EXMO Cryptocurrency Exchange: History, Functionality, Positive and Negative Sides

The market of digital currencies, for a rather short time of its full-fledged existence, has acquired a sufficiently developed infrastructure. One of the most important elements of this infrastructure can be called cryptocurrency exchanges, which provide holders of digital cryptocurrency assets the opportunity to exchange one coin for another or for fiat money from each other.

Today, there are dozens of different online cryptocurrency trading sites. There are different ratings and ratings of these services, however, the list of cryptocurrency exchanges in terms of daily trading volume on Coinmarketcap is generally accepted and perhaps the most authoritative. It is this indicator that leading exchanges proudly voice in support of why cryptocurrency operations are best carried out on their sites. Today we will talk about # 45 in this list – the popular and controversial cryptocurrency exchange EXMO.

Content:
(please, click the topic to scroll down to it)

1. A brief history insight

2. EXMO financial performance

3. EXMO functionality, positive and negative aspects

4. Conclusion

 

1. A brief history insight

EXMO was founded in 2013 by entrepreneurs from the CIS (the union of the majority of the former Soviet Union countries) and it was not their first cryptocurrency experience. Before that, they had already launched an online cryptocurrency exchanger. In fact, however, the exchange started operating a bit later. According to Coinmarketcap website, the exchange opened in April 2015. Today, the British company EXMO Finance LLP that manages the exchange has its offices in several cities throughout Europe: London, Kiev, Barcelona, and Moscow. The exchange presents itself as truly international service, as it has its website and user-interface available in 12 languages. Even Romanian, Ukrainian and Turkish languages are among them.

In the first years, EXMO gradually increased the number of its users, developed the functionality, and finally managed to become one of the market`s largest cryptocurrency exchanges in 2017. That year was full of different news related to EXMO. In October 2017, the blockchain specialist Pavel Lerner, who was believed to be one of the exchange`s co founders, was kidnapped in Kiev (Ukraine). In its official statement, the exchange confirmed that Pavel was an employee of the company, but did not report that he was one of the EXMO top management. Fortunately, after a huge ransom in the Bitcoins had been paid, Pavel was released.

In addition, in 2017, Russia`s Federal Service for Supervision of Communications, Information Technology and Mass Media made a complaint against EXMO that was satisfied by the court of St. Petersburg. As the result, the access to EXMO in Russia was banned. However, the team immediately developed a scraper website with the domain name .me instead of .com on the main website, and the Russian users actually retained the opportunity to use EXMO.

Despite those incidents, 2017 was rather successful for EXMO. Like the whole cryptocurrency market, the exchange experienced a significant increase in almost all possible aspects – the number of available cryptocurrency pairs increased, the exchange started operating on the markets of Ukraine and Poland (Ukrainian hryvnia (UAH) and Polish zloty (PLN) were added to the available fiat money), the number of active traders and users increased significantly (900,000 users in December 2017). Besides, there was a huge platform redesign and the number of exchange partners increased. Today, EXMO claims to have more than one and a half million users.

2. EXMO financial performance

Today, according to CoinMarketCap, EXMO daily trading volume reaches approximately $24 million, and the exchange is rated #45th. EXMO used to be among top-10 cryptocurrency exchanges by daily trading volume, and every day about thirty thousand Bitcoins used to be traded on EXMO. Today, these figures are much lower, but still quite significant.

EXMO facilitates access to cryptocurrency exchange for the Eastern European market not only because its interface is available in Russian, Ukrainian, Polish and Romanian, but also because the Russian ruble, Ukrainian hryvnia, and Polish zloty are available on EXMO for trading. Considering that the majority of modern cryptocurrency exchanges have basically only the US dollar, euro, and the Chinese yuan, a fairly large market of Eastern Europe and the CIS is often left behind. EXMO provides an opportunity for traders from Russia, Ukraine, Poland, and other countries to trade digital coins in exchange for their national currency.

3. EXMO functionality, positive and negative aspects

Today, the exchange has more than a hundred cryptocurrency pairs, but not all of them are really active. Registration of clients is quite simple, and verification is not required. However, after verification users can get additional functionality.  EXMO has not developed an official mobile application yet, but traders can use mobile version of the website, as well as some unofficial third-party mobile applications connected to the exchange (at their own risk). Funds can.be deposited on the exchange using a large number of services such as VISA/Mastercard, OKPAY, Perfect Money, Payza, etc. Users can also replenish their accounts with  cryptocurrency – Bitcoin and Bitcoin Cash, Litecoin, Monero, Zcash, Ripple, Dogecoin, Ethereum and Ethereum Classic, etc.

In 2017 EXMO attracted much more users than it used to have and the increased load on the infrastructure raised a number if technical issues. Therefore, the necessary modernization was carried out to ensure that the exchange operates smoothly. Today, the following cryptocurrency and fiat pairs are the most active on EXMO: BTC/USD, BTC/RUB, XRP/USD, and ETH/USD.

Despite the sufficient functionality and multilingualism, EXMO has a number of negative reviews on various Internet resources. And the reason is that the exchange does not always manage to provide the necessary conditions for security and user support. In addition, many forums are overflowed with complaints related to the delays in depositing and withdrawing funds, and some users claim to have lost their assets at all. There are also those who blame  EXMO for frauds with user balances. Anyway, it is difficult to say that EXMO has an spotless reputation, which is in fact rather necessary for any service dealing with virtual currency.

4. Conclusion

So, anyway, EXMO cryptocurrency exchange remains the fairly popular platform, especially in Eastern Europe and the countries of the CIS. The functionality is good enough and easy-to-use, which is especially relevant for beginners. Many people have the opportunity to explore the functionality of the exchange on their native language, hence the user-interface is translated to more than ten languages. Perhaps, nearly all cryptocurrency traders from Russia or Ukraine are familiar with EXMO. Therefore, there are lots of comments and reviews left by thousands of people throughout the Internet. And there are both positive and, quite often, negative ones, in fact. Rather long list of cryptocurrency pairs, a number of fiat money available, easy-to-use functionality can not always balance the problems with the movement of user funds transfers: input and output, exchange, and storage of cryptocurrency on user balances. EXMO is no longer among the top 10 exchanges by daily trading volume but nevertheless it remains quite popular, especially in those countries where the exchange helps users exchange digital coins for their national currency.

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The Cofounder of the Infamous Cryptocurrency Exchange QuadrigaCX Turned Out to Be a Convicted Criminal

The digital assets exchange platform QuadrigaCX has recently become an epicenter of various scandals and controversies. We have already reported earlier about another cofounder of the exchange Gerald Cotten.

Cotten died in the age of 30, leaving his wife and the exchange employees with massive amounts of missing money and the total confusion in the financial situation on the platform, considering the fact that he mixed his own funds with the funds of Quadriga.

However, now the exchange has to deal with an even more serious issue. It is suspected that the second cofounder of QuadrigaCX, Michael Patryn changed his name to escape criminal prosecution.

According to the report made by Bloomberg, Michael Patryn might be the same person as Omar Dhanani, a person suspected of committing multiple offenses in the United States.

Allegedly, Dhanani changed his last and first name in 2003 and 2008 correspondingly, after being convicted in multiple crimes, including credit card scams, identity theft, burglary, larceny, and receiving a 18-month sentence in federal prison.

Michael Patryn denies all the accusations and claims that Omar and him are two completely different people.

However, he failed to provide any decent proof of his activities starting from the early 2000s. Patryn only mentioned that he worked for various crypto-related businesses during that time period.

The Canadian authorities are currently investigating the situation at the exchange QuadrigaCX, regarding both the financial troubles caused by Gerald Cotten and the accusations against Michael Patryn or Oman Dhanani.

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Japan Released New Rules In Crypto Margin Trading

Japan is a progressive country in terms of economy, as well as cryptocurrency regulation. This time Japanese financial authorities have released a new set of rules regarding crypto margin trading.

Margin trading is a strategy that allows a trader to buy more stocks than you can afford on money borrowed from a broker (similar to loan).

The Cabinet of Japan approved draft amendments to Japanese financial instruments and payment services laws on Friday. In fact, they will limit leverage in virtual currency margin trading at two to four times initial deposits. Such restrictions are a common practice in foreign exchange trading.

All crypto exchanges throughout the country are bound to get governmental registration. This type of registration will differ from that adopted in 2017, which was mostly focus on preventing money laundering. However, these rules make exchange operators be monitored in a way similar to securities traders to protect investors.

These crypto exchange operators will be classified into categories to differentiate those who involved in margin trading from those who issued ICO tokens. This will help to distinguish unsavory offerings that are similar to frauds or Ponzi schemes and protect investors from losing their money. The new rules will come into force in April 2020. All margin cryptocurrency exchange operators have to be registered within 18 months of that date.

Such a time limit is set to take down unregistered “quasi-operators” which conduct operations without governmental approval. A senior FSA official said:

“We intend to motivate operators to do what they can to become registered.”

We remind you

Japan’s Biggest Bank Is Not Going To Create Its Own Cryptocurrency: Fake News Is Not Confirmed

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American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

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Winklevoss’ Brothers Said “Crypto Doesn’t Need Rules”, What About Crypto Companies?

Winklevoss twins are one of the most influential crypto personalities in the modern world. They are multi-millionaires with their own exchange – Gemini – and own dollar-pegged Gemini coin. It is no secret that the brothers have supported crypto since the beginning of it, but now they promote crypto regulation which confronts with the idea of crypto as well as with their billboard slogans. What happened?

Crypto Needs Or Doesn’t Need Rules

The twins are known for deconstructing the stereotypes and the myths that surround crypto in the public. They want to change the image of crypto that has been plagued with scams, hacks, frauds. However, their billboard slogan “Crypto Needs Rules” was criticized by Bitcoin users as the main meaning of crypto is to transfer money or digital assets without having to trust anyone.

Source: Bitcoinist

Cameron Winklevoss said that some people wondered why Gemini believes that the crypto revolution needs rules. He responded:

“Crypto doesn’t need rules, but the companies built on top of it do.”

Cameron also cited a part of report regarding to the defunct QuadrigaCX exchange which lost millions of dollars.

In order to prevent cases like QuadrigaCX and Mt.Gox, the latter’s CEO was sentenced to 2 years and six months in prison, the companies that provide custodial services of customers assets should be regulated. Furthermore, Winklevoss pointed out that these cases as well as other incidents could have been preventable if there was a proper management of the company, in particular, “proper rules and thoughtful regulation”.

We remind you

The Gemini Dollar of Winklevoss Brothers Is Officially Approved

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TOP 5 Most Convenient Applications To Use And Work With Cryptocurrency

Cryptocurrency is one of the most promising and growing industries in our modern world. It is becoming more and more valuable to our society, as well as to the nations’ economies and banking systems, since people prefer more convenient ways of trading and transferring money. We therefore offer you to look at top 5 apps that the most convenient in using and working with crypto.

1. Keymano

Keymano is a top wallet that provides a customer with a myriad of opportunities. It’s very convenient, fast and secure. Managing crypto or fiat money through Keymano wallet is easy. Using Keymano wallet anyone can sell, buy or send crypto on the go. It is user-friendly and straightforward.

Connect Keymano Card and Wallet to get even more functions. This Card allows you to make payments online and in-store. Moreover, the user can withdraw cash at any ATM terminal.

Keymano is a fully-featured product which not only simplifies managing crypto but also creates more ways to use it. With Keymano any transaction (from buying coffee to money exchange) is simple and always available in any part of the whole world. Having Keymano you can:

  • pay with crypto in any part of the world;
  • pay with BTC, ETH, etc;
  • manage multiple currencies in one App;
  • pay online or in-store using Keymano Card.

2. 365Сash

365Cash is a platform that provides services to users in different countries by organizing P2P transfers of digital assets. By the time of publication, the platform overcomes 850,000 cryptocurrency swaps. Such a big number extols this platform over others on the market. The service also possesses the following features:

  • Its own large ecosystem which uses nodes for cryptocurrencies and works automatically.
  • The most favorable rates for customers. The service earns on the difference in sales rates due to a large flow of customers and hedging the risks of cryptocurrency fluctuations.
  • Fully automatic system of receiving and paying funds to customers using the most popular payment system in Russia – Qiwi.
  • In future, it is planned to expand the pool of available cryptocurrencies.

3. Quppy 

Quppy is multicurrency payment system with unique cross-platform applications.The wallet provides users the ability to share crypto assets via different accounts inside one single wallet as far as within a decentralized storage system. By the end of the month, users will be able to withdraw money in euro. The platform also have some interesting features:

  • Sharing all your crypto assets through various accounts on one single platform.
  • Superior security for users based on blockchain technology.
  • Fast cryptocurrency exchange and instant transactions;
  • Multicurrency support including Bitcoin, Bitcoin Cash, Litecoin, etc.
  • Integration of Nexo – a service of the world’s fastest instant credit.

4. Chatex

Chatex is a platform that makes transfers, exchanging or paying for goods much more easier for every customer. Cryptobanking facilitates access to the use of cryptocurrency for those who have never had a cryptocurrency wallet and who do not want to understand difficult passwords, 12 words, etc. The service eliminates the possibility of loss of big passwords or phones, since it allows you to regain access during a personal appearance to the certification center. Unique feature are:

  • The wallet is protected by an additional PIN-code and in exchange transactions between people.
  • Instant internal transfers without commissions. Instant purchase with any VISA/MC.
  • Respond quickly to digital assets management requests from your smartphone.

5. Waves

Waves is revolutionary mobile app which enables users to connect to the network and make transactions. It is a comprehensive, all-in-one app for mobile devices with an absolutely unique feature set that includes a crypto wallet, the Waves DEX, and fiat gateway. The biggest advantages of the platform are:

  • All traffic is encrypted, hence privacy and security are fully provided. Private keys never leave users’ smartphone and are never exposed to the web.
  • Supporting Face ID, Touch ID and Fingerprint scanning.
  • Trading on DEX, with the great tools and charts, it provides access to fiat and crypto gateways, so the customer can deposit, store, trade and withdraw other assets.
  • The customer can send tokens to one’s address book contacts, lease one’s WAVES, receive warnings about suspicious tokens and burn any spam assets he/she doesn’t want.

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The Late CEO of QuadrigaCX Used His Own Money to Pay His Customers

Sometimes when people pass away, they leave their family not only with grief, but also with multiple financial issues. It is especially the case for people who were once engaged in activities involving large sums of money.

It turned out that Gerald Cotten, the chief executive officer of the cryptocurrency exchange QuadrigaCX left quite a mess after his death, which his wife Jennifer Robertson now has to deal with.

Financial hardships of QuadrigaCX

Back in 2018, the Canadian Imperial Bank of Commerce froze the fiat accounts of the exchange and the funds on them due to the suspicious origin of this money.

Meanwhile, the customers of QuadrigaCX still needed the opportunity to withdraw their money, so Gerald Cotten didn’t think of a better way than just using his own personal funds in order to keep the exchange afloat.

While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers,” commented Jennifer, Gerald Cotten’s widow.

Where to get the money?

Obviously, Cotten was not able to repay all the amount of money from his own pocket, so now the exchange is missing around 140 million dollars in cryptocurrencies belonging to over 100 thousand customers.

Moreover, 6 Bitcoin wallets of the exchange turned out to be completely empty.

The representatives of QuadrigaCX applied for creditor protection soon after Cotten’s death, and the court appointed the company Ernst&Young to try and find at least some of the missing money. So far, it hasn’t made any particular progress.

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