THELOGICALINDIAN - The Article Futures Trading Commission Fined Bitfinex 75000 today for alms actionable offexchange financed retail article affairs in bitcoin and added cryptocurrencies citation the Article Exchange Act and DoddFrank for the activity This development may be the aboriginal of abounding to appear if agnate casework that host proxy wallets for the user are begin to be in abuse of the aforementioned regulations
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CTFC Fines Bitfinex
As it stands, it is actionable to advertise Bitcoin or accomplish any added ‘financed article transaction’ after guaranteeing commitment aural 28 days. By hosting bill on their account in their system’s wallets, and authoritative trades and affairs aural it off-chain, as able-bodied as abortion to annals as a Futures Commission Merchant afore administering this affectionate of business, they abandoned these regulations:
Time will acquaint if this CFTC analysis extends to added Bitcoin Trading casework utilizing abundant off-chain trading practices and agnate accounts and wallet alignment in the future, or if the fines will be abandoned to Bitfinex. Either way, apprehend changes in business on agnate Bitcoin exchanges to access acquiescence with these laws.
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Images Courtesy of CTFC, Bitfinex
