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Kraken users demand refunds over flash-crash liquidations

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Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22.

Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase.

However, it appears that a combination of weak buy support and cascading liquidations resulted in particularly heavy losses on Kraken — with BTC falling 22% to less than $45,000 while ETH declined 64% to find support at just $700.

The public reaction on subreddit r/Krakensupport has seen many traders voice their frustrations. Some traders are even threatening to organize legal action against the exchange, with Reddit-user “dtk6802” claiming to have lost the majority of their life savings amid the flash-crash:

“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded.” 

However, the fallout appears for some has extended beyond losses and into debt, with Reddit-user “GoEers304” claiming their balance indicates they now owe Kraken money as a result of the flash-crash.

“Somehow I now owe them 120 dollars. How does an account go into the negative? I had plenty in margin to cover all the other platform drops, but who can cover a 90 percent bogus drop?” they said.

Despite calls for compensation for the flash-crashes from Kraken’s users, social media commentary suggests the exchange will not be refunding traders for their losses.

To protect against wholesale liquidations in the event of sudden and localized flash-crashes, many crypto derivatives platforms have long used an index price to determine margin calls.

While other platforms similarly suffered sharp flash crashes, with Ether in particular falling on Nexo, The trading platform has indicated on Twitter they will refund users for losses incurred during the dip:

Liquidations have not been rare amid the recent crypto price volatility. On Feb. 15, a roughly 11% drop in the price of Ether caused $1.89 billion worth of liquidations across the broader crypto markets. The majority of sa liquidations took place on Binance, with $336 million worth of Ether and $55 million worth of BTC being wiped from users’ balances. 

Source: https://cointelegraph.com/news/kraken-users-demand-refunds-over-flash-crash-liquidations

Blockchain

Google’s Policy to Allow Cryptocurrency Ads Kicks In

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Earlier in June, Google revealed that it would update its Financial products and services policy to once again allow cryptocurrency businesses to advertise through its search engine. Now, the changes take effect.

  • As CryptoPotato reported earlier in June, Google had revealed that they plan to update the Financial products and services policy.
  • Yesterday, the update kicked in, and cryptocurrency businesses can once again advertise through its platform.
  • However, there are still some requirements to be considered.
  • Only cryptocurrency exchanges in the US are allowed to promote their businesses through Google. They have to be registered with the Financial Crimes Enforcement Network (FinCEN) and also to comply with all relevant legal requirements and Google Ads policies.
  • Some restrictions still remain for cryptocurrency companies associated with Initial Coin Offerings (ICOs), DeFi trading protocols, and so forth.
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Source: https://cryptopotato.com/googles-policy-to-allow-cryptocurrency-ads-kicks-in-today/

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Bingbon Partners with Paxful Expanding Fiat-to-Crypto Instruments

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[PRESS RELEASE – Singapore, Singapore, 4th August 2021]

Bingbon.com – Derivatives-based social trading platform Bingbon has partnered with Paxful, a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange.

As a result, users can take full advantage of Paxful’s fiat to crypto network directly on Bingbon’s trading platform.

Not only will Bingbon users be able to fund their accounts directly with local fiat currency using Paxful’s nearly 400 payment methods, but they also have access to a one-stop crypto derivatives trading platform.

Without a doubt, this joint initiative between Bingbon and Paxful creates new trading opportunities for users. Aside from Bitcoin, traders can obtain other cryptocurrencies with a large variety of different fiat currencies. Paxful’s Bitcoin Virtual Banking allows users to find sellers who meet the criteria of their Bitcoin trading needs instantly. Further to that, users can conduct payments quickly through Paxful on Bingbon.

“Crypto accessibility is key in order to spur adoption and highlight its use case as a means of exchange. That is why we’re thrilled to partner with Bingbon to make trading cryptocurrency even more seamless to their millions of users,” said Ray Youssef, CEO, and co-founder at Paxful.

All in all, the partnership is intended to provide users of Bingbon with access to multiple new payment options through the Peer-to-Peer marketplace offered by Paxful. The integration has the general objective of simplifying and facilitating access to digital assets for users worldwide, which reflects Bingbon’s mission of accelerating digital finance by technology.

“We are glad that we’ve integrated with Paxful. For Bingbon, this means introducing and exposing our users to a new trading experience. Bingbon users can find nearly 400 different ways to buy digital assets via Paxful. All of this is in line with our goal to make the crypto market more accessible to everyone.

Furthermore, we will be able to penetrate the Latin American market even more aggressively than before.” said Elvisco Carrington, Communications and Partnership Manager at Bingbon.

About Bingbon

Founded in 2018, Bingbon is a crypto social trading exchange that offers both cryptocurrency spot & derivatives trading services. As a crypto social trading network, Bingbon is committed to giving users access to smarter cryptocurrency trading strategies and ensuring users invest in a simple, engaging, and transparent way.

About Paxful

Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with almost 400 different payment methods.

Ray Youssef, co-founder, and CEO of Paxful set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built six schools (two in Rwanda, two in Kenya, and two in Nigeria), multiple water projects, and cultivated dozens of farms. The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.

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Source: https://cryptopotato.com/bingbon-partners-with-paxful-expanding-fiat-to-crypto-instruments/

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Circle and Unstoppable Domains Introduce Usernames for USDC Transfers

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Circle, the blockchain company behind one of the most popular stablecoins – USDC, plans to simplify user experience and USDC transfers in different apps and exchanges. To do so, the company has introduced usernames for wallets through a partnership with the domain name provider – Unstoppable Domains.

Circle Introduces USDC Usernames

In a press release shared with CryptoPotato, Circle announced the partnership with the DLT-based domain name provider. Thus, the fintech firm will implement “simple and easily-readable” usernames for payments involving its own stablecoin – USD Coin.

They will replace the “lengthy alphanumeric wallet addresses,” which could confuse some users. As a result, customers will be able to easily transfer USDC across the growing number of applications, exchanges, and wallets utilizing the stablecoin.

Both parties admitted that they looked to other payment processors like PayPal and Venmo, where usernames have simplified transactions. Unstoppable Domains pledged to implement such usernames to more than 30 wallets and exchange partners of Circle to “accelerate decentralized peer-to-peer transactions.”

“USDC has grown dramatically in the last year, fueling commerce and payments activity across the Internet. With Unstoppable Domains’ .coin usernames, sending USDC becomes just as easy as sending an email. We believe this is a major step forward in making USDC payments accessible for all.” – commented Circle’s Senior Vice President of Marketing – Josh Hawkins.

Matthew Gould, Founder and CEO of Unstoppable Domains outlined the significant growth of stablecoin usage in the past few years. He added, “simple usernames combined with dollar-pegged stablecoins take the fear and risk out of spending crypto.”


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Recent Circle Developments

Apart from the initiative described above, the blockchain company recently announced other significant developments. Circle partnered with the global financial services giant Mastercard to trial USDC settlements.

Before that, the firm highlighted plans to follow the example of Coinbase and become a publicly-traded company. It intends to do so through a merger with a Special Purpose Acquisition Company (SPAC) called Concord Acquisition Corp, and the total valuation is at $4.5 billion.

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Source: https://cryptopotato.com/circle-and-unstoppable-domains-introduce-usernames-for-usdc-transfers/

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