HTS Officials arrested for Embezzlement of User Funds

The president and executives of South Korean HTS were arrested for illegally reallocating the firm’s holdings in bitcoin and ether to their personal accounts
16 May 2018   1457

The police of Southern Seoul and local financial authorities headed by inspector Jeong Dae-seong aquired an arrest ordert for 4 executives at HTS including the main developer of the HTS trading platform and operator of the exchange on May 14. As declared in the prosecutor’s office of Seoul, HTS president Shin together with the three representatives of the firm replaced user funds kept in the the company`s cryptocurrency wallet  to external bank accounts, mainly stealing cryptocurrencies from the company’s customers.

Formerly the third largest crypto exchange in South Korea, Coinnest was temporarily closed by the local officials after its executives were arrested in March 2018 for stealing user funds. Then it was reported that millions of dollars in user funds were transmitted to the personal accounts of the firm’s executives.

The prosecutor’s office of Seoul revealed that the local police initially aimed to raid the headquarters of HTS together with Coinnest, but then decided not to in order to concentrate on the investigation on Coinnest, as the government received solid evidence of malpractice.

HTS is not the first exchange in South Korea to be checked and officially investigated by the local police and investigators from the Korea Financial Intelligence Unit (KIU), following Coinnest and Upbit.

CME Group Won't Launch BTC Deliverable Futures

Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors, processed 7000 contracts for 35k BTC totally
02 October 2019   155

Confirming its intention to launch options on bitcoin, the Chicago Mercantile Exchange (CME Group) noted that it would not follow the path of a competitor in the form of the Bakkt platform and would refuse to trade in deliverable futures. The director of alternative investment products CME Group Tim McCourt said this in an interview with Markets Media.

Since we launched bitcoin futures in December 2017, the number one demand from customers has been for options on our futures.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Group

CME Group conducts calculations on bitcoin futures in fiat, and the company will follow the same approach with respect to options. As McCourt noted, guided by the needs of customers when developing new products, the company does not plan to launch supply contracts for bitcoin.

Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors. This year, on average, the company processed about 7 thousand contracts for a total of 35,000 BTC.

The institutional interest in bitcoin is growing but they need time to become familiar with the market and get approval to use new products.
 

Tim McCourt

Global head of equity index and alternative investment products, CME Group

Also, according to McCourt, new options can use existing technology, an application matching engine and clearing mechanisms. Currently, the exchange is conducting standard instrument testing procedures.