Bitcoin Mining Machine Manufacturer Ebang to Diversify into Cryptocurrency Exchange by 2021

Leading manufacturer of Bitcoin mining machines Ebang International Holdings Inc. has announced plans to diversify into cryptocurrency exchange, and officially launch in the first quarter of 2021.

The company released a statement concerning this move on Thursday, stating that it has already completed an internal testing and commenced the public testing of the cryptocurrency exchange.

Coinbase CEO Urges Crypto Users to Express Displeasure at Proposed KYC Law

CEO of cryptocurrency exchange Coinbase Brian Armstrong has written an open letter urging crypto users to speak against the regulation recently proposed by the Financial Crimes Enforcement Network (FinCEN) that is aimed towards undermining secrecy in crypto trading.

If the Know Your Customer (KYC) law is enforced, exchanges will need to collect the name and address for anyone that you send crypto or receive crypto from for any transaction worth over $3,000, the letter read.

Armstrong urged crypto users to express their displeasure concerning the proposed rule, which he believes is rushed by filling an online form which he shared in the letter.

Crypto Exchange Binance to Reimburse Victims of Cover Hack

Crypto exchange Binance has announced that it will reimburse its users that were affected by the recent hack of decentralized finance (DeFi) platform Cover Finance.

Founder and CEO of Binance Changpeng Zhao tweeted that “Binance will utilize the Binance SAFU Fund to recompense a total of $10,107,505 USD (distributed in 8,171,634.10 BUSD and 2,581.16 ETH) to affected and eligible users.

Cryptocurrency Exchange Etoro to Prohibit XRP Trading in the US From January 3

Cryptocurrency exchange etoro U.S has climbed on the bandwagon of exchanges that have banned the trading of XRP on their platforms, following the recent Security and Exchange Commission lawsuit against Ripple Lab Inc.

According to a statement by the firm, beginning from January 3 at 12 pm EST purchase and conversion of XRP in the United States will be prohibited, while customers with existing XRP positions will have until January 24 at 12 pm Eastern Standard Time to close such positions by entering sell orders on the eToro platform.