Canada-based Vault of Satoshi, as promised several weeks ago, has launched coin-to-coin trading. They become a rare exchange offering USD and CAD fiat trading with multiple cryptocurrencies in addition to as coin-to-coin trading. Their announcement reads as follows:
“We’ve been teasing our users this week about an upcoming large change to our trading system. Today we at Vault of Satoshi are proud to announce the launch of our Coin-To-Coin trading system!
Our much awaited system allows users to trade from any coin to any coin without the need to go through BTC or LTC first. Want to trade your Vertcoin for Dogecoin? It’s not a problem, simply list your desired prices in our orderbook and trade away!”
For coin-to-coin trading, you do not need to verify your account (which my be attractive to traders looking to skirt their somewhat intensive verification process).
Since their launch of additional altcoins several weeks back, they have since added others like Auroracoin and Vertcoin.
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About one month ago, they quietly announced the ceasing of U.S. operations. They cited their view that “the regulatory environment in the US is becoming increasingly hostile toward Bitcoin”. They cite such warnings by Bitcoin Foundation, and interestingly, Charlie Shrem, to this effect.
They also attempted to comply with FinCen regulations but were unsuccessful due to their operating out of Canada and the incredible amount of work required.
It is noteworthy that they’ve found Canada more favorable for their operations despite the hard time Canadian banks have been giving to Bitcoin businesses.
The timing of the launch of coin-to-coin trading is thus fortunate- hopefully it will compensate for lost U.S. business. Indeed, U.S. clients are having their accounts demoted to “level 1” which only allows for coin-to-coin trading.
Bitcoin volume has been picking up on the exchange, with the equivalent of roughly $100k traded over the past 24 hours, although this may be partially fuelled by the increased volatility and sell-off over the latest China developments. Altcoin volumes have dropped off though, with Dogecoin volume at a fraction of its level observed in the days following its debut.