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US exchange rows back on commitment to help regulate bitcoin trading platform

24 April 2014  |  4743 views  |  0 bitcoins

The National Stock Exchange (NSX) has moved to play down its relationship with Atlas ATS, insisting that it has not agreed to regulate the bitcoin trading platform.

Yesterday, New York-based Atlas said that it has signed a Memorandum of Understanding with CBOE-owned NSX, that will see the exchange "develop and enforce rules to regulate" the bitcoin platform.

Atlas hopes that because the NSX is recognised as a self-regulatory organisation by the SEC, the deal could act as a shortcut for its own regulatory requirements, negating the need to obtain money transmitting licences from 50 different US states.

David Harris, CEO, NSX, said: "We are very excited about working with Atlas ATS and all other market participants in the digital currency space to create a framework for safe, transparent and auditable rules applied to a unique market place."

However, the SEC has not commented on how it would view the move and the NSX has now sought to row back on its commitment to the plan.

In a "clarification statement", the exchange insists that the MoU is non-binding and that it merely may discuss exploring the terms under which it would consider what systems, technology and expertise it could offer to help in Atlas's regulations.

"NSX has not agreed to regulate the Atlas bitcoin market nor to commit any of its regulatory or other resources, as a self-regulatory organisation or otherwise, to do so."

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