Mitsubishi to launch a regulatory framework for BTC trading

Mitsubishi UFJ Financial Group is going to set a hedge mechanism for Bitcoin trading, aimed at reducing risks and market volatility
27 December 2017   1251

Mitsubishi UFJ Financial Group, one of the world's largest comprehensive financial groups, comprising a diverse range of leading companies in a wide field of financial businesses, is reportedly working to set up a hedge mechanism for investors is order to let them maintain Bitcoin holdings safely.

The decision was made in the aftermath of the high volatility of cryptocurrency market and the riskiness of Bitcoin trading. The financial units of Mitsubishi are looking for the reduction of costs and elimination of the possibility of downturn in BTC trading. 

Moreover, Mitsubishi is planning to keep the records of Bitcoin transactions in the ledger, which will be used to guarantee the holders of BTC the safety of their funds in case of the exchange failure. However, the crypto assets will not be refunded to traders if BTC price drops. The Mitsubishi Financial Group will work as the central bank works towards fixed-income exchange.

Thus, the hedge mechanism of Mitsubishi will presumably let the Japanese financial industry to capitalize on the volatility of the Bitcoin market and reduce the risks connected with BTC trading.

Previously, we have reported that Mitsubishi UFJ Financial Group and NTT DATA announced the launch of a Proof-of-Concept blockchain technology.

At the moment of press, these are main market parameters of Bitcoin:

  • Average price: $16 653,30
  • Marketcap: $279 199 652 152
  • 24h volume: $12 642 900 000

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   100

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.