Crypto.com is a pioneering payment and cryptocurrency company with a mission to accelerate the world's transition to [cryptocurrency](https://iq.wiki/wiki/cryptocurrency).[\[1\]](#cite-id-i87sewgdhzc)  
  
In March 2021, Crypto.com launched a $200 million fund for crypto startups at Seed and Series A stages. Crypto.com Capital has invested in several crypto startups including Genies, a leading avatar, and [Non-Fungible Token (NFT)](https://iq.wiki/wiki/non-fungible-token-nft) company.[\[2\]](#cite-id-m047tcdgnw8)$$widget0 [YOUTUBE@VID](K8qYdD1sC7w)$$  
  
# Overview  
  
Crypto.com's consumer products include the Crypto.com Wallet & Card App, the MCO Visa Card, Crypto.com Chain, as well as Crypto Credit.[\[2\]](#cite-id-m047tcdgnw8)  
  
The company was founded as Monaco Technologies GmbH in June 2016 with Kris Marszalek as CEO. The company announced its rebrand to Crypto.com on July 6, 2018. On October 22, Crypto.com began shipping its MCO Visa Card in Singapore and subsequently on November 16, announced its plan to roll out the MCO Visa Card program in the United States in partnership with Metropolitan Commercial Bank.[\[3\]](#cite-id-bgi713t55oi)  
  
In May 2021, Crypto.com became the first cryptocurrency exchange to announce the use of CipherTrace's Traveler solution, the first commercial solution to enable compliance with global anti-money laundering (AML) travel rule laws.[\[1\]](#cite-id-i87sewgdhzc)  
  
In May, Crypto.com became the first global cryptocurrency platform to receive a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA). A Class 3 VFA License authorizes Crypto.com to provide the following services to experienced and non-experienced investors: execution of orders on behalf of other persons, custodian or nominee services, and dealing on own account.[\[2\]](#cite-id-m047tcdgnw8)  
  
# Crypto.com Exchange  
  
Crypto.com Exchange debuted with the spot trading functionality, with more features and promotions being added to the platform to deliver a suite of trading-related services for both retail and corporate users. Crypto.com Exchange supports trading pairs for cryptocurrencies such as [Bitcoin](https://iq.wiki/wiki/bitcoin) (BTC), [Ethereum](https://iq.wiki/wiki/ethereum) (ETH), Litecoin, USDC, and more, as well as the CRO token - the native currency of Crypto.com Chain.[\[4\]](#cite-id-qudggsqpje)  
  
### Margin Trading  
  
Margin trading on the Crypto.com Exchange allows users to borrow cryptocurrencies on Crypto.com Exchange to trade on the spot market. Eligible users can use the margin loan as leverage to open a position that is larger than the balance of their account.[\[5\]](#cite-id-80bg7lg9ge2)  
  
### Derivatives Trading  
  
The first derivatives product offered on Crypto.com perpetuals perpetuals. Perpetuals enable traders to buy or sell the value of their ‘assets’, whereby the underlying asset itself is never traded, allowing them to better manage risk. Perpetuals do not expire or have a settlement date, and users can hold their positions for as long as needed.[\[1\]](#cite-id-i87sewgdhzc)  
  
### Crypto.com Lending  
  
Crypto.com Lending allows users to borrow against your cryptocurrencies without selling them. Users can deposit them as collateral and take out crypto loansusers'ulfill users financialthem needs, use for Margin Trading on the Crypto.com Exchange, or hedge on other exchange platforms. Institutional users who require more flexibl loan terms, can apply for Lending Pro on Crypto.com Lending. Once the application has been approved, you can enjoy a higher borrowing limit and apply for loans with customized terms when they are available.[\[2\]](#cite-id-m047tcdgnw8)  
  
### Syndicate  
  
The Syndicate is a discounted token offering platform on Crypto.com Exchange, powered by the CRO token. The Syndicate helps projects raise awareness and drive user education. The listing project can provide an allocatif their own token for distribution on the Crypto.com Exchange users with up to a 50% discount. All proceeds from the sale are passed back to the projects. CRO holders receive priority token allocation for these events.  
  
# Crypto.com App  
  
With the Crypto.com App users can buy crypto with their fiat wallets and/or with a credit or debit card. The Crypto.com App supports fiatsral fiat and over 50 cryptocurrencies. Users also can send crypto to Crypto.com App users instantly ithout fees, or withdraw crypto to external wallet addresses with minimal fixed fees. Users can monitor 200+ coins at their fingertips in the coin tracking tab. Metrics available include prices, volume, market cap, % change, and more that are refreshed frequently and up-to-date. The app also presents charts in dual currencies (USD, BTC) and different time frames (8H, 1D, 1W, 3M, 6M).  
  
The Crypto.com App enables users to apply for and manage their Visa Card and enabspending of their cryptocurrency in the online and offline world.  
  
### Crypto Earn  
  
Crypto Earn is offered within the Crypto.com App. Crypto Earn is a product that lets users who want to capitalize on their holdings while retaining ownership. Crypto Earn gives users the freedom to grow their crypto assets and earn up to double-digit interest rates annually on different cryptocurrencies. Crypto Earn supports more than 18 tokens, including Chainlink, PAX Gold, Bitcoin Cash, and Stellar. Crypto Earn also supports stablecoins including TrueUSD, Paxos Standard, and more.  
  
There are three holding term options for users to choose from at the time of deposit: a flexible hola ding term, a 1-month fixed term, and a 3-month fixed term. Once the deposit is confirmed, interest will start to accrue immediately. Users with CRO staked will receive preferential interest rates.  
  
### Crypto Credit  
  
Crypto Credit is offered within the Crypto.com App. With Crypto Credit, users can deposit cryptocurrencies as collateral to borrow a crypto loan. Supported collateral currencies include Bitcoin (BTC), Ethereum (ETH), CRO, Litecoin, Stellar, EOS, Cardano, Algorand, Cosmos, VeChain (VET), Chainlink, and Wrapped Bitcoin (WBTC), with more currencies to be added progressively. After depositing the required collateral, the user will receive the loan instantly in their crypto wallet in the Crypto.com App. Supported loan currencies include Tether (USDT), TrueUSDand, USD Coin, Paxos (PAX). Users with CRO staked will receive preferential loan interest rates.[\[4\]](#cite-id-qudggsqpje)  
  
# Wallet  
  
Crypto.com DeFi Wallet is designed for all levels of crypto users. The wallet supports most major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), CRO, Litecoin, Stellar, Curve DAO Token, and TrueFi (TRU). Users can have more than one wallet and change their wallet networks from Mainnet to Ethereum Testnets in the Crypto.com DeFi Wallet App.[\[3\]](#cite-id-bgi713t55oi)  
$$widget0 [YOUTUBE@VID](s3MxJVprlnc)$$  
  
# Crypto.com DeFi Swap  
  
DeFi Swap is designed to be the best place to swap and farm DeFi coins at the best available rate, leveraging proven and audited protocols, while offering an outstanding incentive program powered by CRO. Liquidity Providers (LPs) are incentivized for contributing to liquidity pools with Triple Yield through Swap-fee Sharing for LPs, CRO DeFi Yield for LPs who also stake CRO, and Bonus LP Yield for LPs of selected pools.[\[5\]](#cite-id-80bg7lg9ge2)  
  
Crypto.com DeFiDecentralizedDefi swap is integrated with the Defi wallet allowing users to exchange tokens directly in the Defi Wallet app.[\[2\]](#cite-id-m047tcdgnw8)  
  
# Crypto.org Chain  
  
Crypto.org Chain is the next-generation public blockchain that enables transactions worldwide between people and businesses. It is also the technology that powers Crypto.com Pay. Crypto.org Chain Mainnet launched in March 2021, with Crypto.org Coin (CRO) as its native currency. Users can stake CRO in Crypto.com Defi Wallet to join delegated proof-of-stake and earn yield.[\[2\]](#cite-id-m047tcdgnw8)  
  
The team chose Tendermint - a byzantine fault-tolerant (BFT) consensus protocol - as the consensus engine for Crypto.org Chain.[\[2\]](#cite-id-m047tcdgnw8)  
  
### CRO Token  
  
The Crypto.com Coin (CRO) token is the native token of the Crypto.org Chain. CRO also powers the overall Crypto.com ecosystem, with utility across payment, trading, and financial services. In February 2021, Crypto.com announced updates to the CRO token distribution, with the goal of 100% decentralization in preparation for the Crypto.org Chain Mainnet launch. Crypto.com has pledged to burn 70 billion CROs (reducing the total supply of the token to 30 billion CROs), with the remaining 5.9 billion CROs to be used as Mainnet block rewards for Chain validators and allocation to Particle B for ecosystem development.[\[2\]](#cite-id-m047tcdgnw8)  
  
# Crypto.com Pay  
  
Crypto.com Pay is a mobile payment service that lets the user pay in and/or receive cryptocurrency anywhere and anytime for free. Crypto.com Pay has a suite of offerings, including Pay Checkout, Pay Gift Cards, Pay Airtime Top-Up, and Pay Your Friends.[\[3\]](#cite-id-bgi713t55oi)  
  
### Pay Checkout  
  
Pay Checkout lets customers check out and pay in crypto and/or merchants to receive crypto as an additional payment option. Pay Checkout interface is easy and intuitive to use for both merchants and customers:  
  
1. The customer pays in crypto by choosing “Crypto.com Pay” on the checkout page at the merchants.  
2. The customer is presented with a QR code and scans to pay - either with Crypto.com App or with a supported decentralized wallet.  
3. The customer’s account is debited. The merchant receives payment instantly in the fiat currency or cryptocurrency of their choice in their business account with Crypto.com.  
  
### Pay Gift Cards  
  
With Pay Gift Cards, Crypto.com App users can shop at worldwide prominent brands with crypto and get cashback in CRO with each purchase. Crypto.com offers gift cards from brands in several different categories including airlines, hotels, games, fashion, food and beverage, general retail, telecommunication, gas and diesel, entertainment, taxi services, and grocery. Users can get Crypto.com gift cards for brands including iTunes, Google Play, Amazon, Starbucks, and Nike among others.[\[2\]](#cite-id-m047tcdgnw8)  
  
### Pay Airtime Top-Up  
  
Pay Airtime is a feature that enables Crypto.com App users to pay for mobile airtime top-ups via Crypto.com Pay in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin, and CRO. With a few clicks in the Crypto.com App, users can top up airtime for mobile numbers offered by over 340 prepaid mobile network operators, including T-Mobile, Vodafone, Airtel, Orange, Verizon Wireless, and others, in over 100 countries.[\[2\]](#cite-id-m047tcdgnw8)  
  
### Pay Your Friends  
  
Pay Your Friends allows users to pay back their friends in crypto and earn rewards by doing so. Users can pay their friends in any cryptocurrency for free. Also if a user pays back a friend in CRO tokens, the sender will be rewarded with up to 10% cash back on the transaction.[\[1\]](#cite-id-i87sewgdhzc)  
  
# Crypto.com VISA Cards  
  
The Crypto.com Visa Card allows cardholders to earn up to up 8% CRO token rewards on all transactions without any annual fees. The cards also offer a variety of perks including 100% CRO token rewards on services including Spotify, Netflix, and Amazon Prime as well as large rebates with several other companies. The top Obisidan card perks also include access to airport lounges, Crypto.com private which has a variety of services for crypto traders, bonus interest, exclusive merchandise, and private jet partnerships.[\[2\]](#cite-id-m047tcdgnw8)  
  
Crypto.com's VISA cards are prepaid cards that the user can top up using bank account transfers, other credit/debit cards, or cryptocurrency. To apply for a Crypto.com Visa Card, a user needs to stake CRO tokens for 180 days. Based on how much CRO tokens they stake, users can qualify for different tiers of VISA cards that offer different perks and rewards: there is the Obsidian card (8% CRO cashback), Icy White and Frosted Rose Gold cards (5% cashback), Jade Green and Royal Indigo cards (3% cashback), Ruby Steel (2% cashback), and Midnight Blue (1% cashback).  The Visa Card can be managed via the Crypto.com App. In the app, users could complete card applications, view card details, track card spending records, receive eligible card rewards, etc.[\[2\]](#cite-id-m047tcdgnw8)$$widget0 [YOUTUBE@VID](BRYEaIGpbkc)$$  
  
# Crypto.com NFT  
  
Crypto.com NFT is a platform dedicated to delivering unique content from popular artists, musicians, athletes, and sports. Artists who've joined the Crypto.com NFT platform include Axel Mansoor, Bag Raiders, BossLogic, Boy George, KCamp, Klarens Malluta with Lionel Richie, Kloud (Dj), Mr. Brainwash, Snoop Dogg, among others. The Crypto.com NFT platform offers a user-friendly buying experience, allowing users to buy NFTs using their credit or debit card, and the option to pay with over 20 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin.[\[2\]](#cite-id-m047tcdgnw8)  
  
### Kinetica  
  
In addition to having a chance to win one of the limited-edition race NFTs, every successful submission will receive a commemorative NFT, with a unique NFT for onsite submissions and a unique NFT for offsite submissions. Submissions close Monday, May 8th, at 11:59 pm EDT. Commemorative NFTs and the limited edition NFTs minted during the race will be awarded within a week following the race.  
  
### Crypto.com signs NFT MoU with Fantagio  
  
According to a press release, a MoU for cooperation in NFTs was signed by general entertainment firm Fantagio and Crypto.com. Through this alliance, the two businesses will work together to promote different NFT entertainment initiatives.  
As their first joint venture, the firms will launch a music NFT in honor of Meta Miu, a metaverse idol. Fantagio and Web3 entertainment platform Fellaz collaborated on the creation of "Meta Miu," a female solo K-pop singer who performs in the metaverse. Members who have subscribed to the Fellaz platform through NFTs will have access to special material, and "Meta Miu" will be governed based on a participant-centered fanbase community.  
On August 11, Crypto.com released five music NFTs of Miu's debut track, "Uptown Boy," on its NFT marketplace. Only one version of the NFT will include the whole song; the other four varieties will each contain various portions of the song. The Fellaz "light stick," which is a subscription to the Fellaz platform, may be obtained by holders of the complete song version NFT or those who have accumulated all of the individual sections of the entire song NFT. This grants access to the site's unique material.  
  
> “Through this MoU, we want to introduce a new fandom culture for the Web3 era, where fans and artists can be directly connected through NFT,” said Patrick Yoon, General Manager of Crypto.com Korea. “We will collaborate with Fantagio to discover new ways for fans around the world to experience K-content.”  
  
Crypto.com One of the biggest NFT platforms in the world, NFT offers unique material from well-known sports teams, players, and entertainers including Snoop Dogg, Boy George, Aston Martin, and the UFC. Through the Crypto.com NFT platform, collectors and enthusiasts may buy and sell NFTs, and Crypto.com Pay makes it simple to pay with credit cards, debit cards, and cryptocurrencies.$$widget0 [YOUTUBE@VID](smqcbvHaPnE)$$  
  
# Crypto.com Capital  
  
Crypto.com Capital, the venture arm of Crypto.com, is dedicated to investing in crypto startups at Seed and Series A stages. Crypto.com Capital will lead seed rounds with cheque sizes between $100,000 and $3 million and Series A rounds from $3 million to $10 million.  Crypto.com Capital is led by Bobby Bao, co-founder of Crypto.com, who said:  
  
> “The motto and operating principle of Crypto.com Capital is “Founders First”. As company builders ourselves, we understand how hard it is to bring game-changing ideas to life. Founders can count on us to move fast and provide both capital and access to a global user base, helping them succeed. If you’re building in this space, contact us today: capital@crypto.com.”  
  
# Partnerships  
  
### Formula One  
  
In March 2021, Crypto.com announced a multi-year partnership with Aston Martin Cognizant Formula One Team to bring exclusive experiences and opportunities to traders and F1 fans. The partnership brings together two dynamic brands which share a passion for technology and speed and places Aston Martin Cognizant Formula One Team at the forefront of cryptocurrency innovation. Crypto.com is the first cryptocurrency platform to sponsor an F1 team.[\[2\]](#cite-id-m047tcdgnw8)  
  
### Visa Principal Membership  
  
In March 2021, Crypto.com announced a global partnership with Visa that also includes principal membership in Visa's network in Australia. The partnership will advance Crypto.com’s ambition to accelerate the adoption of crypto payment solutions around the world by expanding the reach of the Crypto.com Visa Card. In addition, Crypto.com is announcing plans to roll out fiat lending with crypto collateral via the Crypto.com Visa Card. Having been granted Visa principal membership, Crypto.com will begin direct issuance of the Crypto.com Visa Card in Australia. Crypto.com has also started offering virtual cards in Europe, allowing users to instantly start spending without waiting for the physical card to be in hand.[\[4\]](#cite-id-qudggsqpje)  
  
### Lega Serie A  
  
In May 2021, Crypto.com partnered with the Lega Serie A on the occasion of the 2021 Coppa Italia Final, which will see Atalanta B.C. challenge Juventus F.C. on May 19, at the Mapei Stadium in Reggio Emilia. To commemorate the event, a special NFT collection will be made available including the official trophy, match highlights, and more.[\[4\]](#cite-id-qudggsqpje)  
  
# Team  
  
### Co-Founders  
  
* Kris Marszalek - Co-Founder and CEO  
* Bobby Bao - Co-Founder & Head of Corporate Development  
* Rafael Melo - Co-Founder and CFO  
* Gary Or - Co-Founder and Founder of Particle B  
  
### Other Senior Management  
  
* Eric Anziani - COO  
* Jason Lau - CISO  
* Matthew Chan - CTO  
* Antonio Alvarez - CCO  
* Brent Diehl - Chief Business Officer  
* Mariana Gospodinova - General Manager, Europe  
* Steven Kalifowitz - CMO  
  
### Advisory Board  
  
* Antoine Blondeau (Alpha Intelligence Capital) - Chairman of the Advisory Board  
* Chris Corrado (London Stock Exchange Group) - Trading Technology  
* Dimitri Tsamados (Eric Salmon & Partners) - Talent  
* Rob Bier (Trellis Asia) - Organisation Design & Scaling

Crypto.com is a pioneering payment and cryptocurrency company, formerly known as Monaco Technologies GmbH. 

Crypto.com

Upbit is one of the largest centralized [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchanges by trading volume in Asia. The platform was established in South Korea and is the largest cryptocurrency exchange by volume in South Korea. Upbit allows users to purchase over 170 cryptocurrencies via fiat deposits, or trade their existing crypto assets.[\[1\]](#cite-id-z5j3pexf0s)[\[4\]](#cite-id-v9smbnbp95l)[\[5\]](#cite-id-3ssiu4i4f3k)  
  
On March 22, 2018, Upbit launched its UBCI (Upbit Crypto Index), a standard index that measures market conditions by suggesting a standard on coin quotes with the aim to make it easy for investors to understand overall market trends.[\[2\]](#cite-id-q0ilp0reb87)[\[3\]](#cite-id-cws9y4g27x)  
$$widget0 [YOUTUBE@VID](Mha3Le-PY8Y)$$  
  
# History  
  
In October 2017, Upbit was launched by Kakao in partnership with American exchange Bittrex to support stable Virtual currency trading. This allowed them to start trading with over 100 different [altcoins](https://iq.wiki/wiki/altcoin). At the time of their launch, this was the largest number of [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) offered by a Korean exchange.[\[2\]](#cite-id-q0ilp0reb87)[\[4\]](#cite-id-v9smbnbp95l)  
  
On March 22, 2018, it was announced that Upbit developed UBCI (Upbit Crypto Index), Korea's first cryptocurrency index.[\[3\]](#cite-id-cws9y4g27x)  
  
In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS) and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018).[\[6\]](#cite-id-iwmupn1jot)  
  
In September 2018, the first Upbit Developer Conference (UDC) was held and hosted 600 companies and 7,000 attendees. Since then, this has been an annual event.[\[7\]](#cite-id-x5lm6ve3h8)  
  
On September 17, 2021, Upbit obtained the first virtual asset service provider (VASP) qualification. And as a result, a new customer verification system was implemented to comply with the Specific Financial Information Act.[\[8\]](#cite-id-gcqmzn1o32q)  
  
# Features  
  
On Upbit, users are able to interact with the platform over their mobile devices; this is similar to how users interact with Kakao's stock trading app, Kakao Stock. On the Kakao Stock platform, Korean [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) owners can trade digital assets within Korea's Kakao Talk messenger app. In addition, Upbit also provides an internal BitGo wallet, as well as the option to use Kakao's Mobile payment solution KakaoPay for added security.[\[9\]](#cite-id-g4u5f1rxq3f)  
  
Upbit is made available on both Desktop and mobile (iOS and Android) and it is accessible through any standard Web browser.[\[9\]](#cite-id-g4u5f1rxq3f)  
$$widget0 [YOUTUBE@VID](LZa-VEiUZn8)$$  
  
## Products  
  
* **Upbit Hot Wallet**: The digital wallet is used to store digital assets and is compatible with the ecosystem of apps that comes from Kakao Corp.  
* **KakaoTalk**: A messaging service with millions of active users, KakaoPay is the second-largest payment system in South Korea. This turns the leading exchange into a behemoth.  
    The brand also has an open API service that can be used to get real-time information and study the cryptocurrency marketplace.  
  
# Upbit Developer Conference(UDC)  
  
The Upbit Developer Conference (UDC) is the largest blockchain conference in Korea. The global [blockchain](https://iq.wiki/wiki/blockchain) conference is hosted by Dunamu Inc. and is designed to further facilitate and expand the blockchain ecosystem.[\[7\]](#cite-id-x5lm6ve3h8)  
  
Since its first conference held in 2018, the UDC has transformed from a developer-centered meeting into one of the most awaited international conferences for developers, industry professionals, experts, students, and enthusiasts interested in blockchain technology.  
Speaking about the conference, [Travis Moore](https://iq.wiki/wiki/travis-moore) Co-founder of [IQ.wiki](https://iq.wiki/wiki/iqwiki) (formerly [Everipedia](https://iq.wiki/wiki/everipedia)) said:  
  
> Unlike a lot of traditional crypto conferences, UDC is actually focused on blockchain infrastructure which is something I think we really need.  
  
$$widget0 [YOUTUBE@VID](aa8Lw0G5Zlw)$$  
  
## UDC 2018 ( September 12-14, 2018)  
  
Upbit Developer Conference 2018 lasted from September 13-14. 2018 in Jeju Island with the slogan "Proof of Developer," and was focused on promoting the latest [blockchain](https://iq.wiki/wiki/blockchain) technology.[\[10\]](#cite-id-pcm988smhhe)  
  
## UDC 2019 ( September 4-5, 2019)  
  
Upbit Developer Conference 2019 (UDC 2019) was held on September 4-5, 2019 in South Korea’s Grand Hyatt Incheon with the theme ‘Proof of Services’. The event featured in-depth presentations on how various platforms, solutions, and services are bringing blockchain technology into the mainstream.[\[11\]](#cite-id-pfd4bl4506)  
  
## UDC 2020 ( November 30-December 4, 2020)  
  
UDC 2020 was a five-day online-only event geared towards blockchain developers and was broadcasted via the official UDC YouTube channel. UDC 2020 was themed 'return blockchain future; (Solving the Future with Blockchain)’, with the coding term ‘return’ representing the conference’s focus on the value blockchain technology will bring in the future.[\[12\]](#cite-id-rzlrhy6uhop)  
  
## UDC 2021 ( September 3-4, 2021)  
  
The 4th Upbit Developer Conference (UDC 2021) hosted by Dunamu Inc. was held in Seoul under the theme of ‘Welcome to the Blockchain World’. UDC 2021 was a two-day conference held online that covered the growing blockchain industry. The event received 8,000 preregistrations and around 65,000 total views.[\[13\]](#cite-id-ih1n4j27xp)  
  
## UDC 2022 ( September 22-23, 2021)  
  
UDC 2022, a two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, was held at the Busan Port International Exhibition ＆ Convention Center in person after two years of pandemic disruptions. The theme of the 2022 event was “Imaging Your Blockchain Life” and covered popular blockchain topics including non-fungible tokens, the metaverse, [Web3](https://iq.wiki/wiki/web3), and [smart contracts](https://iq.wiki/wiki/smart-contract).[\[14\]](#cite-id-g6hg53k7f)

Upbit is one of the largest centralized cryptocurrency exchanges by trading volume across South Asian crypto markets.

Upbit

**FTT** is the native token of [FTX](https://iq.wiki/wiki/ftx), a cryptocurrency exchange backed by [Alameda Research](https://iq.wiki/wiki/alameda-research). FTT was used to reduce trading fees on the exchange, also served as collateral against futures positions, or could be staked to earn interest and get a chance to win [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) by its holders.[\[3\]](#cite-id-3zjn6j58mfv)  
  
In November 2022, following the collapse of [FTX](https://iq.wiki/wiki/ftx) and the exchange filing for bankruptcy, the FTT token saw a decrease of 97.6% from its previous all-time high of $84.18 per token which it saw on September 9, 2021. [\[4\]](#cite-id-ciuqd04u2dn)$$widget0 [YOUTUBE@VID](VbGCUuZHSoA)$$  
  
# Overview  
  
FTT was issued by [FTX](https://iq.wiki/wiki/ftx), the crypto exchange founded by [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and [Gary Wang](https://iq.wiki/wiki/gary-wang) in May 2019. A year after its launch, the exchange introduced the FTT which operated on the [Ethereum](https://iq.wiki/wiki/ethereum), [Solana](https://iq.wiki/wiki/solana), and [Binance Chain](https://iq.wiki/wiki/binance-smart-chain) [blockchains](https://iq.wiki/wiki/blockchain).  
  
FTT was made to give holders FTX-based rebates when they traded on the exchange or leveraged FTX OTC. Anyone holding between $1 million to $5 million worth of FTT could get automatically upgraded to a VIP status if they used both services. As of May 2022, FTX offered a 3% trading discount to holders of more than $100 in FTT. For those who own more than $5 million worth of the token, these discounts increased to 60%.[\[7\]](#cite-id-zzmtobshdh)  
  
FTT launched with a total supply of 350 million tokens.  
  
## Token Allocation  
  
| Allocated To | 100% |  
| ------------ | ---- |  
| Backstop Fund | 5% |  
| Safety Fund | 5% |  
| FTT Liquidity Fund | 20% |  
| Team Tokens | 20% |  
| Adviser Tokens | 5% |  
| Company Tokens | 25% |  
| Ecosystem Fund | 10% |  
| User Acquisition Fund | 10%[\[6\]](#cite-id-cw53f9gvnel) |  
  
# Utility  
  
## Token Burn  
  
At the platform’s inception, it was decided that 33% of all trading fee revenue generated on FTX would be dedicated to the FTX Token Burn. As FTX grew and more fees were generated, the amount of FTT burned increased until half of the original supply of 350 million FTT is destroyed.[\[14\]](#cite-id-0pwotih66d6n)  
  
## Collateral  
  
The FTT token was used as a means of collateral for futures positions and margin trading.[\[15\]](#cite-id-g3agm9ufm8g)  
  
## Discount on Trading Fees  
  
Holders of the FTT token were able to get discounts on FTX trading fees, increased commissions on referrals, and earned rewards.[\[16\]](#cite-id-0pwotih66d6n)  
  
## OTC rebates and Burn  
  
Traders who hold enough FTT received rebates from all of their OTC trading on FTX. There was also a repurchase and burning of FTT based on OTC volumes and revenue from the [FTX](https://iq.wiki/wiki/ftx) OTC portal, which is powered by [Alameda Research](https://iq.wiki/wiki/alameda-research).  
  
## Socialized Gains  
  
FTX had an insurance fund that was to be used in case of large market volatility to protect its trader's funds. Therefore, in the case of a large increase in the insurance fund, FTT holders would receive a pro-rata bonus on their FTT holdings from the insurance fund.[\[11\]](#cite-id-fnndz4kw9mq)[\[12\]](#cite-id-5rqjxzoievw)  
  
# Burning  
  
## Buy & Burn FTT  
  
For the platform to keep its deflationary nature, [FTX](https://iq.wiki/wiki/ftx) implemented a burn mechanism. FTX announced it would buy and burn FTT equal to one-third of all exchange fees, which includes 33% of fees generated on FTX markets, 10% of net additions to the backstop fund (Socialized Gains), and 5% of fees earned from other uses of the [FTX](https://iq.wiki/wiki/ftx) platform. All fees burnt excluded promotional discounts, payment processor fees, referral fees, and third-party costs associated with such revenue.[\[5\]](#cite-id-fluu5mpialg)  
  
As of November 16, 2022, FTX has burnt a total of 21,104,887 FTT out of the circulating supply of 328,895,112 FTT.  
  
# Staking  
  
FTX also offered its users the opportunity to stake their [FTT](https://iq.wiki/wiki/ftt) tokens and earn. Unstaking FTT took 14 days. Stakers were allowed to pay a fee to unstake their FTT immediately. Staking FTT offered its users the following benefits:  
  
* Higher referral rates. Referrers who staked FTT received a higher income from their referees’ fees.  
* Maker fee rebates. These users accessed maker fee rebates.  
* Free [NFTs](https://iq.wiki/wiki/non-fungible-token-nft). Stakers had an opportunity to get free NFTs.  
* Bonus votes. Users were offered bonus votes in the polls.  
* Waived fees. Stakers received many free [ERC-20](https://iq.wiki/wiki/erc-20) and ETH withdrawals daily.  
* IEO participation. The platform provided tickets for IEOs on [FTX](https://iq.wiki/wiki/ftx). [\[8\]](#cite-id-n02pee3r0jm)[\[13\]](#cite-id-ohl2byx0zdi)$$widget0 [YOUTUBE@VID](z33VvqWH-fA)$$  
  
# FTT Token Crash  
  
In November 2022, [FTX](https://iq.wiki/wiki/ftx) was accused of using customer funds, leading to its native FTT token crash and the [FTX](https://iq.wiki/wiki/ftx) bankruptcy.[\[9\]](#cite-id-guhjrv0a4sr)  
  
Changpeng Zhao, the CEO of [Binance](https://iq.wiki/wiki/binance), tweeted on November 6 that he was planning to sell off Binance’s FTT funds because of “recent revelations that have come to light,” referring to the CoinDesk report of FTX and Alameda’s balance sheet. Zhao’s announcement led to a rapid decline in FTT’s value over the next day. Bankman-Fried said in a tweet on November 10 that the platform saw $5 billion in withdrawals on November 6.[\[19\]](#cite-id-nr3p1jf0ie)  
$$widget0 [YOUTUBE@VID](AbgRB3arCpY)$$

FTT is a cryptocurrency of the FTX ecosystem.

**StrikeX Ltd.** also registered as **TradeStrike BVI** is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) and [blockchain](https://iq.wiki/wiki/blockchain) financial services company based in the British Virgin Islands and London, United Kingdom. The company began by launching a cryptocurrency token built on the Binance Smart Chain in 2021, and has since created multiple cryptocurrency products including a [cryptocurrency wallet](https://iq.wiki/wiki/cryptocurrency-wallet), and a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange), and is expected to release a multi-asset trading platform by the end of 2022. TradeStrike's main platform is said to be one of the earliest tokenized asset trading platforms.[\[1\]](#cite-id-cqvrxr5nqc)[\[2\]](#cite-id-lmelndrxnp)  
  
## History  
  
TradeStrike was founded in March 2021, by Joe Jowett and Kishan Vadgama following the 2021 GameStop short squeeze, as a result of frustrations over the retail investment landscape.[\[3\]](#cite-id-pbbity4buvh)[\[4\]](#cite-id-p3m9uhayktl) The company initially launched a token built on the [Binance Smart Chain](https://iq.wiki/wiki/binance-smart-chain) in April 2021 called "Strikecoin".[\[5\]](#cite-id-9ccikyhvurc) The token was then migrated to a new contract and renamed to the "StrikeX token" as part of the launch of TradeStrike's first official product, "TradeStrike Lite", a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) where users were able to stake the StrikeX token and receive interest on their holdings.[\[6\]](#cite-id-7tqr2ljane5)[\[7\]](#cite-id-oxv75nyp6s)  
  
In October 2021, TradeStrike integrated [Chainlink](https://iq.wiki/wiki/chainlink)'s Price Feeds into their DEX platform.[\[8\]](#cite-id-58mgnkf8ics) The following month, the team hired Rob Clark as their chief technical officer.[\[9\]](#cite-id-lef5i4kf4rk) It was also announced that TradeStrike hired SafeMoon's former CTO Thomas Smith, as a blockchain advisor. However, was dismissed by the company after the SafeMoon fraud allegations uncovered by Stephen Findeisen in April 2022.[\[10\]](#cite-id-0b9dz6rzav4k) As part of the wider community, a "StrikeX song" performed by HÅLO and Cooli Carlito was released on February 13, 2022.[\[11\]](#cite-id-e88mwdqdsdh)[\[12\]](#cite-id-1h4whp8kixsj)In June 2022, TradeSrike CEO argued that the blockchain technology sector is growing rapidly and that the UK cannot "afford to ignore it" in light of persuading the UK government]] to consider the UK as a global crypto hub.[\[13\]](#cite-id-w6pgy24nspj) TradeStrike also provide blockchain technology under their subsidiary "StrikeX Technologies Ltd."  
  
In early 2022, TradeStrike announced that they were working on a [cryptocurrency wallet](https://iq.wiki/wiki/cryptocurrency-wallet).[\[14\]](#cite-id-ueejf5f40tr) The wallet was officially released on September 29, 2022, and provided users with a portfolio performance tracker and direct purchase of crypto with Apple Pay and Google Pay.[\[15\]](#cite-id-l7nxonld7qr) Although it was noted for not having an integrated in-app browser, the team confirmed that it will support this in a future update whilst also announcing that a browser extension version of the wallet is in the works. As part of the wallet release, StrikeX also upgraded their decentralized exchange "TradeStrike Lite", and renamed it to "TraDex". TraDex was later integrated into the StrikeX wallet in an update.[\[16\]](#cite-id-nnef4c7q9he)[\[17\]](#cite-id-qp3mv0pzfw)  
  
TradeStrike's CCO Kishan Vadgama stated that the team is currently working on the flagship product, a multi-asset trading platform utilizing tokenization technology that allows users to trade 24/7, outside the hours of the typical trading day.[\[18\]](#cite-id-4mpduvz65hv)[\[19\]](#cite-id-qk83b0vej4) It is expected to offer a diverse asset range, including cryptocurrencies, stocks, as well as other real-world & digital assets. Unlike standard trading platforms, this removes the need for multiple accounts on various platforms and allows for a diverse portfolio without added effort or costs. It is expected to be released early 2023.[\[1\]](#cite-id-cqvrxr5nqc)[\[2\]](#cite-id-lmelndrxnp)  
  
## Team  
  
* **CEO** \- Joe Joewett  
* **CCO** \- Kish Vadgama  
* **CTO** \- Rob Clark  
  
**Wider team**  
  
* Jason Butler  
* Sam Taylor  
* Mark Mandalorian  
  
## Products  
  
### StrikeX Token  
  
StrikeX (**STRX**) is the native utility token of the blockchain-powered eco-system, built by TradeStrike. Although it is currently built on the Binance Smart Chain, it is being utilised as the native asset underpinning TradeSrike's growing eco-system, enabling StrikeX to deliver utility. The token currently implements a 3% sales-tax where 0.5% of all STRX sells are sent as BNB to a dedicated buy-back and burn wallet, this is used to buy STRX on the open market, which is then burnt, 1.5% of all STRX sells are automatically sent to the STRX/BNB liquidity pool to reduces volatility as the STRX token grows and the remained 1% of all STRX sells are sent as BNB to a dedicated STRX marketing wallet, allowing STRX to scale up exposure as it grows. The token currently has a [CertiK](https://iq.wiki/wiki/certik) score of 80/100.[\[20\]](#cite-id-7lk7lhy0ajd)  
  
### StrikeX Wallet  
  
TradeStrike BVI officially launched its mobile crypto wallet on September 29, 2022. The wallet “enables retail investors, as well as the 10,000+ holders of its $STRX utility token, to track their portfolio’s performance via a mobile app. The wallet was noted for supporting a variety of crypto ecosystems including [Bitcoin](https://iq.wiki/wiki/bitcoin), [Ethereum](https://iq.wiki/wiki/ethereum), [BSC](https://iq.wiki/wiki/binance-usd) and [Solana](https://iq.wiki/wiki/solanart) [blockchains](https://iq.wiki/wiki/blockchain). Users of the StrikeX wallet are be able to swap, track and even purchase crypto directly with fiat currencies through Apple Pay and Google Pay. This improves accessibility for those who wish to purchase $STRX or other tokens on a number of ecosystems.  
$$widget0 [YOUTUBE@VID](bmWHpc1DC-Y)$$  
  
### TradeX  
  
Initially called **TradeStrike Lite**. TradeX, a portmantaeu of "Trade" and "Dex" is the official [decentralised exchange ](https://iq.wiki/wiki/decentralized-exchange)by StrikeX. As TradeStrike Lite, the dex was released in October 2021 after the migration of the StrikeCoin token to StrikeX. TradeStrike Lite was officially upgraded to TradeX in November 2022, it allows users to swap, track & stake assets straight from the DeFi Exchange without KYC.[\[22\]](#cite-id-bvodc2kanf)  
  
**Website:** http://app.strikex.com  
  
### TradeStrike  
  
TradeStrike is the flagship product of StrikeX expected to be released in Q1 2023. It is a multi-asset centralised exchange. The platform will be utilizing tokenization technology that allows users to trade 24/7, outside the hours of the typical trading day. It is expected to offer a diverse asset range, including cryptocurrencies, stocks, as well as other real-world & digital assets. Unlike standard trading platforms, this removes the need for multiple accounts on various platforms and allows for a diverse portfolio without added effort or costs. It is expected to be released early 2023.  
  
## Community  
  
### StrikeX Lounge  
  
The StrikeX lounge is a StrikeX news YouTube channel founded by Dalen aka CryptoHodlson. It was the first community place with the purpose of discussing everything related to StrikeX. After the growth of StrikeX Lounge, CryptoHodlson became a part of the StrikeX team and the teams official YouTube channel was rebranded to the StrikeX Lounge. CryptoHodlson remains as the main host of the YouTube channel with Joe, Kish and other team members appearing on the channel in regular AMAs and updates.  
$$widget0 [YOUTUBE@VID](pDRSqBpXrg0)$$  
  
### TradeStrike Tools  
  
TradeStrike Tools, created by TheSkyFloor, is a community led tools and resources to help people discover and utilize the TradeStrike platform before, during, and after it’s launch.  
It contains multiple features such as a Relative Price Comparison function, Top 10% wallet tracker, Holder statistics, Token Tax Tracker, as well as supply statistics.[\[21\]](#cite-id-at6hp4hxeow)  
  
**Website:** https://www.tradestriketools.com/  
  
### Community Songs  
  
**HÅLO x Cooli Carlito - StrikeX Song (2022)**  
  
$$widget0 [YOUTUBE@VID](wHijJmJbDro)$$  
**Cooli Carlito - Baby I got StrikeCoin (2021)**  
$$widget0 [YOUTUBE@VID](zGOL5NuG9cA)$$  
  
<br>  
<br>  
<br>  


StrikeX Ltd. also registered as TradeStrike BVI is a cryptocurrency and blockchain financial services company based in the British Virgin Islands and London, Un...

StrikeX

Coinbase is a centralized cryptocurrency exchange platform for buying, selling, transferring, and storing cryptocurrencies.

Coinbase

Binance is a Centralized global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. 

Binance

BakerySwap (Founded in 2020) is a decentralized protocol offering a Decentralized Exchange (DEX) and automated market-making (AMM) on the Binance Smart Chain. The ticker symbol is BAKE and the total supply is 144,606,918. BAKE Tokens enables one to earn a share of trading fees and also participate in BakerySwap’s voting[\[2\]](#cite-id-ofekz9ikap)[\[3\]](#cite-id-pp1u8s72jgp)[\[4\]](#cite-id-f7qxjvjzx7).  
   
BakerySwap is inspired by Uniswap, a popular DeFi (Decentralized Finance) network. It’s similar to Uniswap but cheaper and faster[\[5\]](#cite-id-xxah12kljft)[\[6\]](#cite-id-w8pyybn7vc).  
  
# Overview  
  
![Screenshot_2020-10-29-BakerySwappng.png](https://ipfs.everipedia.org/ipfs/Qmeyx2c7HmdPgyqp8EqTtdfGWxRYsEECGgyqYqpnEYdKJy)*BakerySwap Launchpad*  
BakerySwap is developed by an anonymous team. The team claims to have the interest of Decentralized autonomous organizations (DAOs) at heart. As such, it allows for full community involvement in decision-making.  
  
BakerySwap is a decentralized protocol offering automated market-making (AMM) on BSC. The protocol is an AMM Decentralized Exchange (DEX). It’s similar to Uniswap but cheaper and faster. The platform has a native token called BAKE, which enhances interactions within the AMM DEX ecosystem.  
  
The DeFi (Decentralized Finance) project chose to harness the power of the Binance blockchain due to its low gas fees. Apart from fees, BSC has higher scalability than Ethereum. Therefore, BakerySwap can achieve a higher transaction speed while keeping costs down.  
  
By being hosted on the Binance Smart Chain, it provides major benefits to the Binance community. For instance, it carries arbitrage functionalities for tokens powered by either the Binance DEX or its centralized counterpart, Binance.com.  
  
Notably, the tokens must follow BSC’s BEP20 and BEP2 token standards.  
  
# BakerySwap’s Native Currency (BAKE)  
  
BakerySwap tokens are the fuel that drives community voting hence contributing to the protocol’s governance. This provides transparency in the running and decision-making process despite the platform being developed by an anonymous team.  
  
All trades on the AMM DEX impose a 0.30 percent fee from which liquidity providers take 0.25 percent. The remaining is baked into the platform’s native currency and distributed to token holders in the form of rewards.  
  
The Bakery protocol uses a multiplier to determine how much rewards are in a pool. The multiplier can either be 1X, 3X, or 10X. Note that the multiplier is based on how much value liquidity pools provide to BAKE holders.  
  
BAKE did not have a pre-mine; neither did it hold a pre-sale. Additionally, there’s no special BAKE allocation to the Bakery development team. However, although there’s no token allocation to the team, the team receives one percent of all BAKE farmed. BAKE has a total supply of 144,606,918 tokens.  
  
So, without a pre-mine, pre-sale, and no team allocation, how’s BAKE distributed? Well, the token is accessible via liquidity pools. The network groups liquidity pools into two; with BAKE rewards and without BAKE rewards[\[7\]](#cite-id-8mqk8vdqul6).  
  
# BAKE and NFTs  
  
BakerySwap has incorporated Non-Fungible Tokens (NFTs) into its ecosystem. The platform is the first on BSC to combine the two worlds; AMM and NFT.  
  
It allows BAKE holders to bake a meal of their choice, referred to as a “combo meal.” Apart from being a collectible, the meal can be used to farm BAKE coins. Every meal carries a staking power allowing it to earn more BAKE when staked.  
  
Additionally, the meal can be traded, or its ingredients dismantled back to BAKE. Dismantling or decomposing a meal gives back 90 percent of the BAKE used to prepare the meal. This functionality is ideal where a combo meal doesn’t arouse the appetites of those in the BakerySwap ecosystem.  
  
So, instead of holding on to it, and to avoid it becoming stale, you can decompose it. However, combos can only exist in four levels; primary, regular, luxury, and supreme. A combo’s level is determined by the amount of BAKE tokens used in its preparation.  
  
The higher the level, the more the staking power residing in the combo. BakerySwap is also on track to bring the combos to the open market via its “NFT Supermarket” platform.  
  
# BakerySwap Launchpad  
  
Bakery has a launchpad that caters to unique upcoming projects. The first project on the platform was Battle Pets. Investments in the project were made using either BUSD, BAKE, or BNB, with each PET token retailing for $0.03. Depending on the investment, users either get a kitten, puppy, or bunny.  
  
# How to Farm BAKE  
  
Assets from liquidity providers are converted into Bakery’s liquidity pool tokens that can be staked to farm BAKE. Apart from representing a provider’s share in the pool, the pool tokens entitle a liquidity provider to receive a section of fees charged in the pool.  
  
# How To Bake  
  
* Access the official Bakery website (https://www.bakeryswap.org/#/home) and connect to BSC using MetaMask.  
* On MetaMask, head over to the settings section and change the network name to “Binance Smart Chain, ” input the RPC URL as “https://bsc-dataseed1.binance.org/,” type 56 on ChainID, use the BNB as the symbol, and point the block explorer to “https://bscscan.com/”.  
* Next, head over to Binance and either buy BNB or transfer your existing coins to MetaMask. Note: on the withdrawal page, remember to select “BEP20”.  
* Provide your MetaMask BEP20 address and wait for BEP20 BNB to arrive in your MetaMask wallet.  
  
Now that you have whipped some BNB in a bowl, it’s time to enter into the Bakery. At this point, you are presented with two options “Swap” and “Pool.”  
  
* Select the trading pair and hit Swap, and confirm the transaction on MetaMask. Note that the protocol supports swapping in six pairs. For example, you can swap BNB with BAKE, Bitcoin (BTC), DOT, Ethereum (ETH), LINK, or Binance stablecoin (BUSD).  
* In the next step, specify the number of tokens you wish to provide as liquidity.  
* Hit “Supply” and confirm your decision on MetaMask.  
* Enjoy your Bakery liquidity pool tokens (BLP).  
  
# How To Stake BLP To Receive Bake  
  
Staking BLP is done through the “Earn BAKE” option. The platform has several options, such as Doughnut, Croissant, Toast, Cake, Cookies, and Pineapple bun. Each option provides a different coin for staking. For example, the Croissant option supports BLP tokens from a BUSD/BNB swap while the Toast option accommodates BLP coins from an ETH/BNB swap.  
  
* Choose the right option and click the “Approve XXX-BNB BLP” where XXX is the token you swapped with BNB. In the case of a Croissant, that would be “Approve BUSD-BNB BLP.”  
* Click the “add” sign > stake > confirm transaction. Therefore, You are ready to harvest your BAKE tokens.  
  
# Conclusion  
  
BakerySwap has provided another DeFi (Decentralized Finance) dimension. For example, it has combined AMM with NFTs. Therefore, instead of yield farmers only waiting for rewards from the normal staking process, they can whip up an NFT asset and sell it to other participants in the ecosystem.  
  
With a “decompose” functionality, NFT creators don’t have to worry that their creation won’t be marketable since they can seamlessly convert them back to BAKE tokens.  
  
Additionally, an anonymous team providing a DAO-based governance structure enhances trust among BAKE investors. The presence of a launchpad is also a unique addition to the DeFi (Decentralized Finance) ecosystem. It gives upcoming blockchain-based projects more ways to attract investments[\[8\]](#cite-id-m13fjkeik2n).

BakerySwap (Founded in 2020) is a decentralized protocol offering a DEX and AMM on BSC

BakerySwap

Coincheck is a bitcoin wallet and exchange service headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka. It operates exchanges between Bitcoin, ether, and fiat currencies in Japan and Bitcoin transactions and storage in some countries[\[1\]](#cite-id-gy6dufzu89)[\[2\]](#cite-id-jmuotr2wq9d)[\[3\]](#cite-id-mz0kxow2e8g).  
  
In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen.  
  
# History  
  
Coincheck started in August 2014 and is operated by Coincheck, inc. (previously ResuPress, inc) (founded in 2012). There were then more than 2,200 merchants using their bitcoin payment solution, just in Japan.  Coincheck is a member of JBA (Japan Blockchain Association)  and is actively helping to build the Japanese bitcoin community's usage standards with the government[\[4\]](#cite-id-sknt01r3taa)[\[5\]](#cite-id-vfynys1nrs).  
  
Coincheck partnered with SEKAI to support Chinese, Hong Kong, and Taiwan investors to buy Japanese real estate with bitcoin.  
  
# 2018 hacking incident  
  
In January 2018, Coincheck was hacked and approximately 500 million NEM tokens ($530 million) were stolen.   The currency was transferred through a total of nineteen accounts, one of which was found to have no connection with the hacker[\[6\]](#cite-id-c8t901dny07).  
  
The hack led two of Japan's crypto-currency trade groups to merge into a new self-regulatory organization. The Financial Services Agency took administrative action by ordering Coincheck to improve its security practices, but did not order the exchange to shut down out of a concern for the protection of its users.  Coincheck initially announced that it may not be able to compensate all users affected by the hack,  but then announced that it would repay all 260,000 users affected in Japanese yen using its own capital[\[8\]](#cite-id-5yk8pu7d8gs).

Coincheck is a bitcoin wallet and exchange service headquartered in Tokyo, Japan, founded by Koichiro Wada and Yusuke Otsuka.

Coincheck

Bitpanda is an exchange for digital assets, such as cryptocurrencies and precious metals, based in Austria and founded in 2014. It allows trading between different national currencies like USD, EUR, CHF, and cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, EOS, Iota, and others[\[1\]](#cite-id-2l1nriinfx4)[\[4\]](#cite-id-zp734scgx78).  
  
In September 2020, Bitpanda closed a $52 million Series A funding round from Valar Ventures, a venture capital firm backed by Peter Thiel[\[9\]](#cite-id-5c48axuuae).  
  
# Overview  
  
Initially, Bitpanda was called Coinimal and its purpose was to facilitate cryptocurrency transactions in the Eurozone. At the end of November 2017, the Bitpanda service supported and implemented SegWit wallets and transactions. SegWit is a technical upgrade of the Bitcoin blockchain protocol, which creates the basis for future improvements in the network, in particular, reducing transaction fees and increasing scalability[\[1\]](#cite-id-2l1nriinfx4)[\[5\]](#cite-id-wr3eandhmvn).  
  
On Bitpanda there are many ways to use fiat currency to buy cryptocurrency including credit card, debit card, bank transfer, EPS, Giropay, Neteller, Klarna, SEPA, Skrill, and cash (Bitpanda To Go).  The company has also entered other markets like gold and silver. At the exchange office, a customer can exchange physical gold, silver, palladium, and platinum for other assets. There are no insurance or storage fees for the first 20 grams of gold, palladium, and platinum and first 200 grams of silver that a customer buys.  
  
Bitpanda has a fee of 1.49% for every transaction. Bitpanda also charges additional fees for other services like storing gold or using certain payment methods.  
  
Aside from regular deposits of national currencies via the Single Euro Payments Area system, as of July 11, 2018, Bitpanda partnered with the Austrian postal service (Österreichische Post) offering vouchers for use on Bitpanda's exchange platform, that can be purchased with cash.  
  
## Verifications and Limits  
  
Bitpanda offers two types of verification methods: Light verification and Full verification. With the Light verification, a user can trade and swap all cryptocurrencies on the platform and also pay and withdraw using bank transfer. With Full verification, a user can use all features and services on the platform. It depends on the country where a customer lives[\[5\]](#cite-id-wr3eandhmvn)[\[7\]](#cite-id-hs64umwwlho).  
  
Users have limits subjected to their payment method. When a user becomes fully verified, they can have access to the following limits:  
  
* Neteller and Skrill provides 10.000 EUR deposit limit to its verified users in 24 hours ;  
* Credit card, Ideal and Zimpler user's deposit limit is 2.500 EUR in 24 hours ;  
* SEPA provides 49.999 EUR deposit limit to its verified users in 24 hours and others.  
  
## Bitpanda Pro  
  
Bitpanda Pro is an advanced digital asset exchange for institutions, professionals, and businesses where they can trade and connect trading bots to their API to facilitate automatic trading. The Bitpanda Pro exchange is fully regulated and is compliant to AML5. The same account for Bitpanda can also be used on Bitpanda Pro[\[8\]](#cite-id-pshkuhsxmi).  
  
## Pantos  
  
Pantos is an initiative conceived by the team behind Bitpanda. Launched in collaboration with the Vienna Technical University, the Pantos system is financed via an Initial Coin Offering (ICO) which finally is to be released as an open-source service.  As the first multi-blockchain token system, Pantos aims to bring blockchain projects closer together, improve communication between developers, researchers, and users, and set innovative standards for cross-chain token transfers[\[6\]](#cite-id-x7484qn6hub).  
  
In its first year, the Pantos project successfully finished the initial research for Token Atomic Swap Technology (TAST). The Distributed Systems Group at the Vienna University of Technology published four Technical White Papers and developed the TAST research prototype. The team also successfully implemented Pantos (PAN) deposit and withdrawal features on Bitpanda, which allows users to deposit and withdraw Pantos (PAN) as an ERC-20 token on the Ethereum blockchain.  
  
## Bitpanda Ecosystem Token  
  
BEST is the Bitpanda coin, that offers users a wide range of benefits and perks within the Bitpanda ecosystem. BEST is the fuel of the Bitpanda ecosystem, which means that the Bitpanda platform, the Bitpanda Global Exchange and the Bitpanda Launchpad makes heavy use of incorporating BEST and offering users, who hold BEST, exclusive rewards, and perks.  
  
# Funding  
  
In September 2020, Bitpanda closed a $52 million Series A funding round from Valar Ventures, a venture capital firm backed by Peter Thiel. Vienna-based VC Speedinvest also participated, alongside other unnamed investors. The company will use the cash to expand internationally. It expanded to France, Spain, and Turkey in 2020, and plans to enter additional European markets[\[9\]](#cite-id-5c48axuuae).  
  
As part of the investment, Valar Ventures' founding partner Andrew McCormack will also join Bitpanda's board.  
  
# Team  
  
* Eric Demuth - CEO  
* Paul Klanschek - CEO  
* Christian Trummer - CTO

Bitpanda is an exchange for digital assets, such as cryptocurrencies and precious metals, based in Austria and founded in 2014.

Bitpanda

Bitbank is a Cryptocurrency exchange that has its Servers Centers based in Japan and is fully licensed by the Japanese Financial Services Agency (JFSA). The Bitbank focuses on trading Bitcoin and other Cryptocurrencies against the local currency, the Japanese yen (JPY). As a security measure, the exchange allows users to set up 2FA[\[1\]](#cite-id-vsn36fdml2)[\[2\]](#cite-id-t1hq842cpq).  
  
* The Bitbank exchange and services were launched in 2014 with their company being based out of Japan  
* The Bitbank exchange platform is a proprietary web-based trading platform that is fully compatible with all desktop and mobile devices  
* The only Fiat currency supported for exchanging with these cryptocurrencies is the Japanese Yen (JPY)  
* Bitbank offers its customers support via an email ticket system.  
  
# Overview  
  
Bitbank operates one of the first and biggest cryptocurrency exchanges in Japan. It was included in the first group of eleven exchanges that the Financial Services Agency approved in September 2017[\[3\]](#cite-id-9qelhaagi6v)[\[4\]](#cite-id-g6ekb7u2mr).  
  
It was initially established in May 2014 under the name bitcheck, Inc. That same month, it also installed the first bitcoin ATM in Japan in Nishi Azabu, Tokyo, and unveiled a "bitcheck wallet service" to enable credit card purchases of bitcoin. Bitcheck Pay, Japan's first bitcoin payment service, was launched in September 2014.  
  
# Services  
  
Following a name change to bitbank, Inc., the business introduced the following services:  
  
* In October 2014, bitbank Trade, a BTCUSD futures exchange, started trading.  
* In October 2014, the cryptocurrency media company BTCN was established.  
* Blockchain Daigakko, a blockchain and cryptocurrency education business, launched in June 2016. It is the only service created as a wholly owned subsidiary.

Bitbank is a Cryptocurrency exchange has it Servers Centers based in Japan and is fully licensed from the JFSA.

Bitbank

**Beldex (BDX)** is a privacy-enabled coin, giving power and control to its holders to perform public and private transactions. BDX coins give total control to users, empowering them with the choice of making transactions that are traceable and untraceable.[\[1\]](#cite-id-2m7p3gauinl)[\[2\]](#cite-id-4y897nfdcm9)  
  
# Overview  
  
Beldex is a hybrid [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange that is secure and private in all of its aspects. Anonymous trading is made possible through the Beldex coin (BDX), which is a fork of Monero. Providing a safe environment where users can trade peer-to-peer without compromising privacy.[\[3\]](#cite-id-hkns1dksn79)  
$$widget0 [YOUTUBE@VID](eJWpK7T7TWY)$$  
There is a need for a coin that provides better privacy than [Monero](https://iq.wiki/wiki/monero). Beldex endeavors to cater to this need. The Beldex exchange is one of the few exchanges that use a privacy coin as an in-house token.  
  
Beldex will be offering various types of trading opportunities such as Spot trading, margin trading, futures market, and algorithmic trading, on its crypto trading platform. The Beldex wallet, currently available for the Android market, facilitates the withdrawals and deposits of digital assets.[\[4\]](#cite-id-wfuh0oukzvj)  
  
Beldex also plans to integrate BDX in payments soon by connecting with retail and e-commerce businesses. With a lot of [ICOs](https://iq.wiki/wiki/initial-coin-offering) around choosing the right one becomes the hardest part of getting stable returns. When users choose a coin for investment, it should act as fuel in the crypto space.[\[5\]](#cite-id-jw0o8q6jjbk)  
  
Beldex is a privacy currency based on Monero, Beldex currently offers incentive-based Master Nodes and in the future, Beldex will be using POS instead of POW. Beldex is mainly focused on utilities where you can spend beldex freely, we are in the process of creating a crypto ecosystem to eliminate the middleman and perform financial transactions with absolute freedom.[\[6\]](#cite-id-hse4wu5egqc)[\[7\]](#cite-id-bdpvmj0yf84)  
  
* **Security**  
  
Beldex coin runs on master nodes that register the entire history of the blockchain, thereby strengthening it. In addition to this, the Beldex exchange provides multiple layers of security which makes it impenetrable and robust.  
  
* **Privacy**  
  
The ring size in the RingCT protocol is increased to 10. This means more coin mixins and higher privacy. Stealth addresses also obfuscate the destination address. No one other than the user can know where their coins go or how much they spend.  
  
* **User-friendly**  
  
A faster matching engine enables the swift matching of orders on the order book. Low response times, quick maneuverability between interfaces, and easy and efficient APIs creation increase the profitability of users.  
  
# BDX Token  
  
The Beldex Token (BDX) is one of the very first privacy coins to act as an in-house token. The token is cryptographically designed in such a way, that it can be easily integrated into the Beldex extended ecosystem. BDX distinguishes itself from other coins by providing better privacy and security.[\[8\]](#cite-id-zebmvppb2s)[\[9\]](#cite-id-tkmtwf6wwt)  
  
The Beldex coin improves on the features of [Monero](https://iq.wiki/wiki/monero) while introducing its advancements. Beldex has a default ring size of 10, as opposed to [Monero](https://iq.wiki/wiki/monero), which strengthens transaction privacy. Thus, the coin offers default privacy. Ring sizes are not immutable and are flexible as users can increase the size as per their requirements.[\[10\]](#cite-id-zxtakkztzvk)  
  
# Master Nodes  
  
$$widget0 [YOUTUBE@VID](Aabn6T)$$  
Beldex utilizes a network of Master Nodes which are paid to propagate the blockchain and process transactions. Master Nodes require collateral of Beldex to be active, and this creates a built-in market-based Sybil resistance by forcing actors to incur a large cost in attempting any form of temporal analysis on the network.[\[11\]](#cite-id-uhb3rax1non)[\[12\]](#cite-id-qmq7iqhn56)  
  
# Team Members and Advisors  
  
* Afanddy B. Hushni - Chairman of Beldex International Inc.  
* Kim - CEO and co-founder of Beldex  
* Codeman-Crypto(cc)  
* Ziau - CMO of Beldex.  
  
## Advisor:  
  
* Allard Dijk  
* Dr. Mitchell Kraiwec-Thayer  
* Dr. Dominique Schroder[\[13\]](#cite-id-1esszb0vj69)  
  
# Partners  
  
Beldex is backed by the following firms:  
  
* [Certik](https://iq.wiki/wiki/certik)  
* MNO  
* Masternode buzz  
* nodehub.io  
* MycoinTainer  
* PerfectNodes Blockchain Investment  
* Gate.io  
* MEXC Global  
* [HitBTC](https://iq.wiki/wiki/hitbtc)  
* Bilaxy  
* Flowdesk[\[14\]](#cite-id-vtgqgo1ztv)  
  
# Roadmap  
  
#### 2021 - POS has Launched  
  
* Q1 - Wallets  
* Q2 - [Binance Smart Chain](https://iq.wiki/wiki/binance-smart-chain) Bridge  
* Q3 - POS Testing  
* Q4 - BUCEPHALUS  
  
#### 2022 Ecosystem Development  
  
* Wallet Release - Q1  
* BCHAT Alpha Release - Q2  
* Ecosystem Phase I - Q3  
* Ecosystem Phase II - Q4  
  
#### 2023 EVM Integration  
  
* Q1 - Ecosystem Phase III  
* Q2 - Ecosystem Phase IV  
* Q3 - EVM Integration Phase I  
* Q4 - EVM Integration Phase II

Beldex (BDX) is a privacy-enabled coin, giving power and control to its holders to perform public and private transactions.

Beldex

BitMEX (short for Bitcoin Mercantile Exchange) is a peer-to-peer cryptocurrency derivative exchange trading platform. It offers leveraged contracts that are bought and sold in bitcoin[\[1\]](#cite-id-lsko48flwx)[\[2\]](#cite-id-xdlik5yzzsi).  
![OIP.jfif](https://ipfs.everipedia.org/ipfs/QmbaSya766vtyXAydciZWMYX6KGXS1GYJA5NX3XSU7Hop5)*BitMEX, Crypto most advanced platform.*  
  
In October 2020, the founders of BitMEX stepped down from their executive roles after U.S. authorities charged the firm over allegedly illegal conduct. Vivien Khoo, current chief operating officer of 100x Group, became Interim CEO, while Ben Radclyffe, commercial director, took on a supporting role with greater management of client relationships and oversight of financial products[\[6\]](#cite-id-tpli3wq9kjf)[\[7\]](#cite-id-4kdylr7r6il).  
  
# Overview  
  
Founded in 2014, BitMEX offers Bitcoin derivatives trading, including margin trading and liquidation services. As of October 2020, it is ranked third by traded volume according to CoinMarketCap[\[5\]](#cite-id-dwbkg7c33e)[\[6\]](#cite-id-tpli3wq9kjf).  
  
Currently, BitMEX supports the following cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple. BitMEX specializes in sophisticated financial operations such as margin trading, and it offers leverage of up to 100x on trades.  BitMEX does not charge fees on deposits and withdrawals. When withdrawing Bitcoin, the minimum Bitcoin Network fee is set dynamically based on blockchain load. BitMEX charges a trading fee on every completed trade.  
  
The exchange also offers an affiliate program. An affiliate code is assigned to each BitMEX user, who can then use their code to invite other people to join the exchange. This allows users to earn a commission on the trading fees their referrals generate.  
  
# History  
  
In August 2018, BitMEX moved into the 45th floor of the Cheung Kong Center in Hong Kong, one of the most expensive office buildings in the world. Around the same time as the move-in, BitMEX servers went down for scheduled maintenance. Almost immediately, Bitcoin prices increased by 4%. This ended up adding $10 billion to the market cap of all cryptocurrency assets[\[8\]](#cite-id-szji80c9ay)[\[10\]](#cite-id-awumgab442c).  
  
In a February 2019 blog post, BitMEX reported that it had traded a $1 trillion notional worth of cryptocurrency contracts in 2018. In the same blog post, BitMEX described the functioning of its insurance fund, which supports its leveraged contracts.  In August 2019, The Block Crypto reported that BitMEX Insurance Fund had increased in value by about 50% since January 1, 2019.  
  
In April 2019, the Chicago-based trading software developer Trading Technologies (TT) announced a new partnership with HDR Global Trading, owner of BitMEX. TT said in a blog post that through this partnership, TT's users eligible to trade at BitMEX would have full access to BitMEX's products, including its XBT/USD Perpetual Swap. Arthur Hayes, the founder of BitMEX, said that this new partnership will "advance our mutual vision to unlock access to cutting-edge cryptocurrency products."  
  
In May 2019, BitMEX wrote on its blog that, although the company offers a maximum of 100x leverage on its derivatives trading, the majority of traders do not trade at maximum leverage. BitMEX CEO Arthur Hayes said that this reflected "quite responsible" behavior on the part of BitMEX's customers. According to BitMEX's data, the average leverage used by BitMEX traders is 29x on long positions and 26x on short positions.  
  
In July 2019 Nouriel Roubini released a report in which he suggested that BitMEX may be involved in "systemic illegality." He said that BitMEX allows its users to take on too much risk. He also said that it's possible that liquidation of user accounts may contribute significantly to the trading platform's income, and that BitMEX may trade against its clients, citing a widely-circulated post on Medium from 2018. Though representatives from BitMEX denied these claims, Roubini wrote that Hayes, BitMEX, and anybody else facilitating cryptocurrency trading from overseas regulatory "safe havens" should be investigated.  
  
By late 2019, global Bitcoin derivatives accounted for $5-10 billion worth of trade volume per day - more than 10 times the volume created by Bitcoin spot trading. BitMEX accounted for a large percentage of it, trading an average of $1.82 billion Bitcoin per day.  
  
In October 2020, the BitMEX team announced expanding its product line with the addition of three new futures contracts linked to the stablecoin USDT. According to the exchange, Binance Coin (BNB), Polkadot (DOT) and yEarn (YFI) will start to be available for trading on BitMEX on October 30. BitMEX offers a leverage of up to 33x for the first token and 25x for the other two.  
  
On October 21, 2020, BitMEX accelerated its mandate for all customers to verify their identities by November 5, 2020, three months earlier than its original deadline of early February 2021. Under the accelerated timeline, by 0:00 UTC on November 5, all BitMEX traders and affiliates' identities must be verified before increasing or opening new positions. By December 4, all accounts must be verified in order to process withdrawals from the exchange. After December 4, BitMEX will begin to review the remaining open positions on unverified accounts and communicate with the account holders. Funds will be recoverable and eligible for normal withdrawals post verification.  
  
## Technical Outages  
  
On March 13, 2020, BitMEX experienced two distributed denial-of-service attacks, ten hours apart, which interfered with the internal message queuing. In both cases, trading was halted. The company attributed the first trading halt to a hardware failure in a tweet: "Between 02:16 and 02:40 UTC 13 March 2020 we became aware of a hardware issue with our cloud service provider causing BitMEX requests to be delayed. Normal service resumed at 03:00 UTC. As a reminder, the latest system updates can be found on our status page https://status.bitmex.com."  BitMEX said later that it had refunded a total of approximately 40 Bitcoin to 156 customers whose positions were erroneously liquidated as a result of the outage.  
  
According to a BitMEX report posted on the company's website, by the time the second attack occurred ten hours later, it realized that the first outage was caused by a DDoS and moved quickly to resolve performance issues caused by the DDoS attack. BitMEX also reported that not only were both attacks executed by the same party but also that that party had conducted an earlier attack in February. February’s attack, however, was absorbed by BitMEX’s normal DDoS mitigation strategies[\[24\]](#cite-id-w1qv7aw4hlp).  
  
The trading engine went down for about an hour-and-a-half on May 19, 2020, from 12.13 UTC to 13.40 UTC, according to its Telegram message feed. No reason was given, but the customers were assured that their funds were safe.  
  
## Restructuring ("100x")  
  
In July 2020 HDR Global Trading, the parent company of BitMEX announced that it would restructure into a new holding company called 100x, which would be the new holding company for the BitMEX platform and its related assets. The announcement said that with the new corporate structure 100x would "pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering." Many interpreted this as a sign that BitMEX was gearing up to branch out, making new products and offering new services outside of the cryptocurrency trading space.  
  
Arthur Hayes, Co-Founder and CEO of 100x, said,  
  
> "Financial services play a crucial role in our everyday lives and in the global economy. Yet, in this digital age, financial services remain too slow and too complicated to transform. We are setting out to change the status quo and reshape the modern digital financial system into one which is more inclusive, and empowering".[\[16\]](#cite-id-2j5r1tof25w)  
  
The 100x Group is led by HDR's founders, Arthur Hayes, Ben Delo and Samuel Reed. They are also joined by recently appointed Non-Executive Chairman, Dr. David Wong.  
  
## Losing Investor Interest  
  
Data from Arcane Research showed that open interest on Bitmex’s Bitcoin derivatives market touched a new low of 45,122 BTC on October 1, 2020. The figure represented a 16% drop since the Commodity Futures Trading Commission announced charges against BitMEX and its executives for allegedly operating an unregistered trading platform. According to Arcane Research’s post on Twitter, “the former yearly low was painted on the 30th of April when the open interest bottomed at 61,975 BTC.” The post added that in the wake of the act CFTC, traders are “definitely closing their positions on Bitmex”[\[26\]](#cite-id-y1s0t2p36s).  
  
In addition, Coinmetrics data showed that during the same period, a total of 37,000 BTC ($387 million) was moved out of BitMEX as investors panicking sought to secure their funds. In a comment on Twitter, Coinmetrics added that Binance and Gemini together captured over 1/3 of the BitMEX withdrawals.  
  
# Products & Services  
  
## Perpetual Contracts  
  
BitMEX offers what it calls "perpetual" contracts, which are similar to futures contracts. The difference between perpetual contracts and futures is that, unlike futures, perpetual contracts do not have expiry dates, allowing the trader to hold on to a position until the trader chooses to end it. In a Tweet on February 4, 2020, Arthur Hayes announced that BitMEX would launch trading of Ripple/USD swaps the next day, saying, "Is it called Ripple, XRP, or dog[\*]? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!"[\[6\]](#cite-id-tpli3wq9kjf)[\[23\]](#cite-id-ql9rssqzdzs).  
  
## Options  
  
Founder Arthur Hayes revealed in a podcast in mid-April 2019 that BitMEX was developing an options trading platform that would be launched a year to a year and a half later. Hayes said that BitMEX was working with university professors on the design[\[34\]](#cite-id-m1b6ct95kub).  
  
## BitMEX Mobile  
  
The company announced on September 1, 2020, that it had launched a mobile application, BitMEX Mobile, which provides access to all of BitMEX's trading platforms. The application is available for download in 140 countries. The BitMEX Mobile features include an intuitive order builder enabling active traders to create, limit, stop, and take profit orders; real-time data/candlestick charts; ability to make deposits and withdrawals directly through the app; login notifications and biometric authentication[\[29\]](#cite-id-ppizajkbq2q).  
  
# Controversy  
  
## Geographical Access Restrictions  
  
Also in July 2019, Bloomberg L.P. reported that BitMEX was under investigation by the Commodity Futures Trading Commission, the federal regulatory agency that oversees commodity and futures marketplaces in the U.S., for permitting U.S residents to trade on its platform without BitMEX being registered as a designated contract market.  On July 20th, numerous Twitter users began tweeting that BitMEX's trading volume had fallen by 33%[\[30\]](#cite-id-n103jz8bhk)[\[31\]](#cite-id-d0daohv7brr).  
  
On August 19, 2019, BitMEX announced it would also block persons in Seychelles, Bermuda, and Hong Kong, all locations where HDR Global Trading, BitMEX's parent, has offices. The three jurisdictions join the United States, the province of Quebec and Ontario in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan on the list.  Per a company posting, BitMEX added the geo-blocks for regulatory reasons:  
  
> “The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated... For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located.”  
  
## Email Mishap  
  
In October 2019, in a mass email distribution to its users, BitMEX inadvertently published the email addresses of up to 30,000 of its users. According to press sources, the company distributed the email through "cc:" functionality instead of "bcc:", which blinds all other recipients. The company notified its users of the breach by email. In a statement to CoinDesk, BitMEX Deputy COO Vivien Khoo said:  
  
> "Earlier today, the majority of our users received an email containing the email addresses of other users in the ‘to’ field. This was a general email update about upcoming changes to the weighting of our indices. We are deeply sorry for the concern this has caused to our users. The issue was caused by an error in the software used to send emails. As soon as we were made aware of the issue, we immediately prevented further emails from being sent and have since addressed the issue to ensure this does not happen again"[\[28\]](#cite-id-yq2a4gx4khr).  
  
> "BitMEX takes the privacy and security of our users very seriously. We are working around the clock to establish communication with all our users to provide any assistance and to ensure the continued safety of their account. Beyond email addresses, at no point during this issue has any personal data or account information been disclosed."  
  
## Private Actions  
  
BitMEX was targeted in a U.S. federal class action suit filed on April 3, 2020 by the Roche Freedman law firm in the United States District Court for the Southern District of New York complaining that BitMEX manipulated other spot markets in order to affect settlement prices used in BitMEX's contract settlements. The complaint also alleged that BitMEX offered unregistered securities to U.S. residents.  
  
On May 16, 2020, a new lawsuit has been filed against the parent of crypto derivatives exchange BitMEX, HDR Global Trading Limited, as well as ABS Global Trading and its co-founders Arthur Hayes, Ben Delo and Samuel Reed, accusing them of illegal activities such as money laundering. The 106-page lawsuit, filed by plaintiff BMA LLC in the United States District Court for the Northern District of California, alleged that BitMEX was designed to engage in illegal activities such as racketeering, money laundering and market manipulation, earning the defendants "billions of dollars in illicit profits." The plaintiff further alleged that BitMEX operates unlicensed money transmitting business. Commenting on the complaint, an HDR spokesperson told The Block:  
  
> "We're aware of a complaint filed by 'BMA LLC', formerly known as 'Bitcoin Manipulation Abatement, LLC', in the US District Court for the Northern District of California. Having reviewed a draft version of their complaint, which is clearly rehashed from information culled from the internet, we confirm we will be defending ourselves vigorously against this spurious claim."  
  
## U.S. Federal Actions  
  
In 2019, against a backdrop of rumors that the Commodity Futures Trading Commission was investigating the trading platform that arose less than a year into the job, BitMEX COO Angelina Kwan abruptly left her position. Kwan had previously been a senior regulatory executive at the Hong Kong Stock Exchange[\[18\]](#cite-id-2sfn3zr70cj).  
  
On October 1, 2020, both the CFTC and the United States Department of Justice announced charges against HDR Holdings and its subsidiaries and affiliates which together operate BitMEX parent, as well as HDR's founders, Arthur Hayes, Ben Delo, and Samuel Reed. In its civil complaint, the CFTC accused the defendants of operating an unregistered derivatives trading platform that solicited business from and conducted business with U.S. residents. The CFTC also alleged that BitMEX did not comply with U.S. anti-money laundering requirements.  In its indictment that was unsealed the same day, the DOJ charged HDR Holdings, its subsidiaries and affiliates, the three owner founders of HDR, and Gregory Dwyer, the head of business development, with violating and conspiring to violate the Bank Secrecy Act by not implementing an anti-money laundering program.  Reed, the CTO, was taken into custody in Massachusetts by federal law enforcement on October 1, 2020, while the other executives remained "at large" in the DOJ's terminology.  A week later, BitMEX announced that it had made changes to its leadership, which included Arthur Hayes stepping down as CEO. Vivien Khoo, chief operating officer of 100x Group, became interim CEO[\[39\]](#cite-id-oujjf7lttr).  
  
# Team  
  
![1_pJrTvRbRCpJ_JO2h6uIgaQjpeg.jpeg](https://ipfs.everipedia.org/ipfs/QmRtn7c8kDqNyT4kUZAF2KcSrNSApwJntsPaKwk1cwDUMo)*BitMEX Founders*  
  
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed.  
  
Arthur Hayes is Co-founder of 100x Group and its flagship BitMEX platform. Arthur was previously an equity derivatives trader with Deutsche Bank and Citibank. Ben Delo is Co-founder and the mastermind of BitMEX’s trading engine and flagship product, the bitcoin-dollar perpetual swap. Samuel Reed is Co-Founder of 100x Group and its assets, including the BitMEX platform. Before developing BitMEX, Sam served as CTO of Tixelated and Global Brand Solutions[\[39\]](#cite-id-oujjf7lttr).  
  
In October 2020, following legal filings in the United States, and with the full approval of the founders, changes were made to the leadership of 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform. Vivien Khoo, Chief Operating Officer of 100x Group, became Interim CEO, assuming additional operational responsibilities. She joined the company in March 2019, moving from her role as Managing Director, Asia Pacific Compliance at Goldman Sachs. Previously, she held positions at the Hong Kong Securities and Futures Commission. Ben Radclyffe, in his role as Commercial Director, enhanced responsibility for client relationship handling and oversight of financial products. He joined the company in March 2020, with a 20-year background in finance and trading technology with Deutsche Bank, UBS, and Tower Research Capital[\[40\]](#cite-id-i75c9s4u0u).  
  
Founders Arthur Hayes and Samuel Reed stepped back from all executive management responsibilities for their respective CEO and CTO roles. With fellow Founder Ben Delo, they will not hold executive positions in the 100x Group. Additionally, Greg Dwyer took a leave of absence from his role as Head of Business Development.  
  
In addition, Malcolm Wright was appointed as Chief Compliance Officer of 100x Group. Malcolm has an extensive background in compliance and anti-money laundering (AML) and speaks internationally on a variety of related topics, in particular the Financial Action Task Force (FATF) Recommendations for Virtual Asset Service Providers (VASPs). He also sits on a number of international committees and currently chairs the Advisory Council and AML Working Group at Global Digital Finance, an industry-led initiative in defining codes of conduct and best practices for the virtual asset industry.

BitMEX (short for Bitcoin Mercantile Exchange) is a peer-to-peer cryptocurrency derivative exchange trading platform.

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