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Title: OKCoin locks U.S. customers futures trading accounts Post by: Fabrizio89 on November 25, 2015, 02:00:50 PM From /r/bitcoinmarkets
"Today there have been numerous reports through social media and the Whale Club team speak that U.S. customers on OKCoin have had their accounts restricted from participating in the futures markets. While OKCoin did announce earlier that they were begging to restrict access of U.S. customers due to regulations, there were still loop holes to get Bitcoin into a futures trading account: A) Not generate a new deposit address. B) Download the mobile app and send coins to that address, which you could then use on the futures markets. Today, OKcoin has taken one more step in preventing access by locking out the futures market completely to U.S. based traders. See the image below to see the notification that you are prompt with. http://prntscr.com/96pxrb[1] Bitmex has restrictions in place for U.S. customers to restrict them access to high leveraged Bitcoin trading, but there are still ways to get around these, as many of you well know. As regulations continue to develop in the U.S. and other countries abroad, it seems that people wishing to trade at higher leverages will be forced to find new brokers to participate in that style of trading. 1broker currently offers BTC /USD trading with up to 5x leverage The market is currently in an experimental state, while we gather data which will be used to develop an actual futures market for Bitcoin in the future. As a disclaimer, I do work directly for 1broker as their community manager, but I noticed a lot of people wondering where to trade now that a clamp down is happening across all the other major exchanges. There are still choices out there!" Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: AtheistAKASaneBrain on November 25, 2015, 02:04:51 PM Well that sucks, that's why I never leave coins outside my wallet. Also I couldn't take the mental pressure of dealing with leverage, yes you can make a lot of money but you can end up in debt and I got into Bitcoin to get rid of debt for life so I will stay away from anything that can put me in such scenario.
Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: Lumada on November 25, 2015, 02:05:00 PM It seems strange that OKCoin put the regulation above money making. The Chinese exchanges become more law abiding.
Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: Snorek on November 25, 2015, 02:24:41 PM It seems strange that OKCoin put the regulation above money making. The Chinese exchanges become more law abiding. The thing is that OKCoin is so big that it is not possible for them to avoid high caliber international regulations like that. It would cause them more problem in the long run the avoid it.They could be even sued by not respecting that law. IMO it is not worth the risk. Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: chennuan on November 25, 2015, 02:46:59 PM okcoin trading volume is very large, So,I do not trust okcoin.
Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: fr4nkthetank on November 25, 2015, 03:11:06 PM Exchanges should be regulated as normal exchanges. especially futures. there is a reason for it...whether you trade bitcoin, sheep or buckets of shit it doesnt matter.
Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: abercrombie on November 25, 2015, 03:31:26 PM Pressure by CFTC. >:(
Title: Re: OKCoin locks U.S. customers futures trading accounts Post by: Lumada on January 22, 2016, 09:51:27 AM Exchanges should be regulated as normal exchanges. especially futures. there is a reason for it...whether you trade bitcoin, sheep or buckets of shit it doesnt matter. Bitcoin is recognised as commodity by certain organisation (the one regulates commodity exchanges), but it seems there is no specific regulation on bitcoin. |