Crytpo-one-stop-solution (COSS) a hybrid exchange operating out of Singapore is cutting Coinbase out of the equation with its big and bold move to allow direct FIAT deposits and withdraws for the United States citizens.
This is big, and there is no denying that, but there is one small catch that would allow Coinbase just enough time to come up with a counter strategy. The catch; customers have to complete the KYC form. This means any customer dealing through COSS is required to reveal their identity.
The move is unprecedented, and the exchange has announced registration for institutional accounts. That makes big banks and firms its primary target market rather than individuals. The company is also siding with Bitcoin ABC though under the name BCH and is silent on Bitcoin Satoshi Vision at the moment.
Bitcoin Cash (BCH) is back online, BCHABC is available as of now which will be named as the default Bitcoin Cash (BCH). Deposits, withdrawals & trading of BCHABC (BCH) is back up and running.
— COSS Official – Crypto One Stop Solution (@COSScrypto) November 20, 2018
The firm announced in that it will be revealing their standpoint on the Satoshi Vision coin “as soon as possible.”
Regulation Under Singaporean Central Bank
COSS also revealed that the exchange is working under the newly approved Payment Services Bill in Singapore. The bill allows COSS to make the move given it submits to regulation under the Singaporean central bank. Singaporean government had announced that the bill aims to reduce investment risk in cryptocurrencies.
Tokens and Referrals
COSS has also announced the launch of a referral program is underway. An update of the exchange is due to launch on 3rd of December and the referral program would follow through a few weeks after the launch. Tokens are being offered at the platform would be offered on a weekly basis.