The Thursday Recap #11
Coinfloor to list only Bitcoin, Plus Token scam possibly affecting the market, UK tax updates and Happy Christmas from Recap
Thu Dec 19 2019
We’re getting our heads down in preparation for tax season so here’s our short but sweet glance at the headlines from this week as well as some tips on how to make crypto tax less mind boggling...
UK’s Oldest Crypto Exchange to Delist Ethereum and Bitcoin Cash
Coinfloor has announced plans to delist Ethereum and Bitcoin Cash. The news comes ahead of the launch of Ethereum 2.0; the complexity and time span of the platform upgrade leading to Coinfloor’s decision.
“You have to maintain that currency, every time they make an update or a change, and ethereum has got a long way to go with updates and changes to the platform,” Obi Nwosu, founder and CEO of Coinfloor said.
Similar issues influenced the delisting of Bitcoin Cash. This means that from 3rd January Coinfloor will support only Bitcoin.
Plus Token Scam Thought to be Driving Down the Price of Bitcoin
Based in China, PlusToken presented itself as a cryptocurrency wallet that would reward users with high rates of return if they purchased the wallet’s associated PLUS cryptocurrency tokens with Bitcoin or Ethereum. Six individuals were arrested in June relating to the scam which has equated to roughly $2 billion, but stolen funds have continued to move through wallets and be cashed out through independent OTC brokers operating mostly on the Huobi platform, showing that one or more of the scammers are still at large.
A recent Chainalysis report has shown a statistically significant relationship between PlusToken transfers to Huobi OTC brokers and Bitcoin price volatility.
Our Top 5 Crypto Tax Tips for the UK
Tax is a stressful and hated subject for most and crypto tax can be an absolute nightmare. Give our latest blog a read for some tips on how you can make it easier, including how to use losses to your advantage.
UK Tax Deadline - 31st January is fast approaching
The tax deadline is not far away. Recap can help you calculate your tax position, get started for free here.
Happy Christmas from all at Recap
We will be taking a well deserved break over the Christmas period, switching off from Christmas Eve, but we will be back online from the 27th December to respond to any support queries.
Thank you for your support this year and best wishes for 2020.