LedgerX exchange launches physically settled Bitcoin mini futures
LedgerX did not launch deliverable bitcoin futures contracts due to US Commodity Futures Trading Commission (CFTC) delaying the decision on their issuance application.
On Wednesday, Paul Chow, the company’s CEO said on the release of the long-awaited product, but today admitted that the launch was canceled at the request of the regulator.
The fact is that LedgerX applied to trade Bitcoin swaps and futures back on November 8th. According to the regulations, the CFTC had 180 days to approve or reject them. However, since the deadline has already expired, and the agency did not send any comments or requests for clarification, the company considered that the application was automatically approved..
However, after the launch announcement was published, the regulator asked Paul Chow to cancel everything. Explaining this by the fact that the direct approval of the Commission, and not the assumptions of the leaders, is necessary for the launch of a new instrument.
The head of LedgerX said he intends to file a lawsuit against the CFTC for anti-competitive behavior, violation of official duties and rules.
text: Ivan Malichenko, photo: Shutterstock