Twitter ($TWTR) Ban May Have Taken Toll on Crypto Market, Japanese Exchanges to Shut Down and Bitfinex Seeks a New Home
Bitcoin (BTC) is sitting at just under $7500 USD at press time, with the total crypto market cap around $275 billion USD. Outlets such as Cointelegraph speculate that the recent Twitter ban on crypto ads may be an influence on trading prices.
"Twitter's move made it the third tech giant to outlaw cryptocurrency advertising in 2018, following Facebook and Google respectively. The knock-on effect on Bitcoin and altcoin prices has been tangible, with BTC/USD at its lowest point this year with the exception of a momentary dip below $6000 Feb. 6."
Nikkei reports today that two Japanese cryptocurrency exchanges, Tokyo GateWay and Mr. Exchange, are shutting down amid the Financial Services Agency (FSA) crackdown.
"Tokyo GateWay and Fukuoka-based Mr. Exchange are withdrawing their applications to register with Japan's Financial Services Agency as exchange operators. The FSA on March 8 ordered both to improve their data security and other safeguards after they were found to be lacking."
The FSA requires exchanges to register with the agency in addition to compliance with new regulations.
"A law that took effect last April requires cryptocurrency exchange operators to register with the FSA. Sixteen have done so, while another 16 were allowed to continue operating while their applications were under review.
The five exchange operators that have decided to pull out of the business are all part of this latter group, as is Tokyo-based Coincheck, from which hackers stole around 58 billion yen ($532 million at the time) in the virtual currency NEM in January."
It was reported today in German-language Swiss newspaper Handelszeitung that cryptocurrency exchange Bitfinex is planning to relocate from Hong Kong to Switzerland. This follows news that the world's largest cryptocurrency exchange, Binance, will also be relocating from Hong Kong to Malta. Bitfinex CEO Jean-Louis van der Velde affirmed the company's desire for a new home.
The head of Bitfinex, Jean-Louis van der Velde, confirms the facts: "We are looking for a new home for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations." There have already been several meetings with the State Secretariat for International Financial Affairs (SIF) and an exchange with Federal Councilor Johann Schneider-Ammann, the head of the Department of Economic Affairs.