CFTC says access to US customers ‘is a privilege, not a right,’ in aggressive case against Binance that is only just getting started.
Excerpt:
CFTC says case against Changpeng Zhao and Binance is the beginning of an aggressive pursuit.
Commissioner Caroline D. Pham said the CFTC has no borders when it comes to prosecuting non-US entities.
The last couple of years have been tough for the crypto industry and its leading figures.
And it’s not likely there will be relief for the sector anytime soon. At least, that’s what policymakers are signaling.
Goldsmith added that the CFTC plans to continue its aggressive pursuit of crypto exchanges that violate trade laws.
The commissioner noted that there will be no tolerance for using VPNs, or any other actions that could circumvent KYC rules, including pop-up questions that merely ask users to attest that they aren’t based in the US.
In a separate statement, CFTC Commissioner Caroline D. Pham said the CFTC’s reach has no border. “It should be crystal clear that the CFTC will not stop in its pursuit of non-U.S. entities,” Pham said.
Concerning the question about whether this thread should be closed, the answer is: a dozen times over, HELL NO!!! This is a fabulous thread, one of the best on the internet. I’ve been reading it for over 10 years now, and it has helped me tremendously. I trade spot forex and crypto and have not yet felt the need to migrate to futures.
Also, does anyone know of a broker, recommended here, other than FxChoice, that requires less than $15 for margin to open a .01 volume bitcoin trade that has a reasonable bitcoin bid/ask spread?
Just tried to open an account with CedarFX, and they would not allow it since I am an American. What a shame since their bitcoin margin is only about $7.50. Chat also confirmed that Americans are now black listed from CedarFX, thanks again to the trader impoverishing efforts of “regulators.”
I have used CedarFX on and off for a while now with zero issues…sad to hear they are no longer accepting new U.S clients. Hoping they will continue to allow previous clients to continue to trade similar to FX Choice and TradersWay has done all these years. This is the reason I always open up accounts with brokers that currently allow us to trade regardless if I currently want to use them or not to hopefully grandfather me in well into the future in case our options continue to worsen in the coming months …years …
Curious why everyone doesn’t seem to like Coinexx? Trustpilot has really strong reviews/score for them. I have a bot ( wrote myself MQL5 ) that I want to run ( can’t use it with prop firms as it executes too many trades for their rules ). Anyway, I need to run on MT5. Wondering what is now considered our best MT5 broker with the lowest spreads? Thanks!
CedarFX and its affiliates do not cater to the U.S. market. Neither the CedarFX promotional material nor its advertisements are aimed at U.S. residents. Operations in the United States and restricted countries are not conducted by CedarFX.
I highlighted that last sentence. I think (but, I’m not sure) that the highlighted sentence is new. Anyone know?
Also, has anyone else here tried to open a new Cedar account, and subsequently been turned away?
Unless dramatic new info to the contrary comes to our attention, I will remove CedarFX from our List next week. In the meantime, any further research into Cedar would be helpful.
-It’s new. Here is a timestamp from October 31 2023:
*This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.**Risk Warning: Trading leveraged products such as Forex and Cryptos may not be suitable for all investors as they carry a degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice. Read More Here
My funds will be moved over to Longhornfx, they do charge commissions, which I really dislike. I prefer Cedarfx, with their no commission account. they both offer the same service.
-I cannot find any information confirming loss of license. I see that they dropped MT4, which seems very questionable; same with KOT4X.
It is sad that Americans would ever have to even think about renunciation as a possible solution to make a decent living with trading. Maybe our government will start listening to our concerns if we threaten to renounce en masse, taking all of our tax dollars overseas.
I suspect that our government would just make it more difficult (or impossible) to renounce if it ever got to that point, however. That is the sad reality of it.
Citizenship-by-investment programs are disappearing and/or becoming more difficult to obtain, especially as various, 3rd-party governments continue to apply pressure to end such programs, using the age-old excuse of national security as their reasoning for concern.
It doesn’t seem they’re losing their license, they’re dropping MT4 for whatever reason, same with swaymarkets and other brokers, I don’t know why the sudden change.
don’t flame me to death (for once) for trying to make a suggestion, guys, but the Metatrader Corporation has announced that MT4 is being phased out, and specifically that no more updates or maintenance etc. will be available for it - and excuse me if you all already knew this - just trying to help!
