“Bitfinex was previously fined $75,000 by the CFTC for failing to register as an appropriate entity for the services it offered as well as:  ‘[F]or offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies.’  These ‘off-exchange’ transactions could be alluding to the storage of funds offline — commonly known as cold storage — one of the best ways to keep your funds out of hackers’ reach. If this is indeed the case then the incident could undermine calls for more regulation as cryptocurrency exchanges face a dilemma between security and compliance.”

https://news.bitcoin.com/bitfinex-us-regulation-cold-storage/

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