Poloniex Seeks Regulatory Clarity From CFTC Following Allegations
Popular Bitcoin and altcoin exchange Poloniex has submitted a request for no action relief to the Commodities and Futures Trading Commission (CFTC) around potential allegations that required timing of the “actual delivery” of cryptocurrency, regulated by a 28 day period in the Commodity Exchange Act (CEA), has been violated. The digital nature of cryptocurrency, however, does not mend well to the wording of existing laws, thereby hurting attempts to determine the full, or “actual” delivery of the commodity. Poloniex, in turn, has responded by saying that their business practices of....
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US law firm Steptoe & Johnson LLP has filed a petition with the Commodity Futures Trading Commission (CFTC), calling on the agency to provide more clarity regarding the definition of "delivery" in blockchain-based transactions. Signed by Steptoe partner Micah Green and senior policy advisor (and former CFTC commissioner) Michael Dunn, the petition centers around actions the agency took against Hong Kong-based bitcoin exchange Bitfinex in June. At the time, the company paid $75,000 amid allegations that it never properly delivered certain funds to traders. While Bitfinex was....
In a shock announcement, cryptocurrency exchange Poloniex announced it will suspend service to New Hampshire residents from October 6. New Hampshire Residents Must Withdraw Funds. Poloniex posted this announcement on its site: “Due to changes in New Hampshire’s regulatory statute as it applies to cryptocurrency, Poloniex will temporarily suspend New Hampshire account creation until further notice.” This means New Hampshire residents currently using Poloniex will need to close open orders and withdraw funds. This includes those with open margin positions. Poloniex is notifying all affected....
Canada’s OSC continues to take action against allegedly non-compliant cryptocurrency trading platforms after announcing new compliance measures in March. Canadian securities regulators have initiated a regulatory action against major global cryptocurrency exchange Poloniex.On Tuesday, the Ontario Securities Commission published a statement of allegations against Polo Digital Assets, also known as Poloniex, alleging that the firm has failed to comply with Ontario securities laws.According to the statement, Poloniex has never been registered with the agency while encouraging Canadians to use....
The Commodity Futures Trading Commission (CFTC) intensified its focus on the digital asset decentralized finance (DeFi) space, issuing simultaneous orders against Opyn, ZeroEx, and Deridex, Inc. The charges stem from allegations of offering illegal digital asset derivatives trading and failure to comply with regulatory requirements. Related Reading: Is The Crypto Golden Run Over? Top Analyst […]
Online Cryptocurrency exchange Poloniex has announced an end to service in New Hampshire. Due to regulatory changes, the exchange has announced it will be suspending all accounts from opening new margin positions. All New Hampshire customers are asked to close out all current orders and suspend their accounts indefinitely. In a notice posted on the exchange’s website, as well as sent to select users, Poloniex explains its struggle to maintain services despite a rapidly changing regulatory environment: “Our legal team is working closely with the State of New Hampshire Banking Department and....