The Japanese LINE company will launch a new exchange in Japan

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1 The Japanese LINE company will launch a new exchange in Japan

2 CME announces record number of futures contracts

3 Russia will approve laws on crypto industry in two weeks

4 The QuadrigaCX CEO has used user funds for personal interest

The Japanese LINE messaging company will get approval to launch a exchange in Japan this month. Sources from the Japanese Financial Services Agency (FSA) have confirmed the information for Bloomberg.

The Exchange will be called BitMax and will start running a few weeks after receiving the license. BitMax will allow 80 million LINE users in Japan to trade cryptomonets such as Bitcoin and the company’s Token Link.

This will be LINE’s second crypto exchange after the launch of BitBox in Singapore in July 2018.

CME announces record number of futures contracts

According to CME, Bitcoin futures contracts record highs, reaching 5311 on June 17. Their total value is 26,555 BTC (approximately $ 246 million).

CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record of 643 contracts in a single day, setting a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~ $ 250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79
– CMEGroup (@CMEGroup) June 18, 2019

CME in particular emphasized that futures BTC transactions seem to gain popularity among institutional investors.

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The Bitcoin price also recorded a slight increase and has now reached over $ 9250, according to CoinMarketCap.

Russia will approve laws on crypto industry in two weeks

The State Duma, Russia’s Parlamenet equivalent, will adopt two laws on digital assets over the next two weeks. The statement was made by Deputy Finance Minister of Russia, Alexei Moiseev, for the TASS news agency.

The two laws are “About Digital Financial Assets” and a separate law for initial currency offers.

President Vladimir Putin is a supporter of digital coins, urging Duma to legislate as soon as possible.

However, Russia has recently made criticisms against Facebook cryptomon, Libra. Authorities in the country strongly criticized the token and considered it a threat to the financial system.

The QuadrigaCX CEO has used user funds for personal interest

Gerald Cotten, the co-founder of the QuadrigaCX exchange, used user funds for personal interest. The statement was made by the audit firm Ernst & Young, which deals with the bankruptcy of the company.

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Apparently, Cotten used these funds to speculate on other cryptos platforms. The report also stated that the operating infrastructure of QuadrigaCX was

“Significantly flawed from the perspective of financial reports and operational control.”

There were also no accounting records, no separation of assets between QuadrigaCX funds and users’ funds.

The QuadrigaCX exchange collapsed earlier this year, after Cotten’s sudden death in December 2018. He was the only one to have access to cold wallets that stored $ 260 million of cryptomones.