Tag Archives: Trading
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission said on Sunday it was immediately suspending trading in two investment products that track cryptocurrencies, citing confusion in the markets over whether the products are exchange-traded funds (ETFs).
FILE PHOTO – High-end graphic cards are installed in a cryptocurrency mining computer at a computer mall in Hong Kong, China January 29, 2018. REUTERS/Bobby Yip/File Photo
The SEC said in a statement that trading in Bitcoin Tracker One CXBTF.PQ CXBTF.PK and Ether Tracker One CETHF.PQ CETHF.PK will be halted in the United States until at least Sept. 20.
The products promise to track the price of the cryptocurrencies, less fees. They are both listed on a Nasdaq Inc (NDAQ.O) exchange in Stockholm, Sweden, but trade “over the counter” in transactions that occur off exchanges within the United States.
“It appears … that there is a lack of current, consistent and accurate information,” the SEC said in a notice posted on its website. “Application materials submitted to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as ‘Exchange Traded Funds.’”
The issuer of Bitcoin Tracker One and Ether Tracker One, XBT Provider AB SE0010296574.ST and its parent company, did not immediately respond to emailed requests for comment. Nasdaq also did not immediately respond for comment.
The SEC has taken a strict stance against letting ETFs tracking bitcoin and other cryptocurrencies come to market.
But investment firms have been pushing other types of investments that attempt to make it as easy to trade cryptocurrencies as a regular stock.
Those products are sometimes called ETFs, but that term generally refers to a different and often more stringently regulated product. Some industry experts, including the largest ETF provider BlackRock Inc (BLK.N), have called for regulators to standardize the terms used to describe ETFs and other kinds of investment products.
Virtual currency, including bitcoin and ether, can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. A fund holding the currency could attract more investors and push its price higher.
Reporting by Trevor Hunnicutt; Editing by Peter Cooney and Will Dunham
SEOUL (Reuters) – South Korea’s government said on Thursday it will impose additional measures to regulate speculation in cryptocurrency trading within the country.
“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in a statement.
It noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples.
The steps will include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry, the statement said.
South Korea had previously announced its plan to tax capital gains from cryptocurrency trading to tackle what it sees as the risk of excessive speculation.
Bitcoin, the world’s biggest and best-known cryptocurrency, has gained more than 19-fold this year.
In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students. As of 0304 GMT, it stood at $ 14,384 on the Luxembourg-based Bitstamp exchange.
Reporting by Dahee Kim; Editing by Shri Navaratnam and Sam Holmes
(Reuters) – Major cryptocurrency exchange Coinbase said on Wednesday it will investigate accusations of insider trading, following a sharp increase in the price of bitcoin cash hours before it announced support for the virtual currency.
Bitcoin cash, a clone of bitcoin, jumped to $ 8,500 on Coinbase’s exchange on Tuesday afternoon, hours before the San Francisco-based exchange launched trading in bitcoin cash.
Trading in bitcoin cash will be suspended until 1200 ET (1700 GMT) Wednesday, a Coinbase status page showed.
Meanwhile, bitcoin, the world’s most popular cryptocurrency, fell more than 10 percent on Wednesday to a one-week low of $ 15,800. Bitcoin has risen some 1,700 percent this year and nearly 80 percent this month alone.
“If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately,” Coinbase Chief Executive Brian Armstrong said in a blog post. (bit.ly/2CMbaA3)
Additionally, Coinbase employees have been restricted from trading in bitcoin cash for several weeks, Coinbase said on Twitter.
Earlier on Tuesday, traders on Twitter alleged that news of Coinbase’s launch of bitcoin cash support had been leaked before the official announcement.
Bitcoin cash was created on Aug. 1 when Hong Kong-based exchange Bitfinex said a minority of bitcoin miners would create a new version of bitcoin to make trading faster and easier.
Reporting by Nikhil Subba and Mekhla Raina in Bengaluru; Editing by Amrutha Gayathri and Sai Sachin Ravikumar
Firms trading on the BSE exchange can receive and act upon real-time price and order book information faster than ever before
(PRWeb August 14, 2016)
Read the full story at http://www.prweb.com/releases/2016/08/prweb13612975.htm