1Broker Bitcoin Futures Firm’s Website To Begin Processing Withdrawals Tomorrow
The Bitcoin futures company 1Broker has recently announced via Twitter that it would start to process the withdrawals from the clients starting on October 11, Thursday, at 12 pm UTC.
However, the company did not announce any kind of reactivation of its trading platform so far.
We will start processing withdrawals tomorrow at 12:00 (UTC). Thanks for your patience in the past days!
— 1Broker (@1Brokerio) October 10, 2018
1Broker Was Chased Down By The SEC, CFTC and FBI In September
If you are a client of 1Broker, this is probably refreshing news as the company has been on a legal battle with regulating agencies from the United States ever since September for charges of violating the U. S. Securities Law of 1934.
After the accusations, the U. S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Bureau of Investigation (FBI) have filed charges against the company and its CEO, Patrick Brunner, as well as 1Pool, the parent company of 1Broker.
The allegations were that the company would be offering US investors access to security-based swap products without following the required legal procedures. The accusations were that the company was unregistered to offer securities and that it violated many money laundering laws.
After the FBI seized the size of the company, the platform was able to reopen its platform only in October, when it announced that it was seeking U. S. counsel to fight the charges.
At the moment, the regulators and the FBI are seeking to penalize the company and its CEO with monetary penalties.
The Chance To Cash Out
Clearly, 1Broker is not in a good situation at the moment. As the company outrightly broke the Securities Law, it will hardly win the case, so investors should be happy that they can cash out now. If you invested in 1Broker, that’s your chance.
The company had already affirmed that it would need permission from the U. S. authorities to refund clients, so it looks like they were granted this permission, as the funds were secured to pay the clients back a while ago.