[Bitrue](https://www.bitrue.com/home/) is a leading Singaporean CEX founded in July 2018 by Curtis Wang and a team of crypto enthusiasts and finance professionals. The crypto exchange also has offices in Taiwan, the US, and Europe.

The trading platform comes with a straightforward registration process (KYC is not mandatory) and enables you to buy, trade, and invest in more than 700 crypto assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Aave (AAVE), and Cardano (ADA).

In this 2023 Bitrue review, I cover all you need to know about the platform, including trading features, security, and fees.

## Bitrue trading features

Listed are the features of the [one-stop trading platform](/news/article/coinmama-crypto-exchange):

•	Spot trading: at the time of writing, the cryptocurrency exchange enables you to conduct quick, safe (we will detail this later), and cheap transactions in more than 1,000 trading pairs. The CEX is one of the most proactive in the business, having latched onto the Bonk (BONK) and Fronk (FRONK) dog coin trend almost immediately by offering spot options.

•	Futures trading: take advantage of numerous perpetual futures margined in stablecoins such as USD Coin (USDC), Tether (USDT), and other digital currencies.

•	Leveraged ETFs: leverage trading with near-zero risk of liquidation is made possible by the trading platform.

•	Buy and sell crypto: buy and sell a [vast range of digital currencies](/article/how-does-crypto-trading-work) via payment options such as credit/debit card (powered by Simplex), international wire transfer (no wire fee for ACH USD payments) in currencies such as USD, EUR, GBP, AUD, CAD, and CHF, and cryptocurrency (powered by Trust Wallet).

•	Bitrue coin (BTR): by holding BTR, you can reap the benefits of a 30% discount on trading fees, voting rights (new token additions), and much more.

•	Earn: once you have purchased a crypto asset on Bitrue, you can take advantage of the “Power Piggy” feature. This feature enables you to earn a passive interest rate on your deposited crypto.

•	Copy trading: this feature will be launched on the platform soon. Copy trading enables you to automatically copy the positions opened and managed by another trader.

## Bitrue trading fees

The XRP-centric CEX charges some of the lowest fees in the industry, with a 0.098% fee applicable on BTC, ETH, and USDT trading pairs, and XRP trading pairs incurring a 0.280% trading fee. XRP/BTC, XRP/USDT, and XRP/ETH trading result in a 0.2% fee (not the usual 0.280% that other XRP trading pairs incur).

Using BTR for transaction fees will make you eligible for an additional 30% discount on the fees mentioned above. Withdrawal fees are dynamically adjusted. Here is a list of some common token withdrawal fees:

•	ADA: 1 ADA

•	BTC: 0.0005 BTC

•	ETH: 0.01 ETH

•	LTC: 0.001 LTC

•	USDC: 13 USDC

•	USDT: 2.6 USDT

•	XRP: 0 XRP

## Is Bitrue safe?

Bitrue has had its [fair share of security troubles](https://www.forbes.com/digital-assets/exchanges/bitrue/). On 27 June, 2019, the crypto platform was hacked, leading to the loss of around $4.2M in XRP and ADA. The hack affected 90 clients and was, at the time, the 17th [largest crypto exchange hack](/news/article/binance-hack) in history.

To its credit, the exchange took all the right steps to contact local authorities, issue a formal statement, and refund all customers by 4 July, 2019. On the same day, the CEX launched the BTR token, only for the server to crash immediately.

A token pricing issue occurred on the mobile platform, resulting in some traders buying the token for inflated prices. Some sellers (of course) took advantage of this vulnerability and made some quick money.

The trading platform suffers from periodic deposit and withdrawal issues and other security concerns (an attempted 51% attack on 8 January, 2019, for example). In addition, there are several customer reports of stolen funds, frozen accounts, and inadequate support.

In a nutshell, Bitrue offers some fascinating features without a flashy website, good mobile applications for Android and iOS users, and decent security features. While Bitrue wouldn't be my first choice to trade cryptocurrencies on, it certainly wouldn't be my last (DYOR!).


Bitrue Crypto Exchange Reviewed

According to [Chainalysis research](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/), Binance crypto exchange processed almost $346M in illicit Bitcoin (BTC) funds for seized cryptocurrency exchange Bitzlato.

Bitzlato's Russian co-founder Anatoly Legkodymov was arrested in Miami last week on charges of operating the platform as an unlicensed money exchange business and processing $700M in illegal funds.

Reportedly, Legkodymov admitted to catering to "known crooks" through the medium of the cryptocurrency exchange. On 18 January, 2023, he was charged by the US Justice Department for fueling a "high-tech axis of cryptocrime”.

## Binance's role in Bitzlato's money laundering spree

Between May 2018 and September 2022,[ it is reported ](https://www.fincen.gov/sites/default/files/shared/Order_Bitzlato_FINAL%20508.pdf)that Binance was among Bitzlato’s top three Bitcoin-receiving counterparties, the others being Hydra, a Russia-connected darknet market, and “TheFiniko”, the supposed Russia-based Ponzi scheme.

In the same period, the seized cryptocurrency exchange’s top three Bitcoin-sending counterparties were Hydra, LocalBitcoins, a VASP incorporated in Finland, and “TheFiniko”.

According to the US Treasury's Financial Crimes Enforcement Network (FinCEN), each of these sending/receiving counterparties is associated with illicit activities, and a majority of them have substantial ties and/or operations in Russia.

It is evident that Binance is the only [high-end cryptocurrency trading platform](/news/article/guide-to-binance-uk) among Bitzlato’s top sending/receiving counterparties.

According to Chainalysis research, Binance crypto platform moved more than 20,000 BTC, worth about ~$346M at the time, across 205,000 transactions, between May 2018 and the time of Bitzlato’s closure (last week).
Around $175M worth of Bitcoin was transferred from the seized trading platform to the crypto exchange in this period, making it the largest receiving counterparty of Bitzlato.

Nearly $90M of these transfers took place after August 2021. What adds interest to this is that the Binance crypto exchange had enforced mandatory user identification at this point to combat financial crimes.

Furthermore, in a blog last year, Binance said this would help tackle ["the funding and laundering of money from illicit activities"](/news/article/binance-news-dea-uses-exchange-to-track-cartels). Moni Talks could not confirm whether the identification check was enforced in dealings with the seized cryptocurrency platform.

It is worth noting that Binance is providing assistance to international law enforcement in the quest to support the Bitzlato investigation. Currently, it is unclear whether the trading platform's financial dealings with Bitzlato are under judicial review.

The news has been met with a downturn in crypto markets, as top cryptocurrencies have tumbled in price.


Red image of bitzlato logo and falling binance coins

Binance Crypto Exchange Linked to Bitzlato

## Crypto exchange Gemini in line for the next round of downsizing

In yet another blow to the industry, crypto exchange, Gemini plans to lay off another 10% of its staff to cut back on costs.

The [report](https://www.theinformation.com/articles/gemini-is-laying-off-10-of-staff-marking-latest-blow-for-winklevoss-crypto-startup?utm_content=article_push&utm_medium=organic&utm_campaign=AB_post&utm_term=AB_post) was provided by The Information after it intercepted an internal communication plan meant for Gemini's employees. The message referred to the crypto industry's crisis, as well as some "bad actors" in the industry that caused Gemini to make this decision.

This is the third round of downsizing that Gemini is going through within the past six months, as the crypto exchange is experiencing tough times.

The president of Gemini, Cameron Winklevoss, said the company had hoped to avoid further staff cuts, but that the "persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry" left it with no choice.

Of course, the party in question was none other than Genesis, and its parent company Digital Currency Group. Due to Genesis' own financial issues and bankruptcy, it has failed to meet obligations to Gemini and the crypto exchange platform's special project, Earn.

Earn is an interest-paying financial instrument that Gemini offers. The finances provided for the lending were covered by the Genesis group. However, due to bankruptcy, it was unable to pay the remainder of the due costs, which – [according to Gemini ](/news/article/winklevoss-claims-genesis-owes-investors)– amounted to around $900m.

There was a back-and-forth between the two entities on social media as well, with [Twitter](https://twitter.com/gemini/status/1592873279232278532?lang=ens) being the main playground for the heated exchange.

## Increasing trend of lay-offs in the crypto industry

Gemini isn't the first crypto exchange or crypto-based company to lay off its employees in the past year. The increasing number of bankruptcies, failures, and downright fraud committed by multiple crypto entities has contributed to a huge crash in the market.

After all these companies inherit losses and find it difficult to cover their expenses, the only stakeholder with a target on its back tends to be the employee.

The mismanagement of funds by upper-level executives is becoming more and more detrimental to not just company employees, but the crypto industry itself.

We wait to see how the market revives – if it does at all – and how much trust skilled workers will have in these crypto entities once again.


red image of employees carrying boxes out of office

Crypto Exchange Gemini Cuts Staff Again 

Mercado [Bitcoin](/news/article/btc-price-today) is a Brazilian cryptocurrency exchange founded in 2016. It is centralised, has almost 1 million traders, and has a 24-hour trading volume of around 89.91 from 146 coins and 146 trading pairings. BTC/BRL (42.04) is the most active trading pair on the Mercado Bitcoin exchange. 

With more than 2 million registered clients and over 12 billion reais in transactions through 2019, the company's platform usage volume has increased 15-fold in the last 18 months. Expectations for the following two to three years are considerably higher, with a 100-200x increase predicted.

## How does Mercado Bitcoin expect to grow?

After extensive research into Google Cloud products, it was discovered that they were ideal for the demands of its IT team, particularly in terms of performance, security, stability, and support. Such expansion necessitates a highly scalable infrastructure, increased security, and enhanced application administration. The firm already utilised [Google](/news/article/solana-news-google-becomes-validator) Cloud for a few data storage functions and hosted its platform servers elsewhere.

## Mercado Bitcoin announces first stablecoin

Mercado Bitcoin (MB), [Brazil's](https://www.crypto-news-flash.com/stellar-lumens-gets-first-stablecoin-from-brazil-with-mercado-bitcoin-fostering-ecosystem-growth/) largest cryptocurrency exchange, has announced the debut of its first stablecoin, the MBRL, which is purportedly backed by reais. According to the release, the MBRL stablecoin is on the Stellar (XLM) network. 

However, the cryptocurrency exchange has stated that the MBRL stablecoin would be available on other blockchains. Furthermore, the success of a stablecoin is directly proportional to the number of chains it traverses. The objective is to accelerate the potential for the adoption of blockchain applications in Brazil, and produce solutions that empower clients' daily transactions, stated Reinaldo Rabelo, CEO of MB.

The Stellar community will benefit significantly from Mercado Bitcoin's MBRL stablecoin due to increased on-chain activity. Furthermore, the MBRL stablecoins will pay Stellar Lumens blockchain fees using XLM.

## Partnership with Druid

[Mercado Bitcoin](https://forbes.com.br/forbes-tech/2022/12/mercado-bitcoin-amplia-atuacao-e-estrutura-frente-de-games-e-e-sports/), one of Latin America's leading Bitcoin marketplaces, has launched a gaming and e-sports front, with the first announcement being the sponsorship of the INTZ squad. Druid Creative Gaming, a specialised agency, will be responsible for the strategy, conception, and implementation of MB activities for games, metaverse, activations, and sponsorships for the e-sports market.

Druid and Panamera worked together to create a film that features the streamer Sher as an ambassador. She is the first trans streamer of INTZ and was responsible for organising the first League of Legends for transgender people championship, in addition to winning the 'Best Female Streamer' award at the CCXP Awards. 

As a first initiative, Druid is launching a campaign announcing a relationship with INTZ, intending to merge the segment's present expanding strength with the crypto world's advances.


Green image of mercado bitcoin logo on abstract background

What is Mercado Bitcoin?

On 18 January, 2023, US authorities confirmed the arrest of a co-founder and major shareholder of Hong Kong-registered crypto exchange platform Bitzlato for facilitating and harboring money laundering criminals.

A Russian native currently living in China, Anatoly Legkodymov, was arrested in Miami on 17 January, 2022. 

He was booked under a section of the US Patriot Act aimed at preventing money laundering and terrorist financing. His charges included operating an unlicensed money exchange business.

Bitzlato is a crypto exchange platform [based out of Hong Kong](/news/article/is-crypto-legal-in-hong-kong) with global operations. The platform allegedly exchanged more than £500 million in cryptocurrency on the Hydra Market. The Hydra Market was the largest darknet marketplace in the world before it was shut down in April 2022. The crypto exchange co-founder also allegedly received £12 million in ransomware proceeds.

## Bitzlato labeled primary money-laundering concern 

The US FinCEN (Treasury's Financial Crimes Enforcement Network) previously named the crypto giant a "primary money-laundering concern".

This is among the most serious sanctions from the US anti-crime team as it usually works by cutting the target off financially around the globe.

The platform allowed users to sign up and operate by providing little to no personal information, making it a haven for criminals. It also allegedly posted ads on Russian-language sites telling users that they can sign up and start using the site by only providing their email address and nothing else. The company made it exceptionally easy for users to buy crypto for cash for a negligible fee and practically no personal information.

[text](link)The seizure of Bitzlato does not come as a surprise. US law enforcement has been hard at work because the crypto community has been under a microscope since last year following [scandals in the industry](/news/article/how-to-avoid-crypto-scams). US authorities charged [FTX CEO Sam Bankman Fried in 2022 with eight counts of fraud](https://www.bbc.com/news/business-64036615) after the exchange filed for bankruptcy.

The operations of the Hong Kong-based exchange platform Bitzlato have been seized until the trial.


red image of bitzlato logo on red background

Bitzlato co-founder charged with laundering over £500m

Coinmama is one of the oldest crypto exchanges around, having launched in 2013. It was among the first to allow users to purchase popular crypto assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) using a VISA or Mastercard credit/debit card.

While Coinmama claims to be the "world's friendliest crypto exchange", how easy to use is the platform? Is the cryptocurrency exchange safe? What is the registration process? What is the fee structure?

## Is Coinmama safe?

With all that has transpired with the [FTX ecosystem](/news/article/ftx-vs-binance-liquidate-funds) in 2022, crypto users expect the safety of funds when on an exchange more than anything. If you aren’t aware of what happened (gosh, you need to read the news!), [$1-2B of customer funds have gone missing](https://nypost.com/2022/11/12/ftx-clients-out-up-to-2-billion-after-crypto-collapse-reports/). It is alleged that ex-CEO Sam Bankman-Fried moved around $10B of customer funds into Alameda Research.

First things first, ALWAYS store your [assets in a hardware wallet](/news/article/cryptocurrency-hardware-wallet). If you can’t afford a hardware wallet, turn to a trusted desktop, mobile, or paper (highly-recommended) wallet. While funds stored/kept on an exchange are yours, they are technically in the custody of the exchange and subject to potential risk and attacks.

Now, getting back to Coinmama - the platform has your back. The primary parent company behind the exchange, New Bit Ventures Ltd. (the other being Cmama Ltd.), is registered with the US Department of Treasury Financial Crimes Enforcement Network. This essentially means that the US Department of the Treasury can ensure Coinmama customers do not use the platform for financial wrongdoings such as money laundering.

Additionally, the exchange uses military-grade data encryption technology and does not store your credit/debit card details on the platform. To substantiate my claim, the platform suffered an attempted hack on 15 February, 2019. While the hackers accessed some email addresses and passwords, they couldn't latch onto and misuse user funds. The exchange simply instructed users to change their passwords - end of the story.

The cryptocurrency exchange does not store user funds on the platform either. All purchased funds are sent to a user-provided crypto wallet immediately. Last but not least, account verification adds an added layer of security. We will explore this in the next section.

These factors contribute to Coinmama being one of the safest and most trusted cryptocurrency exchanges in the business.

## Coinmama registration process

The registration process at [the cryptocurrency exchange](/news/article/huobi-exchange-who-owns-it) is fairly simple.

![coinmama 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_1_0b0b1be485.png)
  
As illustrated above, to register at the cryptocurrency exchange, enter your email address, create a password, select your country and state of residence, and click on the Create Account button. Of course, if you want the latest information regarding discounts, promotions, and updates, tick the applicable box.

You'll be redirected to another page that asks for your personal details.

![coinmama2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama2_16451e1f4b.png)
  
Enter your full name, select your date of birth, and identify your gender (they should include more options, shouldn’t they? All in for #inclusivity). Click on the Next button when done.

![coinmama3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama3_5086da684b.png)
 
Now, you must select your country and state of residence (once again), enter your residential address, including your city and zip code, and input your phone number. You can then click on the Next button.

![coinmama 4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_4_647e2695e3.png)
  
We now come to the final and arguably most important step - identity verification. Coinmama requires you to verify your identity via a government-issued ID, click on a link they send you to confirm your email address, and verify your physical identity via a photo check (you will require a mobile phone with a working camera for this step). To begin the final stage of the verification process, click on the Let's Go button.

![coinmama 5.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_5_a2da5f23ae.png)
  
To further help you in this process, the above image is what the email verification procedure will look like. Click on the Confirm Your Email button to, well, confirm your email address.

Once identity is confirmed, you can take advantage of the features on offer at the cryptocurrency exchange. You should remember that the entire verification process may take up to six hours.

## Coinmama features: cryptocurrencies, payment methods, loyalty program, and fees

At the time of writing, the crypto trading platform allows you to purchase 16 cryptocurrencies. These include BTC, ETH, LTC, XRP, Ethereum Classic (ETC), Bitcoin Cash (BCH), Dogecoin (DOGE), Aave (AAVE), Chainlink (LINK), and Compound (COMP).
 You can instantly purchase these cryptocurrencies with a VISA/Mastercard credit or debit card or via a bank transfer. Apple Pay, Google Pay, Skrill, and SEPA payments are available for the same. You can start with just $50. 

![coinmama 6.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/coinmama_6_6f7630fac7.png)

Additionally, [the trading platform](/news/article/tradingview-uk-101) allows you to sell BTC and receive money directly into your bank account. Simply enter the amount of BTC you want to sell, receive a quote for the same (with the current market price), fill in your bank details, and you will receive money in your bank account quickly and easily. There are no hidden fees for the same (we will explore the fee structure shortly).

Currently, Coinmama allows users to transact up to $15,000 in buy and sell transactions in a single day, with 24/7 access to their account and dedicated customer support.

### Fees

Fees are on the higher side. Here is the fee structure at Coinmama:

•	A commission fee of up to 3.81% on purchasing cryptocurrencies.

•	An additional 5% express fee if you use a credit/debit card. A bank transfer does not incur this fee.

•	Cryptocurrency trading incurs a 2% fee, along with an indexed market rate.

•	If you choose to sell BTC, you will incur a straight fee of 0.9% of your selling amount.

•	The withdrawal fee for selling other cryptocurrencies depends on your Coinmama Loyalty Level. Curious members are charged 1.9%, Enthusiast members must pay 1.4%, and Believer members incur a fee of 0.9%.

The high fee structure at Coinmama means that you should be extra cautious while purchasing, trading, and withdrawing cryptocurrencies. Do your own research, strictly follow market trends, learn all you can about crypto fundamentals, and only engage in a particular trading activity if you are sure of it. Otherwise, you may waste a significant chunk of your investment/investments on fees alone.

## Conclusion: is Coinmama a good crypto exchange?

Coinmama is safe and compliant and offers a few interesting features. That said, compared to [market leaders such as Binance](/news/article/bnb-chain-security-system) and Coinbase, the number of cryptocurrencies on offer and features are on the lower side. Additionally, the fee structure is very high. On a concluding note, I feel Coinmama is a good platform for those who are new to the industry, owing to its safety and ease of use.

#### Rating: 8/10


green crypto altcoins on black background with coinmama logo overlayed

Coinmama: A Good Crypto Exchange?

The largest crypto exchange, [Binance](https://www.binance.com/en), suffers massive withdrawals as the platform experiences outflows of more than $1 billion in 24 hours.

Currently, it is surrounded by [FUD](/news/article/ftx-vs-binance-liquidate-funds) and rumours that are affecting its position in the market. 

Binance CEO and co-founder Changpeng Zhao (CZ) took to Twitter to clarify the situation. He said his firm saw more than $1.14 billion of withdrawals on Tuesday. He further stated that these outflows were not the highest they processed and called it "business as usual." Meanwhile, customers are continually removing their assets from their accounts.

![binance1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance1_b1ba9c605d.png)
 
## Binance suffers highest daily withdrawals since June

Analysis by blockchain analytical firm [Nansen](https://www.nansen.ai/) shows that this is the highest level of withdrawals in a day for Binance since June. The report also claims that the total withdrawals for the exchange have been more than $3 billion.

![binance2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance2_5f30c95f24.png)

[Source](https://twitter.com/nansen_ai/status/1602618067598442503)

It is contrary to the figure that CZ announced on Twitter. It could be an act of downplaying the situation like FTX previously did. Nonetheless, Binance is currently fighting against investor jitters in this crypto winter.  

## FUD in the market

Since the collapse of Sam Bankman-Fried’s FTX, FUD has taken over the market. On Tuesday, Sam was [arrested for fraud](/news/article/former-ftx-ceo-sbf-arrested), considered one of the largest-scale financial scandals in US history. The FTX contagion has spread over the entire crypto market. It has damaged many digital asset firms like [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals), [Gemini](/news/article/gemini-crypto-exchange-falls-prey), and [Genesis](/news/article/genesis-brokers-owes-gemini). 

Moreover, an ongoing investigation for money laundering against CZ’s firm is also making headlines. According to a [report](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/), the US Justice Department is contemplating filing a case against the exchange’s executive body, including CEO CZ.

People are hesitant to invest and are withdrawing their assets in panic. As Binance suffers, the market is continually seeing a [downward trend](/news/article/crypto-market-crashing). Amid this scenario, outrageous outflows from the largest exchange signify a long winter.


red image of woman holding binance coin. 

Binance Suffers $1 Billion in Withdrawals

The founder and disgraced CEO of the failed crypto exchange FTX, Sam Bankman-Fried, was arrested on Monday after the US Government filed a criminal indictment.

These charges follow weeks of speculation that the FTX CEO misused customer funds.

## FTX CEO arrested

Sam Bankman-Fried, popularly known as SBF, was arrested by the Royal Bahamas Police Force. The police said that the arrest was initiated following receipt of formal notification from the US Government that it filed criminal charges and is likely to request that SBF be extradited.

In a statement, the Bahamas Police confirmed that Bankman-Fried was taken into custody without a hitch at his Albany apartment complex at 6pm.

SBF's arrest resulted from financial offences alleged in the US which would also be offenses in the Bahamas, the statement said.

A sealed indictment filed by the Southern District of New York was the basis for the arrest. US Attorney Damian Williams confirmed this in a [tweet](https://twitter.com/SDNYnews/status/1602451395910803457). 

Last month, the exchange filed for bankruptcy in the US after it imploded [almost overnight](/news/article/sam-bankman-fried-lost-billions), leaving customers unable to access their funds. According to court filings, FTX owed its largest creditors around $3.1 billion.

The dramatic fall from grace has been the talk of the market. The exchange's CEO was expected to testify about the [company's collapse](https://www.nytimes.com/2022/12/09/technology/ftx-text-messages.html) in Congress on Tuesday.

## Bankman-Fried future looks clouded

According to the [New York Times](https://www.nytimes.com/2022/12/12/business/ftx-sam-bankman-fried-bahamas.html), the charges filed against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, security fraud conspiracy, and money laundering.

However, it's still unclear whether customers will be able to recover some, if not all, of their funds. A 2 November report on ties between FTX and Alameda, a trading company also controlled by the FTX CEO, exposed that Alameda's balance sheet was overexposed to FTT currency (FTX's token).

According to the extradition treaty between the US and the Bahamas, defendants may be returned to the US provided their offenses carry a minimum one-year sentence in both countries.

The 30-year-old has recently disregarded legal counsel and increased his public appearances, providing his version of his company's abrupt failure and typically portraying himself as an inept CEO.

"I didn't knowingly commit fraud," he said during a BBC at the weekend. SBF told the interviewer he didn't want any of this to happen and added that he was "not nearly as competent" as he believed himself to be.



red image of crime scene with pictures of Sam Bankman-Fried and a sign that says "bahamas"

Former FTX CEO Sam Bankman-Fried Arrested

Following the collapse of FTX last month, pressure is rising on US regulatory body the SEC to beef up enforcement of major crypto sector centres. 

The failure of [FTX](https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchange-enforcement-after-ftx-collapse-11670474070) focused attention on crypto exchanges, which serve as key hubs for individual investors and provide services such as digital-coin sales, financing, and asset storage. Despite spending more than six years studying various sector aspects, the Securities and Exchange Commission regulatory agency still needs to sue a major cryptocurrency exchange.

According to sources familiar with the topic and regulatory disclosures, the [SEC](/news/article/xrp-vs-sec-lawsuit-update) is investigating exchanges such as Coinbase Global Inc. and the US operations of Binance and FTX. It has penalised or sued dozens of token creators over the past six years.

According to the SEC, several cryptocurrencies qualify as [securities](/news/article/sec-vs-ripple-news) that should have traded under stock and bond laws. The firm's Chair Gary Gensler says that exchanges are breaching the law by selling unregistered securities and failing to follow standards that the NYSE and Nasdaq Stock Market follow.

## Lawyers believe SEC crypto enforcement is not enough

Some attorneys argue that, despite such claims, regulatory enforcement measures have yet to go far enough as the sector has matured and ordinary people are committing their assets to crypto enterprises. Mr Gensler risks substantial criticism if he does not get things going", according to the report "former SEC enforcement attorney John Reed Stark.

It was a flaw in their plan not to pursue these entities, Mr. Stark explained. 

The exchange kept trading six assets after the SEC sued a former Coinbase employee in July, alleging that the business sold seven improperly issued securities. They could have sued Coinbase, but they chose not to. According to a Coinbase spokesperson, the company thinks that none of the six digital currencies are securities.

## Crypto exchanges believe SEC is using the wrong crypto enforcement laws

According to industry lawyers, the SEC crypto enforcement approach is exhibiting signs of wear and tear after years of the SEC utilising its enforcement arm to drive the industry into its supervision.

According to some industry attorneys, the activities of cryptocurrency exchanges are so unlike those of stock exchanges that compliance with their standards is impossible.


sec logo with hands shaking in the background

SEC Crypto Enforcement Warning

The Crypto sector is highly volatile and mysterious. The latest secret is the ownership of the [Huobi exchange](https://www.huobi.com/en-us/). 

According to tracker CoinGecko, China-based Huobi Global continues to produce a notable daily trading volume of more than $300 million despite losing its position as the world's leading exchange.

On 7 October, the Huobi exchange platform [announced](https://www.prnewswire.com/news-releases/huobi-globals-major-shareholder-completes-share-sale-301644102.html) that About Capital Management (HK) Co. Ltd, a [Hong Kong](/news/article/crypto-hong-kong-etfs) based-asset management company, had become the exchange's controlling shareholder following a successful buyout deal.

While the transaction of an unrevealed amount crowns About Capital as the new controlling shareholder, the [exchange](/news/article/best-exchanges-for-crypto-uk) stated that the transition would have no impact on core operations or business management teams.
About Capital also revealed plans to create a global strategic advisory board "led by leading industry figures", in addition to other initiatives such as establishing a margin and risk provision fund and measures to improve the exchange's competitiveness.

## Justin Sun - The probable owner

According to reports, Justin Sun spent about $1 billion to acquire roughly 60% shareholding through the [Hong Kong](/news/article/is-crypto-legal-in-hong-kong)-based asset manager About Capital.

Sequoia China and ZhenFund transferred 28% of their ownership in Huobi Global to About Capital. According to insiders, Justin Sun hid his name from the agreements to avoid Chinese scrutiny.

Huobi Global rebranded to "Huobi" because Justin Sun's previous acquisition agreement prohibited shareholders from using Chinese trademarks or conducting business in mainland [China](/news/article/china-crypto-ban).

People familiar with the matter revealed a strict agreement between all parties in this equity transfer agreement regarding trademarks, particularly the use of the Chinese brand "Huobi".

In October, it was reported that the controlling shareholder of the exchange completed the share sale, making About Capital's M&A fund the new controller. Justin Sun joined the Global Advisory Committee of Huobi Global and repeatedly stated that he was not the buyer of Huobi.


Huobi Exchange - Who Owns It?

FTX’s [decline](/news/article/ftx-bankrupt-who-to-blame) has rattled the crypto market. Digital asset lending firms and exchanges are at the receiving end and falling like houses of cards. The [Gemini crypto exchange](https://www.gemini.com/) of the Winklevoss twins has also become one of the victims of FTX contagion. 

On 16 November, Gemini's Earn product experienced delays in withdrawals due to an outage. Curiously, the outage occurred just after its partner, [Genesis Global](https://genesis.global/), suspended withdrawals on its platform. Genesis took the step in the wake of the fall of the [Sam Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) corporation.  

Earlier, the firm acknowledged its partner’s suspension of withdrawals in a [Twitter thread](https://twitter.com/Gemini/status/1592873279232278532). It also announced that its team is working with the crypto lender to ensure quick recovery of funds of the Earn program. 

It assured its clients that these events would not affect the activities on the [Gemini](/news/article/gemini-crypto-review) platform. However, a couple of hours later, it experienced an outage that shook investors' trust.

## Gemini crypto exchange outage caused $485m outflows

The server outage on the platform halted the operations affecting the withdrawals and deposits. However, it has only been down for about an hour. Per its official statement on Twitter, the disruption occurred at its primary databases due to the Amazon Web Services EBS.

The exchange's team swiftly recovered it and announced it was "fully back online".

![gemini exchange tweet](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/geminitweet_50471f672f.webp)
 
Moreover, it reassured its users about the safety of their funds. Nonetheless, the disruption created panic among the users, which resulted in mass outflows. 

According to [Nansen](https://www.nansen.ai/), the blockchain insights firm, more than $485 million has been withdrawn from the exchange in the past 24 hours. This is the highest outflow for any exchange in the same period. On the other hand, the inflows for the platform were only $78 million.  

## The unstoppable FTX contagion

Gemini and Genesis Global are just some digital asset service providers that suffered after the FTX collapse. Various other firms are moving towards insolvency. Crypto lenders [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals) and SALT are recognised names among them. This collapse may affect many other significant firms in the future as investors' confidence seems to be shaken.


Gemini crypto exchange falls prey to FTX contagion

The crypto lending firm, [BlockFi](https://blockfi.com/), certainly finds itself in hot waters after the [FTX collapse](/news/article/ftx-collapse-blockfi-suspend-withdrawals). Recently, it suspended withdrawals from client wallets and interest accounts. It is also facing a severe liquidity crisis as the [FTX exchange](/news/article/ftx-exchange-under-investigation) crashed. There are reports suggesting that the firm plans to lay off its workforce. So, is BlockFi bankrupt?

## Is BlockFi bankrupt?

Earlier, the firm denied having a line of credit of around $400 million from FTX. However, later it accepted its affiliation with the crashed exchange. The [Sam Bankman-Fried](/news/article/sam-bankman-fried) owned exchange provided this fund to BlockFi to bail it out in July. As the business has collapsed, it has again created financial problems for the crypto lender. 

Rumours suggest that the crypto lender is pondering filing for insolvency amid this situation. Other than that, it may even sack some of its employees to cut down its expenses. 

Moreover, it has already restricted activities on the platform, suspending withdrawals for its clients. These moves indicate that the firm might have to move towards complete closure. 

## Impact of FTX crash on other crypto firms

FTX collapse has rattled the entire crypto market. BlockFi is not the only platform that is facing issues after the decline of Sam Bankman-Fried’s exchange. Another digital asset lending platform, SALT, has also paused deposits and withdrawals. It has notified its users that “in light of recent industry events”, the firm has taken this step.

![blockfi.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/blockfi_d647bef6a0.png)
 
Furthermore, [SALT](https://saltlending.com/) has admitted that the fall of [SBF companies](/news/article/sam-bankman-fried-lost-billions) has also affected its business. Therefore, it is taking this step as a precautionary measure. However, the platform’s CEO, Shawn Owen, has clarified that it is [not going bust](https://twitter.com/Shawn_OwenJ/status/1592586857509896192). This is a temporary measure. It is to examine how much the events have affected the platform. Nonetheless, it will be effective immediately to limit potential risks.



Layoffs, & paused withdrawal: Is BlockFi bankrupt?

The FTX exchange is being investigated for mishandling consumer funds and violating securities regulations. Regulatory investigations were among the primary reasons Binance decided not to acquire the firm.

## FTX exchange agreed to sell to Binance

After undergoing the cryptocurrency equivalent of a bank run, the [crypto business](https://fortune.com/crypto/2022/11/10/ftx-sam-bankman-fried-doj-sec-examining-source-says/) decided earlier this week to sell itself to a larger rival, Binance. Customers abandoned the exchange after getting worried about their capital.

## Why is SEC investigating the FTX exchange?

The [cryptocurrency market](https://www.reuters.com/technology/us-probes-ftx-over-handling-client-funds-bloomberg-news-2022-11-09/) has been volatile, with worries over the company's financial stability leading to $6 billion in withdrawals in the 72 hours following Tuesday morning. Binance later announced a [non-binding deal](https://www.reuters.com/markets/currencies/cryptocurrencies-slide-concerns-over-ftx-exchange-rattle-markets-2022-11-08/) to purchase FTX's non-US business to address a "liquidity constraint" at the rival exchange.

According to the source, the SEC is also looking into the business's ties with its US equivalent FTX US and Chief Executive Officer Sam Bankman-Fried's trading firm. The SEC does not want to speak on the existence or nonexistence of a prospective probe, said an SEC representative. A CFTC spokeswoman declined to comment as well.

The crypto community's and securities authorities' inquiry into [Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) and his crypto company are centred on the potential that the firm utilised client deposits to support bets at Bankman-hedge Fried's fund, Alameda Research. Brokers in conventional markets are supposed to keep customer cash apart from other firm assets. Regulators can punish violations. 

An individual acquainted with the [FTX and Binance](/news/article/ftx-vs-binance-liquidate-funds) transactions described them as a "black hole" in which it was hard to distinguish between assets and liabilities. This individual said Bankman-Fried committed the "ultimate sin" by using custodial assets to support Alameda Research.

## Gensler's view on FTX exchange

Under Democratic leadership, the SEC has increased its examination of the cryptocurrency industry. Chair Gary Gensler has already expressed concerns about whether crypto platforms effectively separate funds and if their market-making operations are trading against their clients.

Earlier this year, a cryptocurrency start-up BlockFi Inc subsidiary [agreed to pay](https://cointelegraph.com/news/blockfi-limits-platform-activity-including-a-halt-on-client-withdrawals) a record penalty to resolve allegations connected to its retail lending product. Other organisations, like FTX, enable users to "stake" certain cryptocurrency tokens in exchange for a return.



FTX Exchange Under Investigation

[Dex Labs](https://www.dexlab.space/) is one inventive decentralised exchange built on the [Solana network](/news/article/solana-price-gbp). The company is based in Korea and launched in May 2021.

It is a unique platform as it offers an infrastructure that allows token minting on Solana. It has an easy-to-navigate interface which makes token launching seamless. Because of this, users on the network have easy access to new tokens.

Furthermore, the exchange offers a cross-chain swapping feature and allows instant transactions. With its native token, you can also earn yields by staking them.  

## Dexlab offerings

This platform is inspired by the Project Serum on the SOL blockchain. This project itself has many parallels with [Uniswap](https://uniswap.org/). Like both these platforms, Dex Labs offers swift and efficient transactions. It also allows swapping and supports stablecoins and [wrapped tokens](/news/article/weth-vs-eth). 

With all these features, Dex Labs offers various products. These products facilitate trading and allow secure storage of your assets. Let's explore some of its offerings.

1.	Trading and swapping

Dexlab is a complete platform for trading or swapping assets. It provides users with market analytics leveraging Serum technology. It also presents data in visuals which assist you in reading it with ease. 

2.	Wallet

You can not only trade on the platform but can also keep your assets on it. It offers a secure wallet with a multi-chain feature. Therefore, you won’t have to use third-party wallets while making trades.

3.	MintingLab

One of the best features of the platform is its minting capability. On its MintingLab, you can issue Solana-based tokens. Meanwhile, its user-friendly interface makes listing and management relatively straightforward.

4.	IDOs

As new projects can be launched on the platform, users enjoy initial decentralised exchange offerings. That’s why it can be a great way to explore or acquire nascent coins on the blockchain.

5.	Staking

[Staking](/news/article/what-is-staking-crypto) is a popular way among investors to generate good yields. And this platform has a high-yielding staking program. You can use your DXL tokens to receive weekly incentives. Besides, you can also avail of the airdrops and participate in the liquidity pool.

## What is Dex Lab's launchpad?

Dexlab is architectured on Solana and introduces a minting platform for new tokens. It has an intuitive interface that allows a smooth user experience. Also, it enables you to integrate the Solana CLI with it.

This eases the coding process for you. On this platform, you can also mint tokens and [mint NFTs](/news/article/solana-nft-marketplace) (non-fungible tokens). 

## DXL tokenomics

DXL is the native token that fuels the platform. It is used for Dex labs’ governance and facilitates all transactions. There are 1 billion DXLs with a current market cap of [$3,957,867](https://coinmarketcap.com/currencies/dexlab/). 

The tokens are allocated for several purposes. Among them, the highest part (19.5%) goes to the mining pool reserve. 

![dex labs.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/dex_labs_c91fa275c4.png)
 
[Source](https://docs.dexlab.space/dxl-token)

## Bottom line

DexLabs is an entirely decentralised exchange in the Solana ecosystem. The platform is not only beneficial for crypto investors but is handy for issuers, too. Along with the trading analytics and swapping features, it also introduces its own [wallet](/news/article/best-crypto-wallet). Meanwhile, its IDOs and staking program allow high yields.



Solana Dex Labs Explained

[THORSwap](https://thorswap.finance/) is a decentralized cross-chain exchange built on THORChain, a decentralized liquidity protocol. It allows users to swap multiple cryptocurrencies on different blockchains in a non-custodial manner. THORSwap also serves as a DEX aggregator to support a broader range of assets.

## History

THORSwap’s history begins in April 2021 when it was built on top of MCCN - THORChain’s multi-chain chaosnet. This was a few months (July 2020) after BEPSwap launched on SCCN - THORchain’s single-chain chaosnet.

After its launch, the THORSwap exchange quickly became the leading decentralized exchange on THORChain, responsible for a majority of the protocol’s trading volume.

Within 14 months of its existence, it had processed 2.7 million transactions and $1.85 billion in volume, representing 20% of the total volume on THORChain.

## Features

Several features distinguish the aggregator from its competitors. Some of them include;

•	Cross-chain swaps

It currently supports swaps for over 4,800 crypto assets across nine blockchains, including Bitcoin, Ethereum, Binance Chain, Cosmos, Avalanche, [Dogecoin](/news/tag/dogecoin), Litecoin, Bitcoin Cash, and THORChain.

•	Cross-chain DEX aggregation

As an aggregator, it taps into different liquidity sources to support a wide range of digital assets from multiple blockchains.

In August 2022, the exchange launched an [Ethereum cross-chain aggregator](https://docs.thorswap.finance/thorswap/thorswap-products/thorswap/cross-chain-dex-aggregation/ethereum-dex-aggregator), allowing users to swap between 4,800+ whitelisted ERC-20 tokens and its eight supported blockchains.

•	Impermanent loss protection

Impermanent loss occurs when the price of an asset staked in a liquidity pool is different than if it were held outside a liquidity pool. The loss deters liquidity providers from providing liquidity.

The aggregator protects users from impermanent loss with an Impermanent Loss Protection program. The program protects liquidity providers from impermanent loss, ensuring they keep providing liquidity.

## THOR Tokens

Launched in 2021, THOR tokens are the native utility and governance tokens of THORSwap. They also serve as incentives for trading activities and can be staked to receive vTHOR tokens.

vTHOR tokens are a representation of staked THOR. They allow stakers to earn 75% of THORSwap's revenue, among other benefits, including trading fee discounts. They can also be staked to receive daily rewards.

THOR tokens have a max supply cap of 500,000,000 million coins. They are to be issued to the public in four years.

According to [Coinmarketcap](https://coinmarketcap.com/currencies/thorswap/), the coins are currently worth $0.1244 each. They are ranked 4,632nd largest cryptocurrencies in the world.

The coins are listed in several crypto exchanges, including CoinEX, SushiSwap, and THORChain. They, however, can't be bought directly with fiat money. Investors must first purchase other cryptocurrencies, ETH or BTC, and then move to an exchange that lists them and uses their ETH or BTC to buy them.

## Conclusion

As of writing, THORSwap hasn't been in the market for long. However, it has quickly proven to be a cross-chain exchange worth watching out for with its great track record. It is already the leading decentralized exchange aggregator on THORChain. Its roadmap reveals that even more great things are on the way.
 


What is THORSwap?

## FTX UK warning - not authorized to operate in United Kingdom, warns FCA

A notification about FTX exchange's UK operations has been issued by Britain's Financial Conduct Authority (FCA). The statement said that FTX, one of the world's largest crypto exchanges, is not authorized to operate in the UK.

[The statement](https://www.fca.org.uk/news/warnings/ftx), first published on 16 September, 2022, said the FCA believed FTX might be providing financial services or products without authorization. It further stated that the firm is not authorized by the FCA and is targeting people in the UK.

Referring to FTX UK operations, the statement added that "almost all firms and individuals" who offer, promote, or sell financial services in the UK must be registered. When asked about the notice, a spokesperson of the exchange told [Bloomberg ](https://www.bloomberg.com/news/articles/2022-09-19/uk-regulator-issues-warning-on-crypto-exchange-ftx-to-consumers?sref=3REHEaVI)that they were aware of the FTX UK statement by the FCA. They also noted that among the contact info listed about the exchange, the phone numbers were incorrect, indicating a scammer might be impersonating it. 
On 19 September, 2022, Sam Bankman-Fried, the firm's CEO, [tweeted](https://twitter.com/SBF_FTX/status/1571877868963233792?s=20&t=v-X6cbEyYbmN__tYUB-R2A), reiterating that a scammer was impersonating the platform in the UK by phone. In the tweet, he stated that the exchange will never call anyone by phone and provided links that allowed access to the platform.

As of 14 October, the FCA has updated its warning against the platform to exclude the phone numbers believed to be tied to scammers. However, the regulator still warns UK citizens against engaging with the platform as it is unauthorized to operate in the country.

The statement warned UK citizens about engaging with unauthorized firms. Those who engage with unauthorized firms will not be able to access the Financial Ombudsman Service that settles disputes between companies and individuals.

There will also not be protection under the Financial Services Compensation Scheme (FSCS). If anything goes wrong and they lose their funds, they might not be able to recover the money.

## About the exchange

Launched in May 2019, FTX is a multibillion-dollar crypto exchange and trading platform owned by Bankman-Fried. It is incorporated in Antigua and Barbuda and headquartered in the Bahamas.

It has more than a million users worldwide and is available in many countries. While it is not available in the US, among other countries, it offers US citizens its services through FTX US.

The firm is not the only crypto asset firm to be put in the spotlight by Britain’s regulator for conducting business in the UK without authorization. [Binance](/news/article/guide-to-binance-uk), another major global crypto exchange, has been issued several warnings by the regulator about its activities in the UK. On 7 March, 2022, the firm was warned against undertaking any regulated activities in the UK without their written consent.

So far, only a few crypto asset firms are authorized by the regulator to operate in the UK. They include Gemini, Kraken, and Crypto.com.

FTX UK Warning from FCA

Among 500 registered crypto exchanges globally, [Bitforex](https://www.bitforex.com/) is one of the best known for its customer experience.

Along with a wide range of trading tools like spot, margin and future trading, BitForex Earn, [NFT marketplace](/news/article/solanart-nft-marketplace), and Crypto Loans, the exchange has very low fees, high liquidity, and multiple layers of security.

It launched in 2017 and has more than six million users across 200 nations. The exchange even helps new projects to gain exposure. Recently, it became the first crypto exchange to [support IOTA's Shimmer Network Token](https://www.newsfilecorp.com/release/139998/BitForex-Becomes-the-First-Exchange-to-Support-IOTAs-Shimmer-Network-Token).

## Who runs Bitforex crypto exchange?

With its head office in Hong Kong, [Bitforex](https://www.bitforex.com/) is led by Jason Luo and is becoming one of the fastest-growing crypto exchanges due to its high security and variety of trading tools. The exchange provides token and margin trading, BitForex Earn, NFT marketplace, and futures contracts with leverage up to 100x.

The crypto exchange raised more than $20 million in the funding round from famous VCs like Crypto Capital, TRON, Genesis Capital, and Block VC.

## Geographical presence

Registered in the Republic of Seychelles, the exchange is maintained and run by an international team who resides in different corners of the world, such as Germany, Singapore, Malaysia, Estonia, and the Philippines.

## Features of this crypto exchange

•	Deposit: The users can deposit funds into their Bitforex account using multiple methods such as Wire transfers, cryptos from other exchanges, credit and debit cards, cash, and bank account transfer.

•	Web presence: The platform can be accessed via the web and mobile app on Android and iOs.

•	Even the mobile web version of this exchange is user-friendly.

•	The trading system is capable of handling more than 1.6 million trading orders per second.

•	Bitforex has 163 listed major cryptocurrencies in 360 trading pairs.

•	It gives its users a vast variety of virtual assets to trade, such as the assets with top market cap, [DeFi tokens](/articles/learn-moni/what-is-a-defi-token), NFT coins, [meme tokens](/news/article/meme-coin-invest), etc.

•	It does not charge any deposit fee and the withdrawal fee depends on the network.

•	Bitforex also has a decentralized token mechanism for ERC-20 tokens known as EasySwap, which has no gas fee, very low slippage cost, and offers more than 980 ERC-20 tokens for trading.

## Are funds safe?

The team at Bitforex is concerned about the security of their user's funds, hence they have the following security features.

•	Only 0.5% of the total funds are kept in hot wallets to ensure easy withdrawals and security.

•	The exchange has multi-factor authentications like 2FA, SMS verification, and insurance security coverage to safeguard the funds.

•	To add further protection for the safety of its user's funds, the exchange keeps 98% of the funds in different multi-sign offline cold wallets across various locations.

## Final word

There is no surprise, given how interactive and innovative the platform is with the wide selection of products, that BitForex appears all around a good platform despite being a newcomer to the cryptocurrency exchange market.



What is Bitforex Crypto Exchange?

This [Gemini](https://www.gemini.com/) crypto review will look at a regulated cryptocurrency trading platform, wallet, and custodian that makes buying bitcoin, ether, and other cryptocurrencies simple and secure.

Created by Cameron and Tyler Winklevoss, the platform is among the most popular exchanges. The most significant advantage is its security - all funds are stored in cold storage, and two-factor authentication is required for all transactions.

A Gemini crypto review shows that the exchange makes it easy to buy cryptocurrencies with a bank account or debit card. It is also possible on this platform for you to trade cryptocurrencies.

[The exchange](https://www.gemini.com/) offers a tier-based service with distinct interfaces and fee structures for casual investors and experienced traders.

It has its currency, the Gemini dollar, a mobile app, and a payment app. The Gemini dollar, unlike most cryptocurrencies, is a "stablecoin" tied to the US dollar.

## Gemini crypto services

Gemini offers a variety of services apart from trading cryptos. The primary services provided are:
Gemini Exchange: Here, you can buy, sell, and store cryptocurrencies.

Gemini Earn: This is a lending service where you can lend your crypto to institutional borrowers to earn interest. With this, you can get up to 8.05% interest on your cryptocurrencies. This is available only in the US, Singapore, and Hong Kong.

[Gemini Credit Card](https://www.gemini.com/credit-card): It is possible to receive up to 3% rewards in crypto on your purchases using this card. This card is available only in the US.

The platform also includes more advanced services like an active trader, staking, Gemini dollar, Gemini Custody, Gemini Clearing, and Gemini Wallet.

## How to use Gemini

Continuing our Gemini crypto review, we look at the mobile app and [website](https://www.gemini.com/). These are the two main places where you can buy and sell cryptocurrency on this exchange platform.

The steps to buying cryptocurrencies on the exchange are: 

### Firstly, create an account on the exchange platform.

To buy cryptocurrency, you'll need to fund your account after you've opened one and been verified. You can add funds to your account in various ways, including a debit card, a wire or bank transfer, and Apple Pay or Google Pay. After you've verified your account and linked a funding source, you'll be able to start buying cryptocurrency on the website in just a few steps.

Choose the cryptocurrency you want to purchase. After logging into the [Gemini website](https://www.gemini.com/), you'll be taken to the homepage. Navigate to the ‘Market’ tab to browse the 70+ cryptocurrencies available for purchase and sale. Choose ‘view details’ on the cryptocurrency you want to purchase.

Make your order. When you get to the page of the cryptocurrency you want to buy, you'll see much information about it. Begin filling out the fields under 'Make a Trade' on the right-side panel of the page. 

Determine whether you want to place a one-time or recurring order and how much you want to purchase. You may, depending on your jurisdiction, be able to immediately transfer crypto you purchase directly into Gemini Earn by toggling 'Transfer to Earn' if the crypto is supported in Earn.

### Select a payment method.

### Double-check your order and click Confirm.

Choose one from the Market tab or your portfolio to sell your cryptocurrency on the exchange website. When you're on the price page for a cryptocurrency, you can toggle the sell order type on the right-side panel, enter the amount you want to sell, and click confirm.

## Gemini [trading charges](https://www.gemini.com/fees)

When you buy or sell crypto on Gemini, you'll be charged convenience and transaction fees. These fees apply whether you purchase through Gemini's online store or the mobile app. Both will be displayed as your "quoted price" before you complete your purchase.

## Convenience fee

The convenience fee for a given trade is approximately 0.5% of the Gemini market price. However, this can vary depending on the market. This fee is also reflected in the cryptocurrency you purchase. For example, if bitcoin (BTC) currently trades at $30,000 per unit, you'd pay $30,150 for one, including the fee.

## Transaction fee

A transaction fee based on your trade payment will be added to the convenience fee. This fee is standard for crypto conversions, such as trading bitcoin for [litecoin](/news/article/litecoin-price-gbp). The fee for buying and selling cryptocurrency varies depending on the currency used. It ranges from a flat fee for less pricey orders to a percentage of more expensive transactions.

## Pros and Cons

### Pros

More than 60 countries have access to the platform. It is also available to users in all 50 states and the District of Columbia.

### Cons

Gemini charges relatively high fees in comparison to its competitors. Some investors may be confused by the platform's layered fee structure, and high prices can reduce investors' returns.

## Security features and safety

Unlike money in a bank account, money in cryptocurrency is not FDIC-insured. However, [Gemini](/news/article/gemini-crypto-exchange) protects users' digital assets with multi-layered security measures highlighted on its website.

According to the exchange, the "majority" of your cryptocurrency is stored in an offline, cold storage system - the safest way to safeguard cryptocurrency from hackers. However, a small portion is kept in an online hot [wallet](/news/article/best-crypto-wallet) protected from theft due to a security breach, hack, fraudulent transfer, or employee theft.

The policy does not protect against losses caused by unauthorised access to your account. Within Gemini, you can create a list of approved addresses that restricts who can withdraw from your account (along with other account security features like two-factor authentication). Still, if your identity is stolen or your password is compromised, you may be unable to recover any funds lost.

## Conclusion

Gemini crypto exchange is a regulated exchange platform, and that's a big plus. It means you can have greater faith that your funds are safe and secure. The exchange platform has more than 70 selections of cryptocurrencies. It is a solid choice for those looking for a safe and secure place to buy crypto or earn interest on their crypto investments.

Also, if you want a simple platform with a great mobile app for buying, storing, and selling cryptocurrencies, then the exchange could be the right place for you.



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