Bitcoin’s Price Plummets down Immediately After CFTC Sues BitMEX for Violating Regulations
Bitcoin (BTC), the largest cryptocurrency in the world by market capitalization, has witnessed a price crash on Thursday as the price value of the coin lost around $400 within the duration of no time. Bitcoin’s price crashed after the United States Commodity Futures Trading Commission (CFTC) sued the major cryptocurrency exchange BitMEX’s owners and operators charging them with running illegally a trading platform and violating regulations.
Bitcoin plunged down to $10,500 level
The price of Bitcoin (BTC) was slowly moving up towards its psychological level of $11,000 as the coin had once again climbed above $10,800 while nearly hitting the $10.9k level. However, it could not maintain its presence there and dropped down immediately.
Bitcoin plunged down as low as to hit around $10,480. This is a loss of over $400 that the leading digital coin has faced in its price value. However, the coin has slightly recovered so far. Currently, the price value of Bitcoin (BTC) is still trading down at $10,581 with a change rate of -1.18% in 24 hours.
CFTC charges BitMEX owners
Bitcoin’s price went down because of the recent filing made by the United States agency CFTC who has charged the owners of the BitMEX exchange with operating illegally a cryptocurrency trading exchange. The agency said in the complaint that BitMEX operators had also violated its various regulations as well.
BitMEX CEO Arthur Hayes, Ben Delo, and Samuel Reed are co-founder of the exchange who have been charged by the US agency. A civil enforcement action has been filed by the CFTC in the U.S. District Court for the Southern District of New York.
Chairman Heath P. Tarbert said that there is a need of rooting out illicit activities from the industry of cryptocurrencies so that the United States may move into the industry as a global leader. BitMEX has disagreed with these charges put against it by the CFTC, according to a spokesperson who said that the company intends to fight vigorously against these charges. “We have always sought to comply with applicable U.S. laws, as those laws were understood at the time and based on available guidance,” the spokesperson added.
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