Bitfinex to Unveil EOS-Based Decentralized Exchange ‘EOSfinex’ This Month

  • Bitfinex is set to unveil its decentralized EOS-based exchange EOSfinex on September 26.
  • The exchange will initially feature three pairs: EOS/USD, ETH/USD, and BTC/USD.

Bitfinex, a leading cryptocurrency exchange, is set to unveil an EOS-based decentralized cryptocurrency exchange called ‘EOSfinex’ on September 26, during the Blockchain Live event in London.

According to a blog post, the new decentralized exchange is going to offer its users an “entirely trustless trading experience.”

The platform will initially have three trading pairs: EOS/USD, ETH/USD, and BTC/USD. It may, per the post, quickly add new ones as the exchange’s contract is flexible and makes it easy to add new trading pairs. As the exchange states, “adding a new pair is trivial and can be done by anyone after the trusted contract issues a new tradable token.”

At first, EOSfinex will have market limit, immediate-or-cancel, and post-only order types, although more are set to come in the future, according to customer feedback and what will be considered logical, the post adds.

Bitfinex touts the platform is built on three pillars: decentralization, trust, and performance. The post reads:

The key to a truly valuable decentralised trading experience comes through eliminating the need for trust. With EOSfinex, we are creating a transparent and auditable network of peer-to-peer exchange which can be monitored and verified by participants from around the world at any time”

As Finance Magnates points out it’s notable it mentions “auditable” as Bitfinex itself has been embroiled in controversy after failing to provide users a proper audit. The exchange shares its management with Tether, which issues the US-dollar pegged stablecoin USDT.

Various critics claim Tether doesn’t have USD reserves to back up the over 2.7 billion USDT tokens in circulation, and that new tokens are issued to help pump BTC whenever the cryptocurrency’s price drops.

Tether has revealed the law firm of EX-FBI director Louis Freeh looked into its financial situation in the past, although it stopped short of an official audit. A study conducted by University of Texas professor John Griffin has suggested the USDT was used to manipulate bitcoin’s price as there was a correlation between the cryptocurrency’s price rising and Tether issuing new USDT.

Bitfinex itself has, as covered, recently partnered with Market Synergy GmbH in a move that’s set to improve its connections to institutional clients, as the latter will help professional traders have access to Bitfinex’s cryptocurrency pairs.

The crypto exchange touts EOSfinex will be a way to “innovate with EOS.” As covered, the cryptocurrency has recently become a quote currency on another leading exchange, HitBTC. According to CryptoCompare data, EOS is currently trading at $5.4, after rising 3.2% in the last 24-hour period.

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

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