French Watchdog Cracks Down on Crypto Trading

Financial regulator will crack down on unregulated cryptocurrency futures and derivatives trading
22 February 2018   536

According to the statement, the Autorite des Marches Financiers (AMF) informed that it observed online trading platforms such as binary options, contracts for differences (CFDs), and Forex contracts. AMF concluded that such platforms qualified as derivatives, making them subject to AMF oversight.

The AMF stated that online platforms which offer cryptocurrency derivatives fall within the scope of MiFID 2 and must, therefore, comply with the authorisation, conduct of business rules, and the EMIR trade reporting obligation to a trade repository.

Two French platforms Plus500 Ltd. and IG Group Holdings Plc. had reported strong growth in their quarterly earnings reports, which they attributed in part to their cryptocurrency futures and derivatives products.

The agency also declared a ban on the advertising of crypto derivatives based on a new anti-corruption law.

At the moment EU regulators are considering banning trading platforms citing concerns about investor protection. Due to this fact, the AMF’s interest in unregulated cryptocurrency futures and derivatives trading increased.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   98

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.