LedgerX Fakes Approval From USCFTC For Physically Settled Bitcoin Futures, Agency Confirms

In a statement to a media house, the United States Commodities Futures Trading Commission has confirmed that it hasn’t yet approved physically settled Bitcoin Futures by LedgerX. The confirmation comes a day after LedgerX announced that the physically settled Bitcoin futures were live on its in-house Omni trading platform.

At first, the announcement was rejected by crypto finance and derivatives expert Thomas Thompson, who tweeted that “the announcement of bitcoin futures was exciting but wrong”. In his column on a news portal, Thompson stated that that there was no confirmed report of the launch even till late evening.

He further added,

“If LedgerX’s futures market license is going to prove valuable in attracting retail customers, the exchange will have to communicate more clearly not just what physical delivery entails but when and what LedgerX is trading. I am sure that the futures industry in the meantime is looking forward to welcoming a new futures exchange.”

The CFTC gave a statement to a media house which confirmed that it hadn’t given any such approval to LedgerX yet. It said that the approval hasn’t been granted yet after LedgerX CEO claims that the retail customers can buy the contracts using Bitcoin. In response, the company’s media representative, Ryan Gorman stated that he will not be representing the company due to such dubious events.

In response to the CFTC’s claim, LedgerX CEO Paul Chou stated that the CFTC had asked the company to censor its tweets. In retaliation to this, the infamous company head threatened to sue the regulator for anti-competitive behavior. Shockingly though, the company has at last admitted that the Bitcoin Futures were not launched yet.

These kinds of doubtful and irresponsible behavior from the crypto companies are what keeps potential investors away from the industry. Also, they give the government, which already is hostile enough, another reason to impose strict regulations on the industry at large.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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