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CoinFlex Tackles Cryptocurrency Price Manipulation with Physically-Settled Bitcoin Futures 

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CoinFlex Tackles Cryptocurrency Price Manipulation with Physically-Settled Bitcoin Futures 

CoinFlex, a Hong Kong-based exchange that offers physically-delivered Bitcoin and Ether futures contracts, says it’s determined to do all it takes to help Asian retail traders to avoid falling victims to cryptocurrency price manipulation that is often associated with cash-settled futures contracts, reports South China Morning Post, August 26, 2019.

CoinFlex Set to Take Over Asia 

Per sources close to the matter, CoinFlex, a crypto futures exchange that went live earlier in February 2019, has revealed plans to ramp-up its business to enable it to cater to the needs of crypto traders in Asia who want to avoid falling victim to bitcoin price manipulation.

Unlike cash-settled Bitcoin futures contracts where the price is usually calculated using a formula based on the spot bitcoin prices of several exchanges, before offering traders the cash equivalent of the bitcoin at the expiration of the contract, in physically-settled Bitcoin futures, the traders get the real coins.

According to Mark Lamb, CEO of CoinFlex, physically-delivered bitcoin futures contracts are highly beneficial to traders, as traders can be certain the spot and futures prices of the coins have not been tampered with since they can track it themselves. 

Lamb said:

“Both professional and retail traders fall victim to price manipulation in the cash-settled futures market. Physically-delivered contracts on the other hand, allows traders long at expiry to receive the underlying bitcoin. There are no formulas involved.”

Crypto Market Manipulation still a Menace 

In recent times, several crypto market participants have taken advantage of the seemingly unregulated nature of the cryptospace to manipulate the markets, an ugly situation that has made it almost impossible for the U.S. Securities and Exchange Commission (SEC) to greenlight cryptocurrency exchange-traded funds (ETFs).

Reportedly, Lamb has also revealed that in the past few months, he has seen  a good number of traders who try to outsmart the market by moving the underlying spot prices that “go into the formula in their favor.”

Despite Hong Kong’s relatively crypto-friendly nature, the city’s Securities and Futures Commission (SFC) has since made it clear that it may not grant exchanges license to offer futures contracts. 

Though Lamb reportedly failed to state whether CoinFlex’s Bitcoin futures contracts will be available to Hong Kong residents, it’s most likely that the exchange will shut its doors to locals just like its major competitor, BitMEX.

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