Coinbene Crypto Exchange - Volume, Market Prices & Listings, Trading Pairs | Nomics
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Quote Currency:

USD
Transparency Rating
Total Volume
$847.84M
Volume Change
-$149.77M
(-15.01%)
Markets
Fiat Currencies2
Exchange Summary
Transparency Rating
Total Volume
$847.84M
Volume Change
-$149.77M
(-15.01%)
Markets
Fiat Currencies2

Based in Singapore, CoinBene launched in 2017 and offers fiat trading, hundreds of crypto assets, OTC services, liquidity management, and marketing services. Covering over 150 countries, it claimed to have achieved $3 billion of transaction volume within its first year of business.

CoinBene also operates as a mining exchange with its own cryptocurrency, CONI, issued on the Ethereum platform. It has a circulating supply of 213 million coins and a maximum supply of 1 billion.

In 2019, CoinBene was accused of covering up a hack. The exchange denied the claims, stating that the flow of outgoing funds was the result of ongoing maintenance. David Brierley, CEO of Howdoo, was reportedly seeking to file a class action suit against the exchange claiming to have lost 18.4 million of the company's token uDOO ($209,000) in the process.

There is no clear information about CoinBene or the people behind it, but one of the co-founders is known to be Jay Cao, who has been interviewed on a small number of YouTube channels.

In May 2019, Germany's financial regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) expressed concerns that CoinBene had been recruiting freelance crypto traders and paying them on commission. Since crypto assets are financial instruments, BaFin says that trading them requires authorization under Germany's Banking Act, or Kreditwesengesetz (KWG) which CoinBene did not have.

CoinBene denied employing anyone within the German market stating that previous job postings for Germany-based freelance cryptocurrency traders were fake.

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