SEC Called to Cancel All Bitcoin ETF Applications

SEC has serious concerns about the securities industry’s plans to create exchange-traded funds based on cryptocurrency
19 January 2018   544

The Securities and Exchange Commission of US expressed serious doubts about the liquidity and price volatility of the cryptocurrency and related products. The department believes that the activities of exchange investment bitcoin-funds at the moment will not meet the requirements of the regulator. This is reported by TechCrunch.

Until the questions identified above can be addressed satisfactorily, we do not believe that it is appropriate for fund sponsors to initiate registration of funds that intend to invest substantially in cryptocurrency and related products, and we have asked sponsors that have registration statements filed for such products to withdraw them.

Dalia Blass

Director of the division of investment management, SEC

Blass also stressed that the Commission is concerned about the wide possibilities for manipulating the cryptocurrency market and the frequent application of the arbitrage trading strategy.

In addition, the SEC doubts that many financial institutions are eager to act as trustees and guarantee the security and security of the crypto-currency assets of such funds.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.