hey, what about this:
RELEASE: PR7380-16 June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchanthttp://www.cftc.gov/PressRoom/PressReleases/pr7380-16Is Finex accepting US clients? That's dangerous.
Any financial lawyers here? How is BFX not still in violation of of what the CFTC charged them with?
The entire business model of exchanges is built upon the exchange maintaining control of its hot and cold wallets so as to allow instantaneous transactions with no corresponding blockchain transaction or exchange of actual "ownership."
Does a switch to tether "tokens" for all fiat and crypto sidestep this?