Cryptocurrency Exchanges and Law Around the World

Cryptocurrency exchanges are the platform which allows customers to trade cryptocurrencies to cryptocurrencies other digital assets in a single window. A customer can trade conventional fiat money or other digital currencies. These exchanges can be market makers that take the bids and charges commission per transaction for their services provided or simply charge fees as a matching platform.

Most cryptocurrency exchanges are set up and operate from outside of main countries. It helps them to avoid any regulatory oversight and complicated legal procedures.

Cryptocurrency exchanges may accept credit card payments, wire transfers, cryptocurrency or other forms of payments in exchange for digital currencies. They can send the cryptocurrency you have bought into your personal cryptocurrency wallet. There are also many cryptocurrency exchanges which can convert digital currencies balance into anonymous prepaid cards which can be used to withdraw funds from ATMs worldwide.

 

Cryptocurrency Exchanges

 

What is Over the counter trading (OTC) in Cryptocurrency Exchanges?

OTC trading picked up the pace in various financial markets since 2014. As more institutions taking the trade off the exchange, there was a growing demand for such ways of trading in the financial market.

Over-the-counter or off-the-exchange trading is a more flexible, prominent and convenient way of trading cryptocurrency comparing to traditional exchanges.

As of today, many corporations or institutions hire individual traders or employ Bitcoin-OTC trading desks to perform this task at the cost of a moderate commission.

Among the many trading desks, there are few renowned bitcoin-OTC trading desks, namely Bitfinex, itBit, LocalBitcoin, Bitstamp, Bitx, etc

BitFinex stopped accepting FIAT deposits effective August 2017, even though the exchange interface still shows and uses USD trading pairs. They are actually USDT trading pairs and not USD trading pairs. Bitfinex also has stopped accepting US customers in their exchange as of 11 August 2017.

 

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