CFTC accuses Bitcoin trading platform of facilitating illegal money laundering

Bitcoin prices fluctuated in the Asian session on Friday (September 25), and the upward trend after yesterday's upward trend was maintained.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) rose from 229 to above 235 yesterday, and fluctuated around 234 in the Asian session of this trading day.

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) continued to rise from the 205 level to above 210 yesterday, and traded at the 209 level at the high point of the Asian session this trading day.

The quotes released by Huobi.com show that Bitcoin/CNY continued to soar from a low of 1490.50 to around 1524.40 yesterday. It fluctuated at a high level in the Asian session this trading day and still remained above the 1510 level.

In the industry, foreign media reported that the U.S. Commodity Futures Trading Commission (CFTC) imposed penalties on a Bitcoin swap trading platform called TerraExchange on Thursday.

The CFTC accused the platform of facilitating illegal money laundering and misleading regulators through press releases and government-sponsored public meetings.

TerraExchange designed a bitcoin swap product sale process where the price was based on the value of bitcoin in October of last year. Only two buyers were allowed to trade the product, both of whom purchased the same size and quantity of swaps.

The CFTC believes that this is equivalent to offsetting each other's positions through illegal money laundering transactions. TerraExchange later participated in the CFTC Advisory Committee meeting and claimed that the transaction was due to normal buying and selling interests in the market and was not pre-arranged.