Bitcoin and other digital currencies promised to bring a new transparency to trading and do away with some of the risks which have plagued more traditional asset classes.
However, the Australian digital currency industry is now in the rather ‘old school’ position of having to rush through tougher guidelines as customers of the Australian bitcoin exchange Igot seek refunds for money they say they are owed.
The Australian Broadcasting Corporation reported on Monday night that Igot appeared to be on the verge of collapse, with dozens of clients and customers claiming to be owed hundreds of thousands of dollars. The company buys and sells bitcoins for its customers and stands accused of being unable to completely deliver on trades or refund money received. Its owner Rick Day has reportedly admitted that he was struggling to pay customers,but denied that their money was lost.
https://news.markets/bitcoin/bitcoins-australian-exchanges-speed-new-guidleines-14937/
