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RE: Bitfinex Fined - What Does This Mean for Crypto?

in #bitcoin9 years ago

This was a shakedown by the CFTC. The CFTC "decided" that bitcoin was a commodity and that it falls under their jurisdiction.

I asked Bitfinex on reddit about what specific changes were made here:

This was Bitfinex's reply: ~~~ embed:Bitcoin/comments/4m8tfs/cftc_orders_bitcoin_exchange_bitfinex_to_pay/d3tsgik reddit metadata:fEJpdGNvaW58aHR0cHM6Ly93d3cucmVkZGl0LmNvbS9yL0JpdGNvaW4vY29tbWVudHMvNG04dGZzL2NmdGNfb3JkZXJzX2JpdGNvaW5fZXhjaGFuZ2VfYml0ZmluZXhfdG9fcGF5L2QzdHNnaWt8 ~~~

Go figure!

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Maybe they're keeping it to themselves as trade secret, as the experience gives them a competitive advantage.

Wow. Total shakedown.

Yeah, I mean totally...
If they combine that 75,000 with the 175 million they got in one other action...wow, that is a ton of money.
http://www.cftc.gov/PressRoom/PressReleases/pr7372-16
Or the largest one against Barclays
$453 million

Hmmm, I think shakedown was what Barclays paid
$453 million