I have to say that the way that both Bitfunder and BTCT have handled things is absolutely atrocious.
If they are pretending that the conditions that are forcing them to shutter their doors didn't exist when they set up their exchanges, they are either liars, unethical or incompetent.
Each of them has created large quantifiable financial losses for people who had relied on their assertions and now they want to shove that responsibility off onto another entity. I'd love to see even a redacted version of the Cease and Desist letter either of these exchanges received. Because, I don't believe one exists. They've scared themselves out of doing something that they should have known was scary to do in the first place.
Acting like all the rules around issuing securities just happened is a joke. They were in place for literally decades and closing in on a century before these exchanges were ever conceived.
They knew the risks of running one of these things, if they weren't up to it they should have never started.
If they are pretending that the conditions that are forcing them to shutter their doors didn't exist when they set up their exchanges, they are either liars, unethical or incompetent.
Each of them has created large quantifiable financial losses for people who had relied on their assertions and now they want to shove that responsibility off onto another entity. I'd love to see even a redacted version of the Cease and Desist letter either of these exchanges received. Because, I don't believe one exists. They've scared themselves out of doing something that they should have known was scary to do in the first place.
Acting like all the rules around issuing securities just happened is a joke. They were in place for literally decades and closing in on a century before these exchanges were ever conceived.
They knew the risks of running one of these things, if they weren't up to it they should have never started.
Inversely, you also knew the risks going in.
You knew that you were investing in illegal, unregistered stocks. Or rather most here did.
If you did not, it wasn't for lack of warnings from fudsters, trolls & other sane adults.
