In recent news regarding cryptocurrency exchanges, a member of the British Parliament has quit his role with a cryptocurrency exchange just four days after joining the company, analysts have estimated the daily volume of the over-the-counter (OTC) cryptocurrency markets to be $250 million, and Poloniex’s new terms of use have banned residents of Germany, China, Pakistan, Vietnam, and three U.S. states from accessing its platform.
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UK MP Joins Exchange as Adviser, Quits Within a Week
Stephen Hammond, the former vice-chairman of the Conservative Party in the United Kingdom and current member of the Treasury Committee, has quit his job with cryptocurrency exchange Ironx after just four days.
Hammond has purportedly been hired to “advise on government relations” – a role that would see him remunerated with 50,000 IRX tokens (valued at approximately $0.42 each) as compensation for his “two or three” days of work per “quarter.”
Regarding his decision to leave the company so soon after joining it, Hammond stated that he “probably should have given it more thought.” After initially accepting that he would recuse himself of “inquiries into the crypto world,” Hammond claims to have surmised “that crypto is increasingly going to be a major part of the financial world and therefore it may well affect a number of Treasury Select Committee inquiries, and potentially, therefore, that might cause a greater conflict than I had first hoped it might. And therefore I decided, to avoid any conflict of interest and to avoid any embarrassment, that I should stand down from the advisory board.”
Industry Insiders Discuss OTC Markets
The 2018 bear market resulting in thin order books across major exchanges, many traders look to exchange significant size are believed to be trading via
