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Bitcoin Futures: LedgerX-placed contracts on ice

Bitcoin Futures from home LedgerX should not be traded. Contrary to the original message of the company is the US Commodity Futures Trading Commission (CFTC) ha

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Bitcoin Futures: LedgerX-placed contracts on ice

Bitcoin Futures from home LedgerX should not be traded. Contrary to the original message of the company is the US Commodity Futures Trading Commission (CFTC) had granted no permission.

By Phillip Horch
At the 2. August 2019BTC$10.526,00 4.96%part Facebook Twitter LinkedIn xing mail

Bitcoin Futures apply as a course in driver for the crypto-market. While there are not collateralised BTC futures contracts since the end of 2017, the Community currently, physically backed Futures. Two Blockchain-companies are competing for it, who publishes the first BTC Futures. The company Bakkt, the test operation for physically behind Bitcoin Futures put on 22. July started.

On 31. July, a message came up that the crypto-company LedgerX would overtake Bakkt and already with their own Bitcoin Futures had started the race. As the company announced, it should therefore be possible to trade physical Bitcoin Futures. As it turns out, is a hoax.

According to the information available to the crypto-magazine-The-Block, I leave it to the competent regulatory authority, however, said that they have not approved the futures contracts on the leading cryptocurrency by market capitalization. The magazine writes on 1. August:

The Commodity Futures Trading Commission (CFT) has The Block not communicated today that LedgerX has the necessary Derivatives-Clearing-Organization license (DCO), to trade Futures.

LedgerX have a license, but only to Swaps, not Futures.

Bitcoin Futures: quarrels lead to resignation

Ultimately, the original led in the wrong message by LedgerX, and the inconsistencies with the authority to resentment among employees of the company. For example, the (former) press officer Ryan announced Gorman of LedgerX, withdraw:

Because of concerns regarding the operations in the last 24 hours we have decided to end our [business]relationship with LedgerX [...] immediately.

We would like to thank you for the opportunity and wish you the greatest success.

Paul Chou, CEO of LedgerX, was visibly more upset about the inconsistencies with the CFTC. In a series of now deleted Tweets, he said that the authority to sue your of work to do and he was planning to sue the US government:

If the government is not doing the Right thing, we, you, point. We are already talking with our lawyers about that.

This is a justified Chou, ultimately, that the CFTC may have broken the law. Finally, the authority had asked him to delete those Tweets again: "The CFTC has asked us to censor our Tweets. This is what we have done. But never again. It is a Disaster for democracy.“

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More on the topic:

LedgerX passing Bakkt – Physical Bitcoin Futures, Bitcoin Futures launched: Ledger X receives CFTC license Bakkt Bakkt Futures go on the 22. July in the "test#Bitcoin Futures#CFTC#LedgerX operation"
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