South Korea bans bitcoin futures

The financial regulator of South Korea banned securities firms to introduce bitcoin futures trading
08 December 2017   1039

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.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.