LA Woman to Face Sentence For Illegal BTC Trade

Prosecutors say the 50-year-old Theresa Tetley's business 'fueled a black-market financial system'
12 June 2018   1536

A 50-year-old resident of Los Angeles is accused of illegal provision of financial services, since she traded cryptocurrency without the necessary license, thereby violating federal law. The prosecutor's office insists on imprisonment of Theresa Tetley for up to 30 months, NBC Los Angeles reportes.

In the period from 2014 to 2017, the cryptotrader under the nickname Bitcoin Maven was active in LocalBitcoins, earning about $ 300,000 on bitcoin annually. During this time, she carried out transactions in the amount of $ 6 million to $ 9.5 million.

According to the prosecutor's office, Tetley's business, which went beyond the regulated banking industry, fueled the black market of the central district of California.

The prosecution party also insists on confiscating 40 bitcoins, $ 292,264 and 25 gold bullion seized by law enforcement officers in March.

The verdict against Tetley, who had previously confessed her guilt, was due on Monday, but was postponed indefinitely.

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.