RATE Group | US CFTC Suspects Bitcoin Futures Price Manipulation, Subpoenas Exchanges
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US CFTC Suspects Bitcoin Futures Price Manipulation, Subpoenas Exchanges

10 Jun US CFTC Suspects Bitcoin Futures Price Manipulation, Subpoenas Exchanges

Posted at 13:27h in Bitcoin News by

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The US Commodity Futures Trading Commission has sent subpoenas to four cryptocurrency exchanges asking for trading data, according to the Wall Street Journal which cited people familiar with the matter.

Background

The exchanges are Coinbase, Kraken, itBit and Bitstamp. It is from these sources that the price of Bitcoin futures as sold by CME Group is determined.

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CME Group is a major financial company with many different lines of business. Relevant here is its exchange in Chicago that sells financial derivatives products such as options and futures. In December of 2017 it began selling futures contracts based on Bitcoin.

Futures are contracts describing transactions that are to take place at a future date. The buyer and seller of a commodity (which can itself be a financial derivative) decide on a time and a price and sign, and when that time comes the contract must be fulfilled. The first futures markets appeared in Europe in the 17th century, and…

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