Cryptocurrency exchange Kraken will pay $1.25 million to settle Commodity Futures Trading Commission (CFTC) charges that it allowed customers to illegally trade margin products related to bitcoin or other cryptocurrencies, TheStreet reported.
The CFTC said the company had also not registered as a futures commission merchant, according to the report.
From June 2020 to July 2021, “Kraken offered margined retail commodity transactions in digital assets to U.S. customers who were not eligible contract participants,” the CFTC said, per the report.
In other news, an ex-lead developer for the bitcoin network said he thinks the future for bitcoin could involve a $6 million per coin price in 2061, Cointelegraph reported.
Gavin Andresen, a software developer, writing in a blog post called “A Possible BTC Future” in which he foretells the end of bitcoin, said that $1 million today would be worth $6 million in the future with inflation, according to the report.
Andresen said his prediction is slightly “science fiction,” but that it could happen. In that scenario, the transaction fees would cost around $7,500, but many transactions wouldn’t be on the network, instead taking place on a mirrored chain that would help save fees and boost speed, the report stated.
Meanwhile, Global crypto earning and borrowing platform Celsius has announced that borrowers in some locations will be able to request stablecoin loans against their digital assets, according to a press release. The loans will start at $100.
The Celsius platform includes over 30 cryptocurrencies to take the loans. Celsius also gives loans in U.S. dollars for borrowers interested in loans for $15,000 or more, the release stated.
Celsius has been attempting to allow more people to access fair, transparent and low-cost financial services, allowing instant loans with no proof of income or a credit check, according to the release.
“We know this announcement will enable thousands of new and existing Celsians to take advantage of better financial opportunities without giving up their crypto,” said Celsius Vice President of Lending Aliza Landes in the release. “If you have $200 of crypto or more, you can now get a loan from Celsius at 1% APR and pay only $1 in total interest to borrow the funds you need.”
