• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

CEX.IO Offers Bitcoin Exchange Services to US Customers

Jp Buntinx by Jp Buntinx
7 years ago
in Bitcoin, Bitcoin Businesses, Bitcoin Exchange, Bitcoin Service, Companies, News, News teaser, Services, Trending
0

Offering Bitcoin exchange services in the United States is a bit of a struggle these days. Several states allow exchanges to operate without a specific license, some require exchanges to comply with all sorts of regulations, while other states are not sure on what to do yet. However, this uncertainty isn’t stopping CEX.IO from offering exchange services to parts of the United States.

Also read: CEX.IO is  Temporarily Suspending Cloud Mining Services

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

CEX.IO: Bitcoin Cloud Mining Unprofitable

Bitcoinist_CEX.IO Cloud Mining

CEX.IO is a well-known name in the Bitcoin industry. This company has quickly grown out to be one of the biggest Bitcoin cloud mining operators in the world. This company allows customers to buy contracts for cloud mining hardware on the CEX.IO exchange, as well as trade the contracts for Bitcoin.

When it became extremely expensive to mine Bitcoin from home using dedicated rigs, CEX.IO offered miners the opportunity of purchasing cloud mining hashing power. The company also gave customers the option of flipping their contracts to cover their original investments.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

CEX.IO’s services generated such high demand that the price per GH/s started going up tremendously. This allowed people to make a profit by day trading the mining contracts, speculating on the price of hashing power. A different kind of Bitcoin exchange, of course, but no less profitable for skilled traders.

Fast forward to the end of 2014, and everything that CEX.IO had built up started tumbling down. Facing declining profits due to a falling bitcoin price, CEX.io had to suspend its cloud mining services. Apparently, the company needed a Bitcoin price of $320 USD or higher in order to guarantee profitable cloud mining contracts. Unfortunately for CEX.IO’s customer base, the Bitcoin price has not a sustainable price in that range for quite some time now.

Focusing on Becoming an Official Bitcoin Exchange

Bitcoinist_CEX.IO small

Since cloud mining is currently an unprofitable model for CEX.IO, the company has decided to offer another service. CEX.IO now offers normal Bitcoin exchange services to 23 states in the US, allowing eligible customers to deposit and withdraw fiat currency through its platform. In order to offer such a service, CEX.IO had to obtain a Money Services Business [MSB] status in FinCEN.

Jeffrey Smith, CEX.IO’s Chief Information Officer, said,

“Entering the US market is great news, as now we can offer our services to users from the USA in full. We consider this step as the next level in CEX.IO history, and invite all users to check out the easiest way to buy Bitcoin. Officially, on CEX.IO.”

However, this also means CEX.IO can only offer their fiat deposits & withdrawals in certain US states, similar to the limitations Coinbase is facing right now. But that situation could be changing soon, as CEX.IO started the procedure necessary for obtaining a Money Transmitter License (MTL) in the states it cannot service yet at this time.

Will you use CEX.IO’s exchange services? Let us know in the comments below!


Source: CEX.IO Blog

All images courtesy of CEX.IO

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

2 hours ago
North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

7 hours ago
Oslo Freedom Forum, Fode Diop on stage

3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

14 hours ago
National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

20 hours ago
Short bitcoin

ProShares Short ETF Becomes Second-Largest Bitcoin Fund In Record Time

22 hours ago
bitcoin etf sec iStock-1087330672

Why The SEC Will Reject Grayscale’s Bitcoin Linked Spot ETF

23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.