Nov 23, · How Bitcoin Is Regulated in the US SEC Chairman Jay Clayton explained how the U.S. government is regulating bitcoin during an interview with CNBC Squawk Box on Thursday. He began by responding to a comment made by JPMorgan CEO Jamie Dimon regarding bitcoin regulation. EXPERT BTC MARKETS is one of the leading platforms in the United States offering binary options, Forex and spreads. Regulated by the CFTC and based in New York. It is also regulated by the IFSC of Belize, as well as the Cyprus Securities and Exchange Commission. As with all crypto currency providers, there is a risk that the BTC Markets platform may be used to launder money and finance terrorism. To identify, manage and mitigate this risk, BTC Markets has in place training, systems and processes that comply with AUSTRAC regulated AML/CTF legislation.
Btc markets regulatedEXPERT BTC MARKETS
The consumers are attracted to the Bitcoin software because the government is not part of the picture, hence, their money will not be taxed. However, by not involving the government, the Bitcoin users become vulnerable to the sudden fluctuations of the Bitcoin exchange rates.
Plus, just like in the case of the Flexcoin Bank and the Mt. Gox where the Bitcoin users had no one to turn to but just accept the fact that they have lost their investments in Bitcoins. The government cannot help them bring back their lost investment, since those Bitcoins have no insurance.
In Singapore, Bitcoin exchange might also be regulated by the government. This move by the government is to prevent the potential use of Bitcoins in money laundering and terrorist activities. It is very easy to transfer funds from one to the other with the use of Bitcoins. Add to that the fact that there is no limit when it comes to sending and receiving Bitcoins. In Singapore, the identities of the users will have to be verified before finishing a transaction and if there are any suspicious transactions, the police will be notified immediately.
There are more and more countries that are calling for the regulation of Bitcoin exchange because it is becoming a medium for illegal trades and activities. Countries such as China, United States of America, and Russia are countries that are being scrutinized.
There are suggestions like limiting or totally banning Bitcoin exchange. In Tokyo, the government issued a statement that the use of Bitcoins should be taxed based on income, corporate and consumption laws.
This news was announced after Mt. Gox, the world's largest Bitcoin exchange, filed for bankruptcy. This is because brokers are banned from offering trading bonuses since they come attached with very unfair conditions. And sure enough, BTC Markets too offers bonuses with unfair trading conditions. You will not be allowed to withdraw your funds until you have reached a trading turnover of 30 times your original deposit plus the bonus given by the broker.
This kind a target is almost impossible to meet, which means that you will end up not being able to withdraw your funds at all. BTC Markets also has indemnification clauses put in place. These are clauses that protect the broker from legal consequences in case their clients suffer losses when using their trading platform.
Regulated brokers are required to offer compensation to their clients in case they suffer losses due to services or products offered by the brokers.
Everything about BTC Markets indicates that this broker is a scammer. It is unregulated and its trading conditions are unclear, as is the minimum deposit requirement. The payment gateways are highly suspect and the only asset you can trade is Bitcoin. And lastly, this broker protects itself by adding numerous indemnification clauses. You should consider whether you can afford to take the high risk of losing your money.
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