Switcheo, NEO’s First Decentralized Exchange, Lists 19 ERC20 Tokens

Colin Muller

Switcheo, a NEO-based decentralized exchange (DEX) launched earlier in the year, has added 19 popular Ethereum-based ERC20 tokens to its platform forming new trading pairs, the exchange recently announced on its Medium blog.

This news makes good on Switcheo’s earlier announcement that it would begin supporting ERC20 tokens, which CryptoGlobe reported on in September. The Singapore-based exchange now offers 44 exchange pairs in total, paired against NEO, GAS, its native SWTH token, and ETH tokens, according to data from CryptoCompare. The new listings follow on the launch of the inital Ethereum integration, only weeks ago, dubbed Callisto.

Although moving a respectable $2 million worth of daily volume back in April when the DEX first launched, Switcheo is now posting a paltry $82,000 in daily volume, perhaps reflecting the leaner times hitting the cryptoasset industry during 2018. Most of the tokens listed are on the newer/smaller side - but there are a couple of bigger names such as Kyber Network token (KNC), NEO itself, and the fairly new USD Circle (USDC) centralized stablecoin.

Switcheo does not have any know-your-customer (KYC) requirements. A rival ERC20 DEX, IDEX, was recently accused of implementing such policies, although there is apparently no evidence to support this accusation.

DEXs On Notice

The biggest bombshell in the DEX space as of late must be the US Securities and Exchange Commission’s (SEC) prosecution of the creator of one of the oldest Ethereum DEXs, the no-frills EtherDelta exchange. The charge was operating an unregistered securities exchange, as some ERC20 tokens were considered such.

Zachary Coburn, the founder, settled and paid nearly $400,000 in fines to the SEC without admitting guilt, which was received by some as a controversially chilling message to DEXs.

A recent innovation concerning the DEX space is the Wrapped Bitcoin (WBTC) project, which utilizes Kyber Network functionality to join bitcoin and Ethereum tokens in a smart contract so as to allow bitcoin to be traded on Ethereum-powered DEXs.

CryptoGlobe conducted an interview with KNC CEO Loi Luu last month, where he said WBTC would bring the “best of both worlds: bring the most popular cryptocurrency [BTC] to Ethereum and allow it to be programmable….”

Tether Has Backlisted a Total of 39 Ethereum Addresses Holding USDt

Ther, the issuer of the leading stablecoin USDt, has already blacklisted 39 Ethereum addresses holding the stablecoin since November 2017.

According to Philippe Castonguay, an Ethereum researcher at Horizon Games, 24 of the 39 addresses identified were blacklisted this year. Castonguay created a dashboard on Dune Analytics that shows the addresses that Tether blacklisted.

When an address is blacklisted it can no longer send, receive, or redeem USDt tokens, which essentially means the tokens held in the address become unusable. The addresses that Tether blacklisted over time have millions worth of USDt in them combined, with the latest one having nearly $1 million worth of tokens in it.

The address, according to Etherscan data, received a938,965 USDt tokens from Binance 26 days ago, before it was blacklisted by Tether. The owner of the address appears to have tried to move the funds the next day, but the transaction was reverted.

Most of the blacklisted addresses appear to have less than $100 worth of USDt tokens in them, while the address with the largest amount appears to be 0x5c27cc68fe01a3994807b60a6c81d8ba638b4ba1 with a total of 4.56 million UISDt in it. Notably, the address also has 330,000 BUSD tokens in it, and 13,500 ETH.

While it isn’t clear who owns the address, the funds it received appear to have come from an address that originally got the cryptocurrency holdings by withdrawing funds from Binance. Most addresses Tether likely blacklisted most address in the list -if not all – responding to requests from law enforcement.

As CryptoGlobe reported, the CENTRE Consortium recently backlisted its first USDC address on the Ethereum network, responding to a request from authorities. On its website, Circle notes an address may be blacklisted when there is a potential security breach or a threat to the network itself, or to “comply with a law, regulation or legal order from a duly recognized U.S. authorized authority, U.S. court of competent jurisdiction or other governmental authority with jurisdiction over CENTRE.”

Featured image via Pixabay.