Coinplug Launches Trading Platform and Begins Trading Bitcoin Cash
Coinplug, a top Bitcoin brokerage and service provider in South Korea has launched a new exchange platform. The trading platform has listed several crypto currencies including Bitcoin, Bitcoin Cash, Ether, and Litecoin. Before this launch, existing customers could not be credited with Bitcoin cash. Actually, it wasn’t supported on any platform owned by Coinplug.
Coinplug’s new trading platform will be referred to as Coinplug Digital Asset Exchange (CPDAX). Expounding more on the new step, the platform released a statement stating that they “now offer Bitcoin cash (BCH), Bitcoin (BTC), Ethereum classic (ETC), Ethereum (ETH) and litecoin (LTC). Expect the addition of more crypto currencies in the near future.”
The South Korean company was established in June 2013 and has over the years evolved to provide numerous Bitcoin services. Among these services include a 2-way ATM, bitcoin gift card, a wallet, a brokerage and merchant payment processor.
The Bitcoin gift card is known as Okbitcard and can be bought at 7-11 as well as Ministop convenient stores. It’s also available at Nautilus Hyosung Bank ATMs. The total number of South Korea stations selling this card adds up to 10,000.
Several investors have joined Coinplug including SBI Asset Management and Tim Draper. The company has also struck deals with KB Kookmin and several other top banks in the country. These partnerships have to do mostly with personal identification system and remittances. The decision to support Bitcoin cash first came to the public domain on August 10 but the company didn’t give details as to when trading would start. Neither did it state as to when customers would get credited with the new cryptocurrency.
Coinplug only guaranteed its customers that a 1:1 ratio to their Bitcoin holdings would be used in crediting Bitcoin cash. This announcement now explains that after creating a CPDAX account, customers will be availed with Bitcoin cash balance that is same as their Bitcoin balance as of 1st August 2017. CPDAX trades all its digital assets against Korean won (KRW). All customers will not be automatically enrolled into the trading platform due to security and legal challenges.
“You will have to personally create new accounts and move your assets and funds from your current Coinplug account,” detailed Coinplug.
In other interesting news, the exchange BTC-e has gone back online under the .nz domain. However, most United States residents are still unable to access the website.
As at the moment, only those living in the U.S can access the site. Among the things that customers can do include checking balances and use the toolbox for chatting. A quick look at the discussions in the chat reveals that most customers are concerned mainly with how they are able to access their funds and inquiring whether the FBI was investigating the website.
The site also comes back with a “FAQ” page in which customers can use tickets to raise concerns and get warnings regarding phony BTC-e sites. The site has also presented several recommendations including changing your security settings so that the FBI is limited to the amount of data they can collect.
“The seizure of our customer data only signifies that it may have been compromised. Please adjust your security settings to stop the Feds from further advancing their agenda,” read a statement from BTC-e.
Irritated customers have been informed that withdrawals will begin around 15th September for those who need their funds back. After having faced a host of issues with the U.S. law enforcement, BTC-e has made the decision to resume operations but under new management. Going by its latest update, the reins of power may have been taken by a new company that is complacent with the regulator’s standards.
This acquisition is set to be settled as of mid-September after an audit is performed in accordance with the European AML/KYC guidelines. There will also be a help desk to assist customers who faced challenges in the earlier transfer.