December 12th, 2018
In today’s edition of The Daily we cover another cryptocurrency venue that now requires verification from traders, the latest exchange to update the BCH ticker since the recent hard fork, a new solution for reporting crypto taxes for cannabis merchants, and a new way in which founders are demonstrating commitment to their crypto businesses.
CEX Requests Papers Please
London-based exchange CEX.io has notified its users that verification has now become mandatory for anyone wishing to trade on the platform. Holders of unverified accounts will have to choose between passing the verification process or withdrawing their funds.
The company has reassured clients that it’s a straightforward process, using the mobile app to submit a photo of either an international passport, a national ID card, or a driving license. They insist that the stored personal information is subjected to encryption for enhanced security.
The CEX.io team explained: “We believe that this update will help us provide you with an even more secure trading environment and even better trading opportunities. On our side, we’ll continue improving our platform to make the crypto world more accessible.”
Okex Updates BCH Ticker
Hong Kong-based cryptocurrency exchange Okex has announced that it will update the ticker of Bitcoin Cash following the ABC chain from BCHABC to BCH, and change that of Bitcoin SV from BCHSV to BSV on Thurs. Dec 13, 2018 (at 5 a.m. CET).
At the same time, spot trading of BCHABC and BCHSV will also be suspended. All remaining balances of the original BCH futures will be settled, and the asset will be removed from clients’ accounts. The spot trading services of BCH and BSV are expected to resume after just two hours. With this move, Okex falls in line with the rest of the industry, which set the same trend following the recent hard fork.
Cannabis Industry Gets Crypto Tax Tech
A new partnership between two technology providers promises to make the crypto tax reporting process more simple and straightforward for cannabis shops in the U.S. This is due to the integration of Node40’s cryptocurrency accounting platform into Alt Thirty Six, a blockchain payments platform designed for the cannabis industry.
The two companies say their partnership enables retailers to stay tax-compliant and within the law, while the IRS will be aided in receiving the taxes it’s due to the growing legal marijuana industry.
Perry Woodin, Chief Executive Officer of Node40, commented: “With the many cryptocurrency transactions Alt Thirty-Six facilitates, our solution will make it simple for them to maintain accurate reporting and sound compliance. With this partnership, Node40’s Balance platform is expanding its reach to serve enterprise clients, in addition to individual cryptocurrency holders.”
New Crypto Tattoo Trend?
With the current market being what it is, some traders who are too new to have experienced past bear cycles are losing faith. One way for business leaders to demonstrate that they are fully committed and not going anywhere, according to Binance founder Changpeng Zhao, is to get a tattoo.
Last week, CZ showed off getting the Binance logo inked on his arm alongside two friends from the industry. He then joked with readers that the token listing process on his platform will ask promoters if they are willing to tattoo their own logo. “Savage, I know. But I do believe strongly that founders should be fully committed to their project before they do an ICO.”
Following this, CZ said that his marketing team asked if they should run a promotional campaign for Binance tattoos. However, he declined because: “Tattoo is the ultimate demonstration of loyalty, it should not be bought. It has to be voluntary.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.