Bitcoin Weekly Wrap - Virtual Currency Industry Supports Authorization of Regulated Venue
Saturday,14/02/2015|17:19GMTby
Adil Siddiqui
Digital currencies welcomed a new bill drafted by Republican Marc Roberts to promote trade and commerce by accepting Bitcoins, read this and other key stories affecting the Bitoin sector in weekly Bitcoin Picks.
The world of Bitcoins and digital currencies went through a busy week with both positive and negative news impacting the sector. Among the many stories covered on DC Magnates was news of politicians supporting the use of virtual currencies in the state of Utah, coupled with support from industry participants for the launch of the first authorized trading venue under the CFTC, pending approval.
Accept Bitcoins in Utah, Draft Bill Proposed by Republican Marc Roberts
A bill drafted by Rep. Marc K. Roberts proposes that Utah accept bitcoin Payments for state services. Its first reading in the state legislature took place on Tuesday.
The bill notes how Utah was “founded upon the principles of industry and entrepreneurialism” and that “technological industries, including industries in emerging technologies, play an increasingly important role in Utah’s economy and culture.” Therefore, the state should accept bitcoin, which is “based on the principles of free-market capitalism and is not centrally regulated.”
Practically, the bill says merchants save on transaction fees with bitcoin relative to other payment mechanisms. It also points to the fact that several companies already accept bitcoin for payment, including Utah-based Overstock.com.
Participants in the virtual currency space were supporting LedgerX’s application with the CFTC as it seeks authorization. A number of key players provided comments on the application.The comment period offered by the US Commodity Futures Trading Commission (CFTC) on LedgerX’s application for registration as a Derivatives Clearing Organization and Swap Execution Facility has been extended until February 20.
LedgerX wants to become the first approved facility where physically settled options on bitcoin can be listed and cleared. Last October, the start-up received funding from Lightspeed Venture Partners, Google Ventures and others.
Among notable commenters were BitPay and Circle. Both businesses engage in the exchange of bitcoin for fiat on behalf of their clients, requiring them to maintain a sufficient reserve of bitcoin. Thus, derivative products will help hedge exposure to price volatility and the approval of a registered facility will instill confidence in its users.
Online Gambles to Benefit from Bitcoin USafe at VGambling
VGambling, an internet gambling company, has partnered with GoCoin to enable Bitcoin, Litecoin and Dogecoin payments.
VGambling, which is publicly traded on the OTC markets, says it “intends to combine “video games” and “Internet gambling” to create and lead a global “online video gambling” (i.e. vgambling) industry. The objectives are to “enhance the player’s entertainment experience” while generating more revenue opportunities for game developers, affiliate marketers and players.
Virtual Currency Ponzi Scheme MyCoin Could Leave Investors in the Lurch
Investors in the MyCoin Ponzi scheme are unlikely to get much of their money back, based on the latest developments in the case.
The company disappeared with possibly as much as HK$3 billion ($390 million) of investor funds. Whatever remained of them has reportedly been transferred by one of the company’s directors to an account in the British Virgin Islands.
Unlike in the Bernie Madoff case, authorities in a Ponzi scheme involving bitcoins may return empty-handed. The laws of the Blockchain do not grant any more power to police than to criminals.
At least 30 investors filed reports with police, with more likely on the way. The company had previously claimed 3,000 clientele, a figure that has yet to be verified.
The world of Bitcoins and digital currencies went through a busy week with both positive and negative news impacting the sector. Among the many stories covered on DC Magnates was news of politicians supporting the use of virtual currencies in the state of Utah, coupled with support from industry participants for the launch of the first authorized trading venue under the CFTC, pending approval.
Accept Bitcoins in Utah, Draft Bill Proposed by Republican Marc Roberts
A bill drafted by Rep. Marc K. Roberts proposes that Utah accept bitcoin Payments for state services. Its first reading in the state legislature took place on Tuesday.
The bill notes how Utah was “founded upon the principles of industry and entrepreneurialism” and that “technological industries, including industries in emerging technologies, play an increasingly important role in Utah’s economy and culture.” Therefore, the state should accept bitcoin, which is “based on the principles of free-market capitalism and is not centrally regulated.”
Practically, the bill says merchants save on transaction fees with bitcoin relative to other payment mechanisms. It also points to the fact that several companies already accept bitcoin for payment, including Utah-based Overstock.com.
Participants in the virtual currency space were supporting LedgerX’s application with the CFTC as it seeks authorization. A number of key players provided comments on the application.The comment period offered by the US Commodity Futures Trading Commission (CFTC) on LedgerX’s application for registration as a Derivatives Clearing Organization and Swap Execution Facility has been extended until February 20.
LedgerX wants to become the first approved facility where physically settled options on bitcoin can be listed and cleared. Last October, the start-up received funding from Lightspeed Venture Partners, Google Ventures and others.
Among notable commenters were BitPay and Circle. Both businesses engage in the exchange of bitcoin for fiat on behalf of their clients, requiring them to maintain a sufficient reserve of bitcoin. Thus, derivative products will help hedge exposure to price volatility and the approval of a registered facility will instill confidence in its users.
Online Gambles to Benefit from Bitcoin USafe at VGambling
VGambling, an internet gambling company, has partnered with GoCoin to enable Bitcoin, Litecoin and Dogecoin payments.
VGambling, which is publicly traded on the OTC markets, says it “intends to combine “video games” and “Internet gambling” to create and lead a global “online video gambling” (i.e. vgambling) industry. The objectives are to “enhance the player’s entertainment experience” while generating more revenue opportunities for game developers, affiliate marketers and players.
Virtual Currency Ponzi Scheme MyCoin Could Leave Investors in the Lurch
Investors in the MyCoin Ponzi scheme are unlikely to get much of their money back, based on the latest developments in the case.
The company disappeared with possibly as much as HK$3 billion ($390 million) of investor funds. Whatever remained of them has reportedly been transferred by one of the company’s directors to an account in the British Virgin Islands.
Unlike in the Bernie Madoff case, authorities in a Ponzi scheme involving bitcoins may return empty-handed. The laws of the Blockchain do not grant any more power to police than to criminals.
At least 30 investors filed reports with police, with more likely on the way. The company had previously claimed 3,000 clientele, a figure that has yet to be verified.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
