HONG KONG — 25 October 2017 — On Wednesday, 1 November 2017, Gatecoin will be facilitating the airdrop of TRX, the ERC20 standard ethereum token used within TRON, a decentralized content sharing platform.
The airdrop will also coincide with the listing of TRX on our exchange with both BTC and ETH trading pairs.
All active Gatecoin clients with balances equal to or above USD 20 equivalent in cryptocurrency, tokens or fiat currency will be credited TRX 500 as part of this airdrop.
Clients will be able to access their TRX funds for trading or transfers once the token is listed on our exchange.
What is TRON?
Not to be confused with the 1982 Sci-Fi film starring Jeff “The Dude” Bridges, TRON is an ethereum based application enabling online content creators to be compensated for sharing their content. In the future, the TRON team will develop their own blockchain and file storage protocol.
What is TRONIX (TRX)?
TRONIX or TRX is the native token of the TRON ecosystem and is used to access content available on the TRON platform and to directly compensate and incentivize content creators. The total supply of TRX is 100,000,000,000.
Who is the team behind TRON?
Justin Sun, Founder: previously founded Peiwo, China’s largest audio content community and served as Greater China representative of Ripple.
Lucien Chen, Technical Director: veteran of major technology firms such as Netease, Youdao, Tencent, Qihoo360 and SM search.
HONG KONG — 23 OCTOBER 2017 — Gatecoin will not be supporting the upcoming SegWit2x (B2X) hard fork in November due to the lack of two-way transaction replay attack protection coded into this proposed software “upgrade.”
NOT supporting B2X means that we will:
NOT distribute any B2X to our clients
NOT process any B2X sent to our bitcoin wallet addresses
NOT list any B2X coin on our exchange
Therefore, Gatecoin clients hoping to claim newly minted B2X coins equivalent to their bitcoin holdings at the time of the hard fork, will need to withdraw their bitcoin from our exchange at least 12 hours before the hard fork occurs at block 494,784 (expected sometime in November, exact date TBC).
We will however be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.
What is SegWit2x (B2X)?
SegWit2x (B2X) was proposed with the aim of settling the bitcoin scaling debate once and for all during a meeting of bitcoin industry participants (Gatecoin was not part of the discussions) held in New York in May 2017.
As part of this “New York Agreement” (NYA) the signatories promised to ensure that they would support an increase in the block size limit from 1MB to 2MB (and up to 8MB) within three months after the lock-in of Segregated Witness (SegWit).
This was supposed to keep both sides of the bitcoin debate (those advocating SegWit vs. those pushing for bigger blocks) happy. However, B2X has been criticized by Bitcoin Core, the bitcoin network’s main open-source development team, which cites the lack of replay attack protection as a major concern.
What is the SegWit2x (B2X) hard fork ?
At block 494,784, this B2X software will activate on bitcoin clients running version BTC1. This will make BTC1 clients incompatible with all other bitcoin clients that are not running the B2X code. As there has been widespread rejection of the B2X proposal there will very likely be a chain split or hard fork, as was the case with the Bcash hard fork in August.
What is two-way transaction replay attack protection?
This prevents you from “double spending” your coins after the hard fork. Without replay protection, new transactions will be equally valid on both the bitcoin blockchain and the B2X blockchain as they will be identical to one another. This means that any new bitcoin or B2X transaction can be copied or “replayed” from one chain to the other, hence the term “replay attack.”
To prevent this from happening, B2X should update their software so that new transactions are valid on one chain but not the other. This would be known as replay attack protection. Bcash successfully implemented this as part of their chain split in August and is why Gatecoin was able to support it.
How can I claim my B2X if not from Gatecoin?
We highly recommend transferring your bitcoin to an external wallet address before the hard fork if you would like to claim your B2X coins. Check with any specific bitcoin wallet providers or other exchanges that you use to see if they will support the distribution of B2X coins. Just make sure that any wallet or exchange service has provided enough protection against replay attacks.
How can I find out more?
If you are a Gatecoin client and have more questions regarding the B2X hard fork please email firstname.lastname@example.org.
Thank you for your cooperation,
The Gatecoin Team
If you are a journalist or media organization looking for additional comments on this update contact email@example.com.
HONG KONG — 20 October 2017 — Based on a compliance review conducted with our legal advisors Gatecoin has decided to delist several tokens from our exchange on 1 November 2017. The delisted tokens are:
Gatecoin clients holding balances in any or all of these tokens will have until 1 November totrade them for BTC or ETH. From 1 November 2017 onwards, both trading and deposits of these tokens will no longer be available through our exchange.
Clients preferring not to exchange their tokens will be able to see their balances and withdraw them to external ethereum wallet addresses at any time until further updates. Gatecoin will continue to store these tokens on behalf of clients in the meantime.
This compliance review was prompted by the Hong Kong Securities and Futures Commission’s (SFC) statement on ICOs released on 5 September 2017. Gatecoin previously announced the possibility that any tokens likely to be deemed securities by the SFC would be delisted from our exchange. Additional tokens may be delisted in the future pending further compliance reviews.
As the token sale and secondary market ecosystem evolves, regulators are also likely to change the way that such tokens are legally classified. Therefore, our team is working to keep up to date on the latest regulatory developments in Hong Kong and around the world to study the impact on the tokens that we have already or are considering to list in the future.
In the meantime, it is unfortunate that we must delist tokens associated with very promising decentralized platforms. Nevertheless, Gatecoin has always been committed to complying with the guidelines of both local and global regulators and we are exploring several new licensing opportunities across a variety of jurisdictions. Such licenses would provide us with greater flexibility to list a wider variety of tokens, including those likely to be deemed securities.
Stay tuned for further updates on that front from us.
HONG KONG — 18 October 2017 — The Gatecoin team is happy to announce the listing of the AirSwap Token (AST) on our exchange following the decentralized token trading platform’s successful token launch which concluded on 14 October 2017. AST is now tradable through our ASTBTC and ASTETH markets.
What is AirSwap?
While many dapp founders have worked to provide a decentralized token exchange, having on-chain order books (Etherdelta, OasisDEX) or on-chain order cancelation (0x), for instance, is both extremely slow and costly compared to using a centralized exchange.
AirSwap solves this problem by building a P2P protocol layer on top of the ethereum blockchain, using smart contracts to settle transactions on-chain.
AST 150 million (from a supply of AST 500 million) was sold during the token launch for ETH 119,511.44, equivalent to USD 36 million at the time of sale.
Who are the AirSwap team?
Michael Oved / Founder
Michael is a veteran algo trader, spending a quarter of his life at leading firm Virtu, having helped to found and grow its Asia operation to a multimillion dollar business. He is a graduate of Carnegie Mellon University.
Don is a serial entrepreneur, product designer and full-stack engineer with more than a decade of experience building products for companies small and large including Google and Zynga. He is a graduate of Carnegie Mellon University.
Deepa specializes in financial trading systems and infrastructure development. Deepa has several years of experience building usable products and analyzing data. She holds a Master of Science in Financial Engineering from the University of Illinois.
HONG KONG — 17 October 2017 — Following our last update about the suspension of HKD and USD transfers due to the abrupt freezes of our bank accounts in Hong Kong, the Gatecoin team has been working to establish alternative transfer options.
Here is a summary of events so far:
15 September: Hang Seng Bank froze our bank account in Hong Kong without any notice immediately putting all HKD and USD transfers on hold.
15 September: Gatecoin activated our bank accounts held with Alpen Baruch and migrated all HKD and USD transfers processing through these accounts.
15–19 September: high costs and processing times for transfers through Alpen Baruch resulted in many complaints and delays.
19 September: Gatecoin activated our Fubon Bank account in Hong Kong and proceeded to transfer funds originally held at our Hang Seng Bank account.
21 September: The transfer of funds from Hang Seng Bank to Fubon exceeded the maximum amount we could process in a single day and Fubon Bank froze our account.
21 September: Despite the high fees and transfer delays we switched our HKD and USD processing back to Alpen Baruch.
26 September: Alpen Baruch froze our account without notice.
28 September: Gatecoin halted all HKD and USD transfers until further notice.
Where are Gatecoin’s HKD and USD funds currently being stored?
All the funds deposited to our Hang Seng Bank account were transferred to our account at Fubon Bank (this includes both HKD and USD), which is currently frozen. Our accounts at Alpen Baruch only holds deposits sent by clients between 18–26 September.
What is the status of transferred that were processed through Hang Seng, Alpen Baruch and Fubon Banks?
All deposits in HKD or USD sent successfully to those bank accounts have been credited to clients’ Gatecoin accounts. Rejected transfers were returned to senders. Some transfers were not processed due to lack of information provided to us by the sender.
Withdrawals from our Hang Seng Bank account have been settled. No withdrawals were processed through Alpen Baruch or Fubon.
What has the Gatecoin team done so far to resolve these issues?
The Gatecoin team has been working to activate and open bank accounts at several financial institutions in Hong Kong and other jurisdictions in Asia. We are still waiting for the banks to approve and or activate these accounts. Once we have one or more working accounts ready and tested we will resume HKD and USD transfers.
What is the timeline for the resumption of HKD and USD transfers?
We cannot provide a timeframe for the resumption of HKD and USD transfers as it all depends on the decisions made by the individual banks that we are currently engaging with.
What were the reasons given for the bank account freezes?
As of this time, no reason has been given by Hang Seng or Alpen Baruch Banks for freezing our accounts. Fubon Bank did not inform us of the daily account transfer limit and did not explain why exceeding the limit would force them to freeze our accounts.
How does this affect EUR transfers?
EUR transfers are unaffected and Gatecoin maintains several EUR SEPA transfer accounts at financial institutions across Europe.
Will Gatecoin accept cash deposits or cheques in the meantime?
As we comply with global anti-money laundering best practices we maintain our commitment not to accept cash deposits or withdrawals at our offices. Without a working bank account in Hong Kong we cannot process or write cheques by mail or in person.
When will Gatecoin provide another update on the HKD and USD transfers?
We hope that we can provide an update with positive developments soon, but this really depends on how quickly our new bank accounts can be approved and activated.
This wouldn’t happen to a decentralized exchange!
Yes, but how can a decentralized exchange process a USD or HKD bank transfer? So far it cannot, at least while all major fiat currencies are not cryptocurrencies. So, in the meantime the main entry or exit point for crypto is through a purchase in fiat currency using a centralized exchange which relies on maintaining a working bank account.
We understand this update is frustrating for clients wishing to process deposits and withdrawals in HKD and or USD but, unfortunately, the ball is in the banks’ court for now.
Thank you for your patience and cooperation,
The Gatecoin Team
If you are a Gatecoin client, please email questions regarding this statement to firstname.lastname@example.org
If you are a journalist or media organization kindly send questions to email@example.com
Gatecoin is proud to announce our integration with Coindash, a multi-cryptoasset dashboard that let’s users manage, track and analyze their cryptoasset portfolios across multiple exchanges and wallets.
Through this integration, Gatecoin clients can view their account information and monitor their cryptoasset investments using Coindash’s dashboard, in a simple streamlined way.
We are also excited to list the Coindash token, CDT on our exchange, enabling our users to access additional crypto-token investment opportunities. The CDT token is now available through our CDTETH, CDTBTC trading pairs.
What is Coindash?
Coindash is a social based trading platform for cryptoassets comprised of advanced analytical tools and a growing community of experienced traders from whom users can follow. The platform is comprised of three key features:
Portfolio Management: access automated portfolio management tools. Track, Analyze and get insights about portfolio and investment decisions.
Trader Network: view experienced traders’ portfolios, follow them to receive real time updates about their investments and allow them to manage your investments by using our copyICO tool.
Marketplace: discover new opportunities, receive real time market data and access 3rd party investment instruments directly from CoinDash platform.
The Coindash Beta App is already running and has more than 9,000 registered users that have created more than 8,900 portfolios tracking over 90 cryptoassets.
What is the Coindash Token — CDT?
CDT is an ethereum ERC20 standard token which can be used to view, follow or copy experienced traders’ portfolios and investment strategies on the Coindash platform. You can also earn CDT by sharing your portfolio and investment strategies through the app. This creates a symbiotic incentive framework for Coindash users to be both creators and consumers.
HONG KONG — 4 OCTOBER 2017 — Following the Hong Kong Securities and Futures Commission’s (SFC) statement on initial coin offerings (also known as ICOs or token sales) on 5 September 2017, Gatecoin has been working with legal advisors to determine the impact of the statement on our business.
We are currently awaiting the results of a regulatory compliance review by our legal advisors on the legal status of specific tokens that we have listed on our exchange. The review will determine whether a token that we have listed fits the category of a security under the Hong Kong Securities and Futures Ordinance, and if so whether the token founders have taken steps to structure their token in accordance with the SFC’s framework.
Tokens deemed likely to be categorized as securities will be delisted from Gatecoin. Once we have confirmed which of these tokens are to be delisted, clients will have one week to trade their tokens for bitcoin (BTC) or ether (ETH).
After this period, both trading and deposits of that token will no longer be available through our exchange. However, Gatecoin will still be able to store the delisted tokens in our wallets on behalf of clients that maintain balances after trading and deposits have been disabled.
Clients continuing to hold balances in these delisted tokens will be provided with a one-month period to withdraw these funds from their Gatecoin accounts. We will send multiple updates to clients with balances in these delisted tokens to ensure that they are adequately informed of the inability to trade these tokens on our exchange following the delisting.
A future update will specify which tokens will be delisted from our exchange.
In the meantime, if you have any questions please contact:
HONG KONG — 28 SEPTEMBER 2017 — Over the past two weeks, our HKD and USD transfer services have been severely impacted by the sudden suspension and subsequent closure of our Hang Seng client bank account in Hong Kong.
While we had planned for such a scenario by having multiple back-up client bank accounts ready to be used, we did not anticipate that Hang Seng bank would not provide us with any notice. As a result of this sudden change in our banking infrastructure and transition to our other client bank accounts, many HKD and USD deposits to our Hang Seng bank account were rejected and withdrawals were significantly delayed.
The first back up bank account we used for HKD and USD transfers was with Alpen Baruch, a financial institution with a presence in both Hong Kong and the South Pacific region. However, the charges for processing HKD and USD transfers on their side were extremely high and the processing time was very slow causing a lot of dissatisfaction among our clients.
Therefore, we decided to switch to our other client bank account in Hong Kong at Fubon Bank. Unfortunately, Fubon Bank decided to stop processing HKD and USD deposits one day after we displayed the new bank transfer instructions to our clients as the incoming transfer amount exceeded their maximum deposit allowance.
As a consequence, we have no choice but to temporarily halt all HKD and USD transfers until we have found a financial institution willing and able to process our transfers in a fast and affordable manner.
All HKD and USD withdrawals that are marked as “pending out” or “processing” will be rejected, and your funds will be made available on your Gatecoin balance so that you are able to trade them while we work to open new client bank accounts.
Kindly note that all EUR transfers processed by our European banking partners are unaffected.
We are currently in the process of opening new client bank accounts with several large financial institutions in Hong Kong, Singapore and other Asian countries.
Given our commitment to AML compliance and our transparency with regulators and law enforcers we are confident that we can establish a more sustainable partnership with an Asian financial institution for our HKD and USD transfers in the near future.
The actions of our past banking partners reflects a global trend among banks to cease relationships with crypto-token exchanges in spite of the efforts among many members of our industry, including ourselves, to work with them to ensure strict compliance policies and procedures.
We hope that some banks choose to ignore this trend and recognize the opportunities of working with businesses, such as Gatecoin, involved in this burgeoning industry.
We are sorry for the inconvenience caused and we thank you for your cooperation,
The Gatecoin Team
If you are a Gatecoin client and have any questions about this update please email firstname.lastname@example.org. Kindly note that it may take several days to receive a response from our customer service team.
All media inquiries should be directed to email@example.com and will be addressed within 24 hours. Please be aware that we are in the Hong Kong time zone (HKT), so emails sent outside of reasonable hours HKT will not be answered promptly.