Bitcoin Forum
July 18, 2018, 05:01:22 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: NYREG:What does 209 b mean for exchanges? Do they have to buy addititional BTC ?  (Read 1225 times)
segeln
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500


View Profile
July 19, 2014, 08:38:07 PM
 #1

Section 200.9 Custody and protection of customer assets

(b) To the extent a Licensee secures, stores, holds, or maintains custody or control of Virtual Currency on behalf of another Person, such Licensee shall hold Virtual Currency of the same type and amount as that which is owed or obligated to such other Person.

any thoughts/explanations?
If they have to buy additional BTC for their customer assets it would shoot the price very much up.
1531933282
Hero Member
*
Offline Offline

Posts: 1531933282

View Profile Personal Message (Offline)

Ignore
1531933282
Reply with quote  #2

1531933282
Report to moderator
1531933282
Hero Member
*
Offline Offline

Posts: 1531933282

View Profile Personal Message (Offline)

Ignore
1531933282
Reply with quote  #2

1531933282
Report to moderator
The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1531933282
Hero Member
*
Offline Offline

Posts: 1531933282

View Profile Personal Message (Offline)

Ignore
1531933282
Reply with quote  #2

1531933282
Report to moderator
1531933282
Hero Member
*
Offline Offline

Posts: 1531933282

View Profile Personal Message (Offline)

Ignore
1531933282
Reply with quote  #2

1531933282
Report to moderator
Foxpup
Legendary
*
Offline Offline

Activity: 2240
Merit: 1085



View Profile
July 20, 2014, 12:30:47 AM
 #2

No, it just means they're not allowed to operate on fractional reserves.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
segeln
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500


View Profile
July 24, 2014, 04:30:20 PM
 #3

No, it just means they're not allowed to operate on fractional reserves.
thanks, Foxpup
51percemt
Member
**
Offline Offline

Activity: 86
Merit: 10


View Profile
July 24, 2014, 10:10:39 PM
 #4

No, it just means they're not allowed to operate on fractional reserves.
this is correct. exchanges must actually have 100% of the bitcoin that they owe their customers in their control.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!