1broker Bitcoin (often abbreviated BTC was the early example of what we call cryptocurrencies today, a ontogeny asset class that shares some characteristics with traditional currencies eliminate they are purely whole number, and beginning and control verification is based on 24crypto.de the term “bitcoin” has cardinal possible interpretations. 1Broker was active between November 9th, and September 27th, The trading platform allowed users to trade on various financial markets (popular stocks like AAPL or MSFT, commodities like Gold, Forex markets,) with Bitcoin as the settlement currency. Considering how 1Broker is well-known for BTC/USD trading, the company needs to be on their toes at all times. Over the past few months, their customer base has grown spectacularly. Unfortunately, that growth comes with a lot of issues as well. Things have become so dire the company decided to halt BTC/USD trading as of yesterday.
1broker btc1Broker Shuts Down BTC/USD Trading
While our users encouraged us to continue offering our services, shutting down 1Broker was unavoidable. We always operated 1Broker in good faith and were not accustomed to legal issues of any kind - especially not lawsuits from US government agencies. We simply did not have the resources to handle the legal procedures and continue to operate our services at the same time.
Customers were able to withdraw their funds on the new domain 1broker. We received the green light from our lawyers to set up a read-only version 1Broker to view balances and transaction history. ETA: 48 hours. After a weekend of what could be assumed of hard work, 1Broker updated its users on Monday morning, outlining how the case has developed and what moves are being made to restore its services.
Reports have also been flying around on crypto Twitter that the firm was to directly converse with SEC officials and an attorney, but no details regarding this apparent event have been released at the time of writing. But, as seen throughout multiple crypto circles, there are still some that want to see 1Broker succeed, as the verdict of this case may set a precedent for how regulators should address crypto-focused platforms moving forward.
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Over the past few months, their customer base has grown spectacularly. Unfortunately, that growth comes with a lot of issues as well. Do not be alarmed, as the company is not going away by any means. Instead, the overarching company running 1Broker will launch a new dedicated trading platform. By making this move, the parent company wants to improve trading execution.
Unfortunately, it appears they have chosen one of the worst names possible. This new platform will be called 1Gox. With trading halted for now, it is evident speculators will need to find alternatives. We do know it will occur at some point in Q3 of , though. An increased spread, high finance charges and fund allocations are all driving reasons for this sudden change.
Moreover, the costs outweigh profits generated by 1Broker at this point. Shutting everything down to relaunch as a dedicated platform is the only viable decision. Moreover, the name of 1Gox will cause a fair bit of friction among Bitcoin users.
Then again, now is a good time to turn a negative into a positive. We can only hope 1Gox has no plans to scam user out of their bitcoins, like Mt.