Digital Currency Exchange Bitfinex to Pay 75k Fine to CFTC

[traderman]

http://themerkle.com/cftc-hits-digital-currency-exchange-bitfinex-with-75k-fine/

I wonder which other margin trading exchanges get hit next?

[Meuh6879]

if you want to convert the world, you must be in america ... yes, no ?

[countryfree]

I've one article about it and I'm not sure I understand what's going on. If I got it right, Bifinex was fined because it didn't actually send its customers the BTC they've just got from its service, and kept it on a wallet it controlled. But there was no theft. The customers were still able to access their BTC via the Bitfinex interface?

Please, anyone correct me if I'm wrong.

[Soros Shorts]

I've one article about it and I'm not sure I understand what's going on. If I got it right, Bifinex was fined because it didn't actually send its customers the BTC they've just got from its service, and kept it on a wallet it controlled. But there was no theft. The customers were still able to access their BTC via the Bitfinex interface?

Please, anyone correct me if I'm wrong.

Basically correct. To make it legal in the US the coins should have been sent to a separate entity, a custodian or prime broker who will hold them on behalf of the customer, instead being held under the control of  Bitfinex.

[countryfree]

I've one article about it and I'm not sure I understand what's going on. If I got it right, Bifinex was fined because it didn't actually send its customers the BTC they've just got from its service, and kept it on a wallet it controlled. But there was no theft. The customers were still able to access their BTC via the Bitfinex interface?

Please, anyone correct me if I'm wrong.

Basically correct. To make it legal in the US the coins should have been sent to a separate entity, a custodian or prime broker who will hold them on behalf of the customer, instead being held under the control of  Bitfinex.

OK, thanks. So it's a very big fine considering no customer had suffered a loss or a theft. It's a big warning to the others, and maybe a reason not to do business in the US.

[mkc]

Don't get it, Bitfinex is a Hong Kong company, why it has to be fined by US?
No wonder some exchange will not take customers from USA.

[Bitcoinpro]

I've one article about it and I'm not sure I understand what's going on. If I got it right, Bifinex was fined because it didn't actually send its customers the BTC they've just got from its service, and kept it on a wallet it controlled. But there was no theft. The customers were still able to access their BTC via the Bitfinex interface?

Please, anyone correct me if I'm wrong.

Basically correct. To make it legal in the US the coins should have been sent to a separate entity, a custodian or prime broker who will hold them on behalf of the customer, instead being held under the control of  Bitfinex.

U mean until the future's contract expired

It really sounds like Bifenex pay CTFC x amount to

keep ur US customers, Bitcoin produces the

most shadiest of extortion attempts

I'll read thru some of the news stories after

s cuppa