South Korea bans bitcoin futures

The financial regulator of South Korea banned securities firms to introduce bitcoin futures trading
08 December 2017   1327

On Wednesday, the Financial Services Commission of Korea issued the directive that bans securities firms from intermediating bitcoin futures transactions. Financial regulator doesn’t recognize bitcoin as an underlying asset of derivative products so bitcoin cannot be a subject for futures trading.

Two companies, eBest Investment & Securities Co. and Shinhan Financial Investment Co. planned to introduce bitcoin futures trading, but now they canceled seminars for bitcoin futures investors slated for the 14th and the 15th, respectively.

It is the first time for the South Korean authorities to ban trading a specific item. It seems that they made such decision worrying about if it gets out of control as they haven’t taken a position on cryptocurrency.

 

The Financial Services Commission of Korea statement

The news comes as Futures Industry Association (FIA) chief executive Walt Lukken said in an open letter to the Commodity Futures Trading Commission that FIA members are concerned that they will have to pay for any outstanding contracts caused by price changes in bitcoin, rather than the groups which are actually selling the futures products.

BTC Extortionists to Send Explosion Threats In US & CA

Police reported that explosive devices in the places specified by extortionists were not found
14 December 2018   105

In Canada and the United States, local businesses and residents received letters threatening to detonate a bomb if they did not send bitcoins to extortionists. Because of this, in some regions, law enforcement officers evacuated people from bus stations, schools and airports, reports Global News.

Extortionists threatened to blow up universities, schools, city halls and local businesses in the US states of Utah, Aidaxo, New York, Oklahoma and Illinois. The New York City Police Department urged residents not to panic or send bitcoins to criminals. Police also reported that explosive devices in the places specified by extortionists were not found.

In Canada, extortionists promised to blow up buildings and car dealerships in Toronto, Edmonton, Ottawa, Calgary and Montreal. Some residents of the attackers asked for a ransom in bitcoins in the amount of $ 20 thousand. After verification, the Calgary police stated that the messages were part of phishing attacks and did not pose a threat to the public.