CTFC Levels 75,000 Dollar Fine at Bitfinex
The Commodity Futures Trading Commission Fined Bitfinex $75,000 today for “offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies,” citing the Commodity Exchange Act and Dodd-Frank for the action. This development may be the first of many to come if similar services, that host proxy wallets for the user, are found to be in violation of the same regulations. CTFC Fines Bitfinex. As it stands, it is illegal to sell Bitcoin or make any other ‘financed commodity transaction’ without guaranteeing delivery within 28 days. By hosting coins on....
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Hong Kong exchange Bitfinex has said it will be “business as usual” after being fined $75,000 by the US Commodity Futures Trading Commission (CFTC). Bitfinex ‘Involved in Below-Board Practices’. The results of the CFTC inquiry, published Thursday in a press release, state that the fine was imposed on Bitfinex “for offering illegal off-exchange financed....
CoinDesk has added Bitfinex to the Bitcoin Price Index (BPI) today as of 16:00 GMT. Bitfinex, which is incorporated in Hong Kong, has been on CoinDesk's radar for possible inclusion in the BPI for some time now. Over the past several weeks, and particularly since the decline of Mt. Gox, we have observed that Bitfinex has been able to sustain a dramatic increase in its share of the total volume of US dollar-denominated bitcoins traded. CoinDesk has also verified that Bitfinex meets the CoinDesk BPI criteria, which include rules ranging from minimum trade size to maximum customer withdrawal....
Bitcoin price action appears to be back with a bang as record-breaking long leverage builds on Bitfinex. Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY looms large as BTC recoversData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $29,500, holding higher after the Wall Street open.The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what....
A Wall Street Journal report indicates that the Commodity Futures Trading Commission (CTFC) is looking into whether or not it has jurisdiction over bitcoin and other digital currencies. When asked, acting Chairman of the Commission Mark Wetjen said "We are looking into that," at a conference in Florida. "There's been internal discussion I know at the staff level." Wetjen said that an analysis as to whether or not digital currency is a commodity is "not complete." With proper jurisdiction, the commission would be responsible for establishing some level of regulatory framework in order to....
Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019. In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James. She continued: “Tether’s claims that its virtual currency was fully....