Sentences with phrase «commodity transactions»

June 2, 2016 — The U.S. Commodity Futures Trading Commission (CFTC) fines Bitfinex $ 75,000 for offering illegal off - exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and for failing to register as a Futures Commission Merchant as required by the Commodity Exchange Act.

The security breach comes two months after Bitfinex was ordered to pay a $ 75,000 fine by the U.S. Commodity and Futures Trading Commission in part for offering illegal off - exchange financed commodity transactions in bitcoin and other digital currencies.

The Commodity Futures Trading Commission Fined Bitfinex $ 75,000 today for «offering illegal off - exchange financed retail commodity transactions in bitcoin and other cryptocurrencies,» citing the Commodity Exchange Act and Dodd - Frank for the action.

The test marked the first live agricultural commodity transaction on the blockchain and saw 60,000 tonnes of soybeans shipped from the US to China.

Certain schemes involving virtual currency marketed to retail customers, such as off - exchange financed commodity transactions with persons who fail to register with the CFTC.»

Our attorneys are also experienced in traditional commodities transactions and exchange - listed futures and options, counseling major exchanges, commercial banks, insurance companies, portfolio managers, investment banks, traders and advisers.

In December 2017, in response to requests for guidance, the CFTC issued a proposed interpretation of «actual delivery» in the cryptocurrency retail commodity transaction context.

CFTC Issues Proposed Interpretation of «Actual Delivery» in Virtual Currency Retail Commodity Transactions

As it stands, it is illegal to sell Bitcoin or make any other «financed commodity transaction» without guaranteeing delivery within 28 days.

Advising Chinese and foreign companies on PRC legal issues related to commodity transactions in both domestic market and overseas.

Renting bikes and cycling equipment may be perceived by some of our target market as a commodity transaction.

According to the Chicago Mercantile Exchange, an FCM is defined as an individual, association, partnership, corporation or trust that solicits or accepts orders for the execution of a commodity transaction on the pursuant to the rules of a futures contract market and which accept payment from or extend credit to customers.

«Many of our clients are based in Houston, a hub of energy trading and commodity transactions.»

This is a potentially important opportunity for the cryptocurrency industry to engage actively with the CFTC and to provide valuable perspectives regarding what «actual delivery» means for cryptocurrency retail commodity transactions.

The Order finds that by offering to enter into, executing, and confirming the execution of off - exchange financed retail commodity transactions, Bitfinex violated Section 4 (a) of the CEA, which requires such transactions to be conducted on a designated contract market or derivatives transaction execution facility.

«As explained in the Order, under the Dodd - Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd - Frank Act), financed commodity transactions — including those in cryptocurrencies like Bitcoin — must be conducted on an exchange, unless the entity offering the transactions — such as Bitfinex — can establish that actual delivery of the bitcoins results within 28 days.