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CEX.io

CEX.IO LTD.
Private (Ltd)
Founded 2013
Headquarters London, United Kingdom
Key people
Oleksandr Lutskevych
Products Cryptocurrency exchange
Website [cex.io]

CEX.IO is a cryptocurrency exchange and former Bitcoin cloud mining provider. As an online digital currency exchanger, CEX.IO offers trading cryptocurrency for fiat money, such as USD, EUR, GBP and RUB.[1] The exchange charges 0% to 0.25% commission on trade operations, according to the Maker-Taker fee schedule.The list of cryptocurrencies introduced on the platform includes Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.

History

CEX.IO was established in London, 2013 and first started as a cloud mining provider that possessed Ghash.io pool.[2] Cloud Mining is a concept of forming groups (pools), where their joint efforts are rewarded with greater income, compared to individual mining with personal hardware. In case of cloud mining, all Bitcoin mining is done in the cloud, and once a block is mined, users receive payouts according to their shares via PPLNS.

In 2014, Ghash.io (mining pool of CEX.IO) contributed to over 42% of the overall Bitcoin mining power.[3]

In January 2015, CEX.IO announced that as it did not have any mining hardware and all hardware tradeable is provided by hardware partners, it had come to the decision to suspend all of cloud mining services due to low Bitcoin price,[4][5][6] Ghash.io pool was closed, and CEX.IO continued operating as a cryptocurrency exchange.

In October 2017, CEX.IO launched the trading of Digital Cash (DASH)[7][8] and Zcash (ZEC).[9]

Legal and security

CEX.IO is registered as a Money Services Business within FinCEN (USA). The exchange possesses a PCI DSS certificate (Level 2) proving that the exchange shows a required level of security and due diligence for storage, processing and transmission of payment card data. CEX.IO applies Anti Money Laundering and Know Your Customer policy to all clients.[10] Two-Factor Authentication via Google Authenticator or SMS/phone call is available for account security measures.

In 2017, CEX.IO experienced an influx of negative feedback from users complaining about long verification and transaction processing. The exchange representatives explain this issue by the increased users inflow and work on strengthening customers’ security.[11][better source needed]. CEX.IO also temporarily suspended new user registrations[12]

References

  1. ^ Nuno Menezes (10 November 2015). "Cryptocurrency Exchange CEX.IO enables TradingView Charting". NewsBTC.[1]
  2. ^ CoinTelegraph (18 July 2014). "CEX.IO". cointelegraph.com.
  3. ^ Robert McMillan (10 January 2014). "Bitcoin Stares Down Impending Apocalypse (Again)". WIRED.
  4. ^ "Interview with CEX.io's Jeffrey Smith on Why They Paused Mining and the Future of the Industry". Cointelegraph. 14 January 2015.
  5. ^ Stan Higgins (12 January 2015). "CEX.io Halts Cloud Mining Service Due to Low Bitcoin Price". CoinDesk.
  6. ^ Stanislas Bromden (13 March 2014). "Jeffrey Smith of CEX.IO on Business Perspectives and Development". CoinTelegraph.
  7. ^ "CEX.IO has launched the trading of Dash: Why is it called a Digital Cash? - NEWSBTC". NEWSBTC. 2017-10-04. Retrieved 2017-10-10.
  8. ^ "CEX.IO has launched the trading of Dash: Why is it called a Digital Cash?". News Doses. 2017-10-05. Retrieved 2017-10-10.
  9. ^ "CEX.IO Goes into Market Expansion and Adds Zcash to Its Portfolio".
  10. ^ Yessi Bello Perez (30 April 2015). "CEX.IO Opens Bitcoin Exchange to US". CoinDesk.
  11. ^ "Exclusive: Cex.io Chief Marketing Officer Eugene Kovalyk Talks About Their Problems And Successes".
  12. ^ "Several Bitcoin Exchanges Are Closing Their Doors to New Traders".