E-Trade Financial Launches CME Bitcoin Futures Trading

The company also allowed customers to trade bitcoin futures from CBOE Global Markets on December 20
03 January 2018   1387

E-Trade Financial Corporation, the online stock brokerage firm, announced it has opened up trading of bitcoin futures from CME Group for customers as of Tuesday evening. The intraday initial margin requirement for the CME bitcoin futures ("BTC") has been set at 80%, that same as is required for CBOE futures ("XBT").

The company also allowed customers to trade bitcoin futures from CBOE Global Markets on December 20.

The U.S. Commodity Futures Trading Commission (CFTC) approved both CBOE and CME to list bitcoin futures on December 1. The regulator said at the time that the companies will pursue a self-certified initial listing, after working with the agency to set a standard for the offerings.

TD Ameritrade Holding Corp. and Ally Financial Inc.'s Ally Invest have also launched CBOE bitcoin futures trading to investors. Interactive Brokers Group also opened trading in products from both exchanges in December.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   168

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.