2nd Vancouver exchange, ezBtc, in turmoil
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2nd Vancouver exchange, ezBtc, in turmoil
Vancouver's David Smillie left a high-flying television career and caught the crypto-wave. Now his Bitcoin exchange ezBtc is accused of owing more than C$60 million. (Facebook)
In a long-form piece in The Tyee, I reveal the rise and tumultuous path of ezBtc, a Vancouver-spawned exchange that has barred new registrants after being accused of owing more than C$60 million.
Its founder, the Vancouverite David Smillie, left a high-flying television career in 2016 and caught the crypto-wave. Now users say his exchange is refusing to process their withdrawals. Smillie, who denies the allegations, is marred in lawsuits, his prized company under siege.
Sound familiar? It was a similar story with the ill-fated QuadrigaCX, also from Vancouver.
Also, I write in the Globe and Mail that our current system of paper court rulings and judgments comes with high costs and inefficiency, and that the solution is blockchain.
The good folks at the Globe let me use a Game of Thrones reference at the end, and I’m grateful.
World: new U.S. rules; China on Tron-Buffet
U.S. regulators are likely to issue new cryptocurrency rules to ensure they don’t disturb the financial system, although it is unknown when.
Tron’s Justin Sun, a Chinese blockchain pioneer, has put off a high-profile charity lunch with the billionaire cryptocurrency skeptic Warren Buffett and grovelingly apologized in Chinese for “over-marketing.” Sun’s contrition sounds similar to that of other Chinese public figures, who publicly apologized amid criminal investigations.
Turns out, every company Facebook says is backing its Libra cryptocurrency has signed only “a nonbinding letter of intent,” said the chief executive of Visa. “So no one has yet officially joined.” Meanwhile, the United Kingdom wants to probe Libra, and Facebook is being accused of stealing the code for the cryptocurrency.
The owner of the New York Stock Exchange will release Bakkt the third quarter of this year. Bakkt provides a Bitcoin-backed futures contract, a mainstream investment instrument.
Bitcoin price: bullish momentum on low
Bitcoin may fall further, its bullish momentum falling to five-month lows, analysis shows. The world’s largest cryptocurrency is at $9,491 (C$12,519) as of noon Sunday, Eastern Time, down nearly 10 per cent for the last seven days. Bitcoin spent the week in decline, despite a small bump on Wednesday that sent it above the $10,000 psychological barrier.
Canada: CoinLaunch in trouble in Ontario
The Ontario Securities Commission regulator has settled with the Toronto-area CoinLaunch Corp. for an initial coin offering (ICO), over allegations the firm traded securities without being registered. The company, which advises on launching ICOs, is winding down.
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