk at Goldman, but had left recently. Goldman Sachs’ CEO had refuted reports that they were opening a crypto trading desk back in January of this year, although the firm has owned a stake in a crypto trading desk since 2015. 

 

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