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US Regulator Suspends Bitcoin And Ethereum ETN Trading

Published: 10/09/2018

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What is it for?

The Securities and Exchange Commission (SEC), the main US crypto regulator, announced on the official website a prohibition against trading transactions with Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF), US dollar-backed ETNs put into circulation by XBT Provider AB.


Based on the announcement, tools acquisition and trading are suspended due to the absence of relevant, sustained, and reliable data, which creates hesitancy among market representatives concerning these products. In particular, the term "exchange-traded funds" (ETF) is used in brokerage applications for their sale and on some trading platforms, while the issuing organization classifies the instruments as "non-equity linked certificates."


The regulatory authority believes it is necessary to suspend trading operations with CXBTF and CETHF securities, which are traded on NASDAQ Stockholm and were listed in OTC Link, for the safety of depositors.


The operations are halted from 17:30 (UTC-4) on September 9 to 23:59 (UTC-4) on September 20 this year. During the prohibition of trade, the securities distributor may engage in activities in the US solely for the purpose of assisting non-broker-dealer clients. The positions held by users on the transaction date will be canceled. All operations must be carried out on the Nasdaq Nordic platform or other trading platform located outside America.


Previously, it was reported that Coinbase, the largest US platform for crypto trading, held consultations with the investment company BlackRock to launch operations with bitcoin ETF.

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