CFTC Issues Subpoenas To Four Major Cryptocurrency Exchanges

13 Juin, 2018, 14:11 | Auteur: Auguste Feret
  • CME Group

US commodities regulatory body CFTC would join the US Justice Department in criminal investigations against pot Bitcoin markets over allegations of price manipulation by the Chicago Mercantile Exchange (CME). CME is said to be forming its Bitcoin futures prices based on information and data obtained from four crypto exchanges: Coinbase, ItBit, Kraken, and Bitstamp. In December previous year, it started selling Bitcoin-based futures contract, which are the contracts that describe transactions stipulated for a future date. Several exchanges chose not to comply, claiming CME's request was invasive.

Investigators from CFTC were not happy because CME did not have an agreement with the exchanges to share data which is related to a futures contract.

To understand why CFTC is investigating these major crypto exchanges it is important to know the working of CME and all these exchanges. The four exchanges relented, giving up limited data of a few of its participants.

The CFTC, which had supported the bitcoin futures' introduction which they saw as risky but worthwhile, became frustrated and subpoenaed the exchanges. Such an agreement would have detailed the type of trading information the CME would have received, including traders' identities, the time of trades, canceled or unfilled orders and size of orders.

According to sources, CME had approached a third-party London-based company to calculate the Bitcoin futures prices. The department is said to be looking for ways in which traders can manipulate prices of cryptocurrencies through illegal activities like wash trading. The launch of Bitcoin futures by CME was considered as a pioneering step by the industry experts and they expected that it will bring the digital currency into the mainstream.

Denuclearize first, talk sanctions after: What historic US-N
The president said the drills cost the US a " tremendous amount of money ", and that South Korea hasn't always chipped in enough. CBS News' David Martin reports that Pentagon spokesperson Dana White said Defense Secretary James Mattis "was not surprised".

Pompeo upbeat after talks with senior N. Korean official
But a White House official has since confirmed that the President has read the contents of that giant envelope. Frenetic meetings - Pompeo has scheduled a news conference on Thursday, at the end of his meetings with Kim.

Awaiting sentencing, Fyre Festival promoter arrested again
NYC VIP Access was purporting to sell tickets to major events such as the Grammys, the Met Gala, Coachella, and the Super Bowl. McFarland is accused of running a sham business called NYC VIP Access from late 2017 up until March 2018.

Neither Bitstamp nor Coinbase commented on the matter.

Jesse Powell, the chief executive officer of Kraken, has criticised the subpoena, stating that the "newly declared oversight" of the CFTC "has the spot exchanges questioning the value and cost of their index participation". He stated earlier this week that bitcoin market manipulation concerns were overstated, and that anyone attempting to manipulate the market is taking a big risk for minimum benefit.

US Commodity Future Trading Commission (CFTC) has sent subpoenas to bitcoin exchanges in its ongoing bitcoin manipulation probe that started at the end of last month.

At the time, Attorney General, Eric T. Schneiderman had said, "With cryptocurrency on the rise, consumers in NY and across the country have a right to transparency and accountability when they invest their money". In spoofing, traders submit large orders that cause other traders to raise their buy price which, in turn, allows the spoofers to sell at higher prices. Both the CFTC and the CME are monitoring trading for that hour to try and determine if individual trades could affect futures pricing.

Conseillé:



Populaire

Hackers access payment details of 5,900,000 Dixons Carphone customers
Dixons Carphone chief executive Alex Baldock admitted the group had "fallen short" of its responsibility to protect customer data. We promptly launched an investigation, engaged leading cyber security experts and added extra security measures to our systems.

La fillette du skieur Bode Miller se noie dans une piscine
Le couple a un petit garçon, Edward Miller , né en 2015, un an avant Emeline , qui avait vu le jour en 2016. L'ancien skieur américain, champion olympique en 2010, a annoncé la mort d'Emmeline, sa fille de 19 mois .

Roland-Garros - Nadal surclasse Thiem et remporte son onzième Roland-Garros
L'Espagnol a parfaitement commencé et fini ce set, ne laissant que l'Autrichien l'accrocher en milieu de première manche. Nadal est resté imperturbable sur ses mises en jeu et s'est même permis de briser son adversaire (5-2).

Roland-Garros : Nadal écarte Del Potro et rejoint Thiem en finale
Opposée à Madison Keys , l'Américaine s'est imposée en deux manches bien menées: 6-4, 6-4 et 1h19 de jeu. Del Potro a eu quelques occasions en début de match pour réaliser une percée au service de Nadal .

International : L'équipementier Nike laisse tomber l'Iran pour la coupe du monde
L'équipementier a invoqué les sanctions économique imposées par l'administration Trump pour justifier son choix. Embargo oblige, l'équipementier américain Nike refuse de fournir des chaussures à la sélection iranienne.

VIDÉO - Yvette Horner, mascotte du Tour de France
A la fin des années 1980, après le décès de son mari, elle change de look sous la houlette du couturier Jean Paul Gaultier . Elle troque alors sa chevelure noire pour un roux flamboyant, adopte des tenues extravagantes et redevient à la mode.

More Concerned About State's Fitness: HD Kumaraswamy On PM's Challenge
PM Modi had earlier on Wednesday invited Kumaraswamy to take up the fitness challenge which is doing the rounds on Twitter. PM Modi responded to Virat Kohli's challenge and tweeted using the hashtag #HumFitTohIndiaFit .

74 scammers arrested for hijacking email addresses, stealing money
When this amount of money can be stolen with little risk of getting caught, there will always be people willing to commit fraud". Sometimes they'll ask for sensitive information such as employee tax records instead of, or in addition to, asking for money.

Salah still a doubt for World Cup opener against Uruguay
The mercurial forward posed for pictures this week in the official team kit, looking both in good shape and in high spirits. It remains unclear if he will be fit to feature in their opening fixture against Uruguay on Friday.

Trump adviser apologizes for 'inappropriate' comments targeting Tru..
Yet the beauty of it was in the last line: " Our Tariffs are in response to his of 270% on dairy!". Kudlow said the president won't "let a Canadian prime minister push him around".