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Huobi to roll out fiat gateway in Turkey

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Cryptocurrency exchange, Huobi seems to be headed towards global expansion as the platform recently expanded its services to Argentina as it launched an OTC desk further enabling users to purchase cryptocurrencies with the Argentina Peso. Previously in June, the exchange had revealed its intentions of making its way into the Turkish market. The latest announcement from the exchange affirmed the same and revealed that it would launch a fiat gateway with access to about 250 digital assets.

The exchange had restrained from revealing any information about the same during the June announcement, however, the exchange would officially detail its layout at the Eurasia Blockchain Summit in Istanbul. Turkey has been known for being crypto-friendly for quite some time now and its Eleventh Development Plan reveals that the country intends to develop a blockchain-based centralized currency system.

Huobi’s EMEA regional president, Mohit Davar detailed the same and revealed to the media outlets that the exchange had collaborated with one of the local banks in order to construct initial infrastructure while complying with the regulations. Even though Davar didn’t disclose the name of the bank, he asserted that an official announcement about the same would be revealed in December.

Davar further added,

“I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision. That is always to make sure that we have the right checks and balances, particularly when it comes to KYC and AML.”

Furthermore, Davar explained that the transactions would be initiated between Turkey’s currency, Lira and USDT. Soon after this once the users acquire Tether through their bank accounts, trading would be made available on Huobi Global.

In a recent interview, Livio Weng, Huobi Global’s CEO revealed that the platform had initiated discussions with the Turkish Ministry of Industry and Technology. Weng stressed on the “development of blockchain and DLT as priorities for the coming years.”

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

Chayanika Deka

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Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.