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A cryptocurrency exchange or even a digital currency exchange (DCE) is a business that allows people to trade cryptocurrencies or digital currencies for other assets, including conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that normally takes the bid-ask spreads as a transaction commission for is service or, as being a matching platform, simply charges fees.

Concept – An electronic foreign exchange can be considered a brick-and-mortar business or even a strictly online business. Being a brick-and-mortar business, it exchanges traditional payment methods and digital currencies. As an online business, it exchanges electronically transferred money and digital currencies. Often, digital currency exchanges operate outside the Western countries in order to avoid regulation and prosecution. However, they do handle Western fiat currencies and maintain bank accounts in several countries to facilitate deposits in different national currencies. Exchanges may accept charge card payments, wire transfers or other types of payment to acquire digital currencies or cryptocurrencies. At the time of 2018, cryptocurrency and digital exchange regulations in numerous developed jurisdictions remains unclear as regulators are still considering how to approach these types of businesses in existence but have not been tested for validity.

The exchanges can send cryptocurrency to some user’s personal cryptocurrency wallet. Some can convert digital currency balances into anonymous prepaid cards which can be employed to withdraw funds from ATMs worldwide while other digital currencies are backed by real-world commodities like gold.

The creators of digital currencies are frequently independent in the digital foreign exchange that facilitate trading in the currency. In one kind of system, digital currency providers (DCP) are firms that keep and administer makes up about their customers, but generally do not issue digital currency to people customers directly. Customers buy or sell digital currency from digital currency exchanges, who transfer digital currency into or out of the customer’s DCP account. Some exchanges are subsidiaries of DCP, however, many are legally independent businesses. The denomination of funds stored in DCP accounts may be of a real or fictitious currency.

Decentralized exchanges – Decentralized exchanges including Etherdelta, IDEX and HADAX tend not to store users’ funds on the exchange, but instead facilitate peer-to-peer cryptocurrency trading. Decentralized exchanges are resistant against security conditions that affect other exchanges, but since mid 2018 are afflicted by low trading volumes

In 2004 three Australian-based digital foreign exchange businesses voluntarily shut down following an investigation through the Australian Securities and Investments Commission (ASIC). The ASIC viewed the assistance offered as legally requiring an Australian Financial Services License, in which the companies lacked.

In 2006, US-based digital foreign currency exchange business GoldAge Inc., a whole new York state business, was shut down by the US Secret Service after operating since 2002. Business operators Arthur Budovsky and Vladimir Kats were indicted “on charges of operating an illegal digital foreign currency exchange and money transmittal business” from their apartments, transmitting greater than $30 million to digital currency accounts. Customers provided limited identity documentation, and may transfer funds to anyone worldwide, btzfya fees sometimes exceeding $100,000. Budovsky and Kats were sentenced in 2007 to 5 years in prison “for engaging in the business of transmitting money without having a license, a felony violation of state banking law”, ultimately receiving sentences of five years probation.

加密貨幣交易所 – Fresh Light On A Pertinent Point..

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