Gemini Closes Accounts of Certain OTC Desks
2019年2月7日 - 2:18AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 06, 2019 -- ADVFN Crypto NewsWire -- When you think
about Stablecoins, do any issues come to your mind? What is the
biggest risk in investing in them? Until today, many people might
have found it quite difficult to answer these questions at all.
Stablecoins are, of course, supposed to be the least volatile
cryptocurrencies by definition.
With the news that Gemini recently
closed the accounts of two over-the-counter trading desks that it
had been doing business with, however, this fact might be about to
change. According to CoinDesk, upon receiving the news that one of
these groups wanted to trade-in several million Gemini Dollars for
true US Dollars, Gemini, which is a highly regulated crypto
exchange, shut down the group’s account.
This sort of action not only brings
into question what sort of legal recourse the business would have
in this situation, but also what sort of responsibility the
exchange should have in terms of publicly disclosing the reason for
closing the account. In this particular case, debating these ideas
arguably becomes even more important because Gemini repeatedly
declined to elaborate on the subject.
The crypto market may be largely
unregulated for quite some time while governments decide whether to
place cryptocurrencies under an existing regulatory framework. Even
so, unless some action is taken by some group, we will continue to
see certain crypto businesses take advantage of consumers because
they know they can.
Despite the fact that
over-the-counter trading desks are hardly average consumers, they
still represent high net-worth account holders at major exchanges.
With this in mind, consider what will stop exchanges like Gemini
from treating average customers the same or even worse in the
future.
In the end, there is no way for the
public to know if these two firms went against Gemini’s terms of
service in any fashion that might warrant such a decision being
made. Until such a time in which more information is released, it
is important to keep the general idea in mind that even the most
regulated crypto exchanges are not entirely safe.
By: BGN Editorial Staff
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