The Bitcoin trading scene in Delaware is heating up, with a number of new exchanges and platforms popping up. Here's the latest news on what's happening in the state. Explore Bitcoin Up for more information.
The most popular exchange in Delaware right now is Coinbase, which offers a platform for buying, selling, and storing Bitcoin. Coinbase is available to residents of all 50 states, including Delaware.Coinbase has been growing rapidly in recent months, thanks to the surging price of Bitcoin. The company recently announced that it had surpassed 10 million users.
Coinbase isn't the only game in town, though. There are a number of other exchanges that are available to Delaware residents.
One of those is Kraken, which is based in San Francisco. Kraken offers a similar platform to Coinbase, allowing users to buy, sell, and store Bitcoin.
Kraken is available to residents of all 50 states, including Delaware.
Another option for Delaware residents is Gemini, which is based in New York. Gemini offers a different take on the Bitcoin exchange model, allowing users to trade directly with each other.
Gemini is available to residents of all 50 states, including Delaware.
Finally, there's Bitstamp, which is based in Luxembourg. Bitstamp offers a traditional exchange platform, allowing users to buy and sell Bitcoin.
Bitstamp is available to residents of all 50 states, including Delaware.
The Delaware Division of Securities issued an Investor Bulletin on December 20, 2017, entitled “What Bitcoin Traders Need to Know”. The bulletin provides investors with a general overview of Bitcoin and blockchain technology, how virtual currencies are traded, and the potential risks associated with investing in digital assets.
The Delaware Division of Securities cautioned investors that virtual currencies are not regulated by the SEC or any other federal or state regulatory agency and noted that there is currently no oversight of cryptocurrency exchanges. The Bulletin also warned investors that trading in digital assets carries a high degree of risk and could result in the loss of all of their investments.
In addition, the Delaware Division of Securities reminded investors that they should be aware of potential scams involving Bitcoin and other virtual currencies. The Bulletin advised investors to exercise caution when considering an investment in digital assets and to consult with a licensed financial advisor before making any decisions.
The Delaware Department of Banking and Insurance has issued a cease and desist order against an unlicensed bitcoin trading platform.
The platform, Bitstrade, is not registered with the state regulator and is not licensed to engage in money transmission or any other financial services activity in the state.
The regulator has ordered Bitstrade to stop all activities in Delaware immediately and has warned consumers that they may be at risk of losing their money if they use the platform.
This is the latest in a series of crackdowns on unlicensed bitcoin trading platforms by state regulators. Earlier this month, New York's top financial regulator issued similar orders against four platforms.
Bitcoin trading platforms have come under increased scrutiny in recent months, as the price of digital currency has surged to record highs.
State and federal regulators are concerned about the potential for fraud and manipulation in the nascent market and have been cracking down on platforms that operate without proper licenses.
The Delaware order is the latest example of state regulators taking action against unlicensed bitcoin trading platforms.
It is also a reminder that investors should be cautious when using these platforms, and should only do so with licensed and registered companies.
The Delaware Division of Securities has issued a cease and desist order against an unlicensed bitcoin trading platform.
The platform, called Bitstrade, was offering securities without being registered with the state. The division also found that the platform was not properly disclosing its fees and was engaging in misleading marketing practices.
Investors should be cautious of investing in platforms that are not licensed or regulated by the state. Before investing in any platform, investors should research the company and make sure they are comfortable with the risks involved.
If you have been a victim of fraud or investment misconduct, please contact the Delaware Division of Securities at (302) 739-4235.
The Delaware Division of Securities is committed to protecting investors from financial fraud and ensuring that only properly licensed and regulated companies offer securities in the state.