Cryptocurrency Exchange Bitrue Adds Five New XRP Trading Pairs

Siamak Masnavi

On Thursday (3 January 2019), cryptocurrency exchange Bitrue announced that it had added support for five new XRP trading pairs:

Bitrue, which was founded in 2018, has quickly become a favorite with members of the XRP community because of the enthusiasm and support shown by its management towards XRP. What is interesting about Bitrue is that it supported XRP as a base currency on the day that its trading platform was launched (19 July 2018).

Despite the bear market in 2018, Bitrue had impressive growth in trading volume, especially in Q4:

Bitrue's management is quick to acknowledge that the majority of its overall trading volume is due to XRP trading:

In fact, on 5 December 2018, Bitrue's daily XRP trading volume surpassed that of two much older and larger competitors:

Bitrue's increasing importance in the XRP space has not been ignored by Ripple:

As of today, this is the full list of XRP trading pairs offered by Bitrue: BCH/XRP; ETC/XRP; GTO/XRP; GUSD/XRP; KNC/XRP; LINK/XRP; LTC/XRP; PAX/XRP; QKC/XRP; TUSD/XRP; WAN/XRP; WTC/XRP; ZRX/XRP; XRP/BTC; XRP/USDT; XRP/ETH; XRP/TRX; XRP/XLM; XRP/NEO; XRP/GAS; and XRP/OMG.

There is further good news ahead for XRP HODLers since on December 27th Bitrue promised to add many more XRP trading pairs in the next couple of months:

 

Binance ‘Is Not Authorized' to Operate in Malta, Says Country's Financial Watchdog

Malta’s financial watchdog, the Malta Financial Services Authority (MFSA), has issued a statement claiming leading cryptocurrency exchange Binance is “not authorized” to operate in the country.

In the statement, the MFSA cites reports in the media referring to the cryptocurrency trading platform as a “Malta-based cryptocurrency company,” and revealed that Binance “Malta Financial Services Authority (MFSA).

The cryptocurrency exchange announced it was opening an office in Malta in March 2018 shortly after it received a warning from Japan’s Financial Services Agency, telling it to stop operating in the country without official approval. At the time, Malta’s Prime Minister, Joseph Muscat, welcome the cryptocurrency exchange. At the time Malta was starting to be known as the “blockchain island” thanks to its pro-crypto stance.

While it isn’t clear whether Binance still has offices in Malta, press releases sent to cryptocurrency publications list Malta in the dateline as recently as February 11, 2020. Officially, Binance hasn’t revealed where its headquarters are located.

On social media, its CEO Changpeng Zhao addressed reports on the MFSA’s statement claiming there’s a “mix of truth, FUD & misconception” associated with them. Per his words, Binance isn’t headquartered or operated in Malta. He added there as misconceptions as “some people” believe the world “must work a certain way, you must have offices, HQ, etc.”

In its statement, the MFSA did say it is assessing if the cryptocurrency exchange has activities in Malta that “may not fall within the realm of regulatory oversight.” The regulator added that since the passing of the Virtual Financial Assets Act of 2018, businesses in Malta trading or offering cryptocurrencies have to be fully licensed.

Featured image via Pixabay.