Virtual currency trading platform regulatory earthquake XBIT lightning network breaks through the daily processing of one million transactions
Previously, the European Union passed the Temporary Act on Cryptocurrency Markets, requiring all virtual currency trading platforms to disclose proof of reserves within 48 hours. The regulatory storm caused Coinbase, Kraken and other platforms to lose more than $2.3 billion in assets in a single day, while XBIT (dex Exchange)’s on-chain TVL grew by 58% against the trend, and its fully transparent fund pool mechanism caused an industry earthquake.
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According to Article 7.2 of the Act, any virtual currency trading platform that handles euro transactions must be connected to the ECB’s real-time monitoring system. The head of Deutsche Bank’s digital assets department confirmed to the Financial Times: “Three mainstream platforms have suspended their European operations due to...