Re:Coinbase Pro Disables Margin Trading
by gamblor956 on Tuesday November 24, 2020 @09:52PM
(#25205521)
The "new" guidance was issued over 6 months ago...
Whatever their reasons, it's clear that it wasn't the CFTC's guidance that made them suddenly pull the plug.
Re:Coinbase Pro Disables Margin Trading
by justinclift on Wednesday November 25, 2020 @01:17AM
(#25206448)
Maybe, maybe not.
I could kind of see them having conversations with a regulatory authority for a few months, trying to see if there's a way to keep having the product.
Then, when it's clearly "Nope, not going to happen", they shut it down. That could take ~6 months with extended negotiations.
> In response to new guidance from the Commodity Futures Trading Commission
Coinbase has always been trying to follow all the laws and show how "legal" crypto can be. If the CFTC says they don't like it then Coinbase is going to shut it down... maybe they'll try to fight it behind the scenes - but they want to stay online and making money.
If they were going to lie, there are a lot better ways to go about it than blaming a government regulatory agency which probably will be fairly open to saying "Yes, we did ask them to close their margin trades because XYZ"