Bitcoin derivatives market BTC suspends trade after Mt. Gox goes dark

NEW YORK Thu Feb 27, 2014 2:39am IST

Kolin Burges (C), a self-styled cryptocurrency trader and former software engineer from London, holds a placard to protest against Mt. Gox, as photographers take photos of him in front of the building where the digital marketplace operator was formerly housed in Tokyo February 26, 2014. REUTERS/Toru Hanai

Kolin Burges (C), a self-styled cryptocurrency trader and former software engineer from London, holds a placard to protest against Mt. Gox, as photographers take photos of him in front of the building where the digital marketplace operator was formerly housed in Tokyo February 26, 2014.

Credit: Reuters/Toru Hanai

Related Topics

Polluted waters of China

Polluted waters of China

Growing cities, overuse of fertilizers, and factory wastewater have degraded China's water supplies to the extent that half the nation's rivers and lakes are severely polluted.  Slideshow 

NEW YORK (Reuters) - The bitcoin derivatives market BTC.sx has suspended trading after its key bitcoin exchange partner, Tokyo-based Mt. Gox, went dark this week following weeks of turmoil, the company's chief operating officer George Samman said.

Prior to the suspension, BTC offered derivatives on Mt. Gox prices.

"We are in the process of integrating other exchanges at the moment and will be back up and running as soon as possible," Samman, based in Sydney, Australia, told Reuters late Tuesday.

Samman said he hoped to resume trading bitcoin derivatives, a sector that has shown tremendous promise, by the end of next week. He said customer deposits on BTC were safe and clients could withdraw at any time.

If Mt. Gox's troubles do any damage, it would be short-lived, he said. BTC has some exposure in Mt. Gox because the company trades on the site.

"But we are well able to take a hit if that is in case the fact."

"Mt. Gox ceased being an efficient exchange a while ago and has lacked trust from the community. The best-case scenario is that MT Gox reopens under new management and of course is able to return all BTC and fiat to its rightful owners," he said.

"While we, like most other people, aren't sure of the details, we hope for the sake of the bitcoin community Mt. Gox sorts its problems out."

BTC, which started operating in May 2013, has monthly volume of about $5 million in a business that has seen interest in United States, Europe, Australia, and Russia.

The U.S., Samman said, is BTC's biggest customer base.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernadette Baum)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Tech Buzz

TECH SHOWCASE

E-Commerce in India

E-Commerce in India

Amazon says to invest $2 billion more in India.  Full Article 

'Gifts' Junked

'Gifts' Junked

Facebook to shut down Gifts service in latest e-commerce shift.  Full Article 

'Selfie' Phone

'Selfie' Phone

Microsoft gives employees sneak peek at new 'selfie' phone.  Full Article 

E-book Pricing

E-book Pricing

Amazon says lower ebook prices benefit authors, publishers.  Full Article 

MacBook Prices

MacBook Prices

Apple updates MacBook Pro laptops, cuts price of older model.  Full Article 

Spring Shoes

Spring Shoes

A new boot design to put a spring in your step.  Video 

BlackBerry Deal

BlackBerry Deal

BlackBerry buffs up security credentials with Secusmart deal.  Full Article 

Useful App

Useful App

Always misplacing keys, wallet? Lost and found apps may help.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage