1Broker Shares Read-Only Version of Bitcoin Futures Platform After Regulators Come After Firm
1Broker Announces Read-Only Version of Platform After Regulators Come After Firm
A new platform is coming from 1Broker, a Bitcoin futures firm. The announcement came on Monday, but access is expected to be limited. Instead, of full access, the users will use a “read-only” version for now. This decision was established after this firm was slammed with charged from U.S. regulators.
As a result of the charges, 1Broker is worked on getting legal counsel within the United States this week. The accusations are substantial from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. According to the company, 1Broker has violated federal law by allowing US citizens to participate on their platform.
The current lawyers for 1Broker claim that the company has received permission for the read-only version of the platform. Though they cannot trade, users can check their balances and review the history for their accounts’ transactions. Based on a tweet from the company, this version of the website should be available by October 3rd.
We will transparently post all updates and information on https://t.co/F28e7UXjQi from now on.
Our top priority now is to get the permission from the SEC to process customer withdrawal requests on an alternative domain. @SEC_News
— 1Broker (@1Brokerio) September 28, 2018
We are currently engaging U. S. counsel who can represent us in the SEC/CFTC case. We expect that this takes a few days.
We received the green light from our lawyers to set up a read-only version 1Broker to view balances and transaction history. ETA: 48 hours
— 1Broker (@1Brokerio) October 1, 2018
Most consumers are concerned about the safety of their accounts at this time, and 1Broker released a statement to comfort them. They said,
“Currently, our top priority is to allow customer withdrawals. The company holds enough funds to cover all withdrawal requests, of course. Before we can take the required steps to do that, we have to seek permission from the authorities.”
The actual domain that was formerly used by 1Broker, 1broker.com, was seized by the FBI when the company was originally charged with their violations. This resulted in an automatic suspension of any further transactions. Since the website cannot be run by 1Broker at the moment, their parent company created a post on the 1Pool website, saying that “the trading panel is not accessible anymore.”
As the company works through these charges, CEO Patrick Brunner asks users to be patient for now. He added,
“Unfortunately, such matters take some time – from our point of view, we are ready to process withdrawals right now.”