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In re BFXNA, Inc., d/b/a Bitfinex

CFTC Docket No. 16-19 (2016)

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In re BFXNA, Inc., d/b/a Bitfinex

Commodity Futures Trading Commission
CFTC Docket No. 16-19 (2016)

Facts

BFXNA, Inc. (defendant), which did business as Bitfinex, operated an online platform for exchanging and trading Bitcoin and other virtual currencies. Bitfinex allowed users to borrow money from other users to finance Bitcoin purchases. Bitfinex promptly reflected financed Bitcoin purchases in users’ accounts but maintained possession and control over financed Bitcoin until users repaid their loans. Many of Bitfinex’s users who engaged in financed purchases were retail customers who did not qualify as eligible contract participants (ECPs) or eligible commercial entities (ECEs) under the Commodity Exchange Act (CEA). Bitfinex was not registered with the Commodity Futures Trading Commission (CFTC). Upon learning that the CFTC was investigating its compliance with the CEA, Bitfinex contacted the CFTC to offer its cooperation, which Bitfinex amply provided. The CFTC instituted an administrative proceeding with respect to Bitfinex, which Bitfinex offered to settle. The CFTC made certain factual and legal findings in connection with its acceptance of Bitfinex’s settlement offer.

Rule of Law

Issue

Holding and Reasoning ()

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