Crypto fraud defendant asks for more time to respond to CFTC's complaints

13 Oct, 2018
by Fifi Arisandi
Crypto fraud defendant asks for more time to respond to CFTC's complaints

My Big Coin requests for a seven month extension to respond to the US Commodity Futures Trading Commission (CFTC) accusations. 

My Big Coin, a platform the US Commodity Futures Trading Commission (CFTC) accused of fraud submitted a motion for a time extension to respond to the accusations.

The platform, which claimed their coin to be backed by gold and support the stabilization of 22 countries in the world, including Venezuela, is accused by the CFTC for deceiving investors since 2014, with an estimated amount of $6 million. 

They have ever since insisted that CFTC has no jurisdiction over their business, until a Massachusetts District Court judge allowed CFTC to proceed with their case. With the decision, MBC decided to request for a 7-month time extension to answer the accusations, with the exact proposed date is June 3rd, 2019. 

According to Live Bitcoin News, among the reasons for the request was MBC's owner, Randall Crater's health issues that have prevented him to attend the legal counsel. As of press time, there's no decision yet on whether or not the motion will be granted. 

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