US regulators are investigating a major cryptocurrency exchange, raising suspicions of fraud


Last month, the US Commodity Futures Trading Commission (CFTC) subpoenaed cryptocurrency exchange Bitfinex and the company Tether, which has launched a popular coin of the same name, anonymous sources told Bloomberg today.

Tether claims that all of its coins are backed by US dollars held in reserve or other fiat currencies, although it hasn’t provided hard evidence to confirm this. Tether’s current market capitalization is $2.2 billion, according to CoinMarketCap.com, driven by the recent surge in cryptocurrency prices.

Both firms have the same CEO, Jan Ludovicus van der Velde, although little else is known about him. Although Tether lists Bitfinex as one of the main exchanges it’s integrated with, Bitfinex omits Tether from the dozens...

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via The Verge - Tech Posts "http://ift.tt/2BFr7am"

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