Topic: Bitfinex and CFTC reach settlement (Read 414 times)
I think the whole point is that there are no repercussions for users. Stuff's been clarified, The Man has been paid off and it's business as usual. Until they find something else to get them for.
all the exchangers are the same. illegals 
they have no financial license, they are doing market manipulation by pumping and dumping the price as they wish.
they have no financial license, they are doing market manipulation by pumping and dumping the price as they wish.
Saw the following announcement and couldn't find a thread about it. What are the repercussions for Bitfinex users?
"Today, the United States Commodity Futures Trading Commission (CFTC) issued an order instituting proceedings against BFXNA Inc. (BFXNA), an entity that conducts business with U.S. customers through the website www.bitfinex.com. In the order, the CFTC accepted BFXNA’s offer of settlement to resolve certain alleged violations of the U.S. Commodity Exchange Act (the Act). A copy of the order is here. In the order and settlement, the CFTC found that BFXNA violated sections 4(a) and 4d(a) of the Act. BFXNA neither admits nor denies the CFTC findings in the order and settlement.
Bitfinex proactively contacted the CFTC in September 2015—before the CFTC announced enforcement action involving bitcoin trading platforms—to provide information about Bitfinex related to a potential investigation. According to the order, "Bitfinex’s cooperation with the Commission’s investigation was significant … Bitfinex consistently responded to requests for information fully and quickly, both in writing and via oral presentations."
In response to these constructive discussions with the CFTC’s Division of Enforcement, BFXNA has made significant changes to the way in which U.S. customers engage in financed trading on Bitfinex. Bitfinex remains committed to continually improving its customers’ experience while complying with applicable laws and regulatory requirements.
In closing, we are pleased to announce this settlement with the CFTC. The CFTC has engaged in a productive, open, and timely dialogue with us, and, as a result, we believe we have a better understanding of the regulatory framework governing financed trading on our platform. The Division of Enforcement has demonstrated that, while they will work diligently to enforce existing rules even as they apply them to new markets, they also are sensitive to innovation and development in sectors that the CFTC regulates.
We look forward to providing best-in-class service to U.S. customers. We will continually work to make our customers’ experience safer and better."
"Today, the United States Commodity Futures Trading Commission (CFTC) issued an order instituting proceedings against BFXNA Inc. (BFXNA), an entity that conducts business with U.S. customers through the website www.bitfinex.com. In the order, the CFTC accepted BFXNA’s offer of settlement to resolve certain alleged violations of the U.S. Commodity Exchange Act (the Act). A copy of the order is here. In the order and settlement, the CFTC found that BFXNA violated sections 4(a) and 4d(a) of the Act. BFXNA neither admits nor denies the CFTC findings in the order and settlement.
Bitfinex proactively contacted the CFTC in September 2015—before the CFTC announced enforcement action involving bitcoin trading platforms—to provide information about Bitfinex related to a potential investigation. According to the order, "Bitfinex’s cooperation with the Commission’s investigation was significant … Bitfinex consistently responded to requests for information fully and quickly, both in writing and via oral presentations."
In response to these constructive discussions with the CFTC’s Division of Enforcement, BFXNA has made significant changes to the way in which U.S. customers engage in financed trading on Bitfinex. Bitfinex remains committed to continually improving its customers’ experience while complying with applicable laws and regulatory requirements.
In closing, we are pleased to announce this settlement with the CFTC. The CFTC has engaged in a productive, open, and timely dialogue with us, and, as a result, we believe we have a better understanding of the regulatory framework governing financed trading on our platform. The Division of Enforcement has demonstrated that, while they will work diligently to enforce existing rules even as they apply them to new markets, they also are sensitive to innovation and development in sectors that the CFTC regulates.
We look forward to providing best-in-class service to U.S. customers. We will continually work to make our customers’ experience safer and better."
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