After cracking down on forex market for many years, Now SEC is moving its eyes towards bitcoin market and ICOs related to it. According to the WSJ, “The Securities and Exchange Commission has issued dozens of subpoenas and information requests to technology companies and advisers involved in the red-hot market for cryptocurrencies, according to people familiar with the matter”. SEC is now seeking information about the structure of ICO sales and pre-sales. Seems like cryptos are next on their list. Any thought!!
@andrewfig7896 I can’t see the future anymore than anyone else. But I believe regulation is a good thing if it happens to cryptos. Cyptos are not penny stocks, its not something you buy one day and sell the other day, you have to be a long term believer that crypto currencies solve huge probs that paper currencies have. Whats going to happen is regulation will happen in cryptos and thats a good thing because than the masses will trust that if SEC/govt is involved, they will be protected. And the institution that are not yet exposed to this will finally start getting in, making it a valid investment class.
No worries mate Yea just like any retail investor who weighs a regulated broker much more than an unregulated one. Govt/Reg = safety and unregulated = dodgy, thats how most investors/traders are conditioned. PS: I trade with a unregulated broker, far more credible than the regulated ones. But i just believe that regulation in cryptos will open doors for people who are sitting on the sidelines waiting to dive in
I do not understand why SEC is behind all the traders who want to simple make money. First that Dodd Frank screwed up forex trading and made a nightmare for us to trade without any headache and now all this. After strangulating forex traders, seems like cryptos and everything related to cryptos is on hit list of SEC. They want to regulate, sorry “regulate” world will be inappropriate, they want to “control” everything which lets us make money. Regulating crypto market is all what is on their mind as of now. We are well educated humans who knows about the risks involved whenever we enter into anything then why all this? I do not understand at all!
You know, SEC is keeping a close eye on these ICOs now. It has also lodged inquiries in the past about ICOs as they believed many token sales and ICOs might be violating the securities laws. SEC has been fumbling lately on how to regulate these ICOs as they do not fall under the meticulous scrutiny like IPOs. Infact SEC has also suspended activities of some companies due to unclear associations with cryptocurrency and crypto business.
@scalpingjack and I believe regulation will swipe more capital out of the market instead of adding more (from the traders who are sitting sidelined)
@Rushilsmith, @scalpingjack as of today, my pending withdrawal dated Feb 9th has disappeared from the withdrawal list and the chat box appeared when I used a different wifi/ip address. They have already withdrawn money from my trading accounts on Feb 15th. They are escalating the issue to compliance now. Just to let @Rushilsmith know, I don’t work for any broker. I have Forex.com account in USA and Finpro trading.
So They withdrew money from your account and now “They” escalated it to “Their own” compliance. How dramatic is that , dont worry we dont think you work for another broker.
We have other brokers on our top list as well, you have any thoughts about them ?
@whywescalp Finpro trading was my first exposure to non-US broker. I not not going to open in an unregulated firm any more and am trying to open an offshore company (probably UAE since I know people who own businesses there) so that I can open a trading account in regulated non-US broker and have safety of my funds. In touch with IC Marktets and they did say that I can open a corporate trading account with them based in UAE.
Update regarding Finpro trading, I got email from compliance regarding submitting my bank statement, 3 year tax return, Account summary from other forex trading account for last 6 months and “No Objection Certificate” from my current employer. Will be sending them asap so that I can access my funds in Finpro.
Update on brokers supporting cryptos as funding options:
I just had a chat with turnkeyforex guys. They said they might support other crypto currencies including litecoin, ripple and bitcoin cash for account funding in near future. Infact they also mentioned that they might start offering bitcoin denominated accounts as well. Isn’t that a good thing a good broker like turnkeyforex with amazing spreads and execution speed with low commission on the top will offer BTC denominated accounts, would be the best if they can add cryptos for trading too
Sounds like you got nailed for some kind of KYC/AML review. Any idea what might have triggered this? Please let us know so we don’t make the same mistake
I continued to the application pages, filling in personal data, including: Nationality - United States, and my residence address in the United States. Swissquote accepted this portion of the application. So far, so good.
I stopped short of giving Swissquote my tax I.D. information. Having refused to provide that information, I was not able to continue.
Before deleting all the information I had already filled in, and exiting the site, I took a screen-shot of this “Declaration” (as before, click the image to make it more readable):
I don’t think we ll see it, FX market threatens wall st and futures market, CFD’s why buy shares when u can trade a CFD, say goes for futures contracts
Yea just like any retail investor who weighs a regulated broker much more than an unregulated one. Govt/Reg = safety and unregulated = dodgy, thats how most investors/traders are conditioned. PS: I trade with a unregulated broker, far more credible than the regulated ones. But i just believe that regulation in cryptos will open doors for people who are sitting on the sidelines waiting to dive in
, dont worry we dont think you work for another broker.
