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CFTC Warns Potential Crypto Buyers To Do Homework
Daily Crypto News CFTC Warns Potential Crypto Buyers The Commodity Futures Trading Commission (CFTC) has cautioned potential purchasers to practice alert and lead broad research before obtaining computerized coins or tokens, including those self-portrayed as "utility coins" or "utilization coins."." CFTC Warns Potential Crypto Buyers The Commodity Futures Trading Commission (CFTC) has cautioned potential purchasers to practice alert and lead broad research before obtaining computerized coins or toks, including those self-portrayed as "utility coins" or "utilization coins."
"Comprehend what rights are connected to the coin or token being sold, and what basic elements could influence its esteem. Be particularly careful about guarantees or assurances of future esteem," CFTC says in a warning issued on Initial Coin Offerings (ICOs) and crypto-resources.
A few examinations and news reports demonstrate that countless Coin Offerings (ICOs) are deceitful or the basic items or administrations neglect to satisfy their guarantees. Assessments of misrepresentation run from 5 percent to in excess of 80 percent of ICOs.
One report additionally recognized almost 300 offers that contained appropriated speculation archives, guarantees of ensured returns or phony official groups.
As indicated by an ongoing report, following multi year from their ICO, about portion of the undertakings or organizations have fizzled or closed down.
The commission has made it unmistakable that the advanced coins might be securities, and their offer and deal would be liable to government securities laws. Advanced tokens and coins can likewise be subsidiaries or items, contingent upon how they are organized, the report says.
CFTC has advised would-be purchasers of a computerized coin or token that it is imperative to measure different variables that could affect its present or longer-term esteem.
Bank of Queensland Bans Crypto Purchases Using Mortgage Funds
Daily Crypto News One of Australia’s oldest retail banks has revised its contract terms to prevent borrowers from using loans such as mortgages to purchase digital currency.
In a report by Australia Finance Review on July 12, Bank of Queensland has confirmed that revisions were indeed implemented on the loan agreements, which now state that “any loan purpose that involves the acquisition of or usage of cryptocurrency is unacceptable.” Bank of Queensland is publicly traded on Australia’s stock exchange.
According to the report, the move is due to worries over the price volatility experienced by the cryptocurrency market recently. At the same time, the revisions are made in response to the intensified scrutiny on the crypto space by Australian regulators. Read Mor
CFTC Warns Potential Crypto
CBOE Awaits ETF Decision, Volume of Bitcoin Futures Spikes
Daily Crypto News Since December 2017, cryptocurrency prices have gone on a steady decline. Though the spot prices of digital assets proved to be quite volatile, Bitcoin Futures products provided by the CBOE and CME Group which are two of the largest derivatives exchanges in the world, have seen a steady rise in trade volume and more liquidity in these markets. CBOE is also looking to launch a Bitcoin-based exchange-traded-fund or ETF as it filed an application with the US Securities and Exchange Commission, leaving the regulatory to decide by August 10.
Over the past two quarters of 2018, cryptocurrency spot prices have shown themselves to be in a slump. Rumor has it that the interest of institutions in cryptocurrency custody and regulated investment vehicles is on the rise lately. Despite the fact that the market sentiment is bearish as of late, CBOE and CME Group are selling significantly more futures contracts during the second quarter of 2018. A total of 1,199 contracts were filled by July 12, with products for August adding up as well. 2,500 to 18,000 Bitcoin Futures contractsare sold by CBOE each day.
The Bitcoin Futures volumes of the CME Group are less than the trade volume of CBOE but contracts sold on Globex have spiked as well. At present, CME sold 2,634 for the month of July while products for August and September are seeing a small increment of sales. The contracts of the CME Group jump to 6,739 on July 5—a new record for the group’s Bitcoin derivatives market. Read More