US Regulator Delays Approval Of Bakkt Crypto Platform
The Bakkt crypto platform, owned by Intercontinental Exchange, may postpone the launch date once again, Coindesk reports. Regulators are not closing the initiative, although they delay the permit issuance.
The regulated platform was to be launched on January 24, 2019, along with its bitcoin futures market and custodial storage platform. However, the firm is still awaiting approval from the Commodity Futures Trading Commission (CFTC), the US regulator. It is noted that the ministry is not working fast enough to process the necessary documents by this date.
In particular, the Commission should grant the permission to Bakkt to keep bitcoins on behalf of its customers in the platform storage. Usually, CFTC requires that users keep their funds with third parties, namely, in a bank, trust or company trading futures.
As follows from the sources close to the case, the delay may take only a few days, and the platform will be able to start its operation officially on January 30. The Commission has to vote and bring (or not) the launch of the platform for public discussion. After 30 days, the regulators will review the comments received, and then they will vote expressly for the issue.
It should be stressed that the Christmas holidays are near, so the regulators are likely to start the process after them, on December 26, 2018. Bakkt should announce the new launch date next week.
Initially, it was assumed that trading in bitcoin futures and the Bakkt platform launch would start in December 2018, but these processes were postponed to the next year. The delay was explained by the need to “put all things in order”.
Earlier, Nasdaq has invested in an exchange that will launch bitcoin futures.