NY Court sets trial date for alleged binary options, virtual currency scammer Blake Kantor

Maria Nikolova

Jury selection and trial date are set for May 30, 2019.

There is a brief update on the criminal proceedings against Blake Kantor, accused of perpetrating a binary options and virtual currency scam.

The New York Eastern District Court has determined the date for the trial of Kantor. Jury selection and trial date are set for May 30, 2019. In the event the defendant pleads guilty, the trial date will be converted into a sentencing date.

The defendant is accused of having solicited potential customers through emails, phone calls, and a website to purchase illegal off-exchange binary options via companies such as Blue Bit Banc. The defendants sought to cover up their misappropriation by inviting customers to transfer their binary options account balances into a virtual currency known as ATM Coin. The scam allegedly started in April 2014.

Let’s recall that there is also a civil action against Kantor which has been brought by the Commodity Futures Trading Commission (CFTC). In May this year, the civil action was put on hold pending developments in the criminal case. The civil action was administratively closed with leave to reopen within 45 days after Blake Kantor enters a plea or there is a verdict at the trial of his related criminal case.

The CFTC, however, shall be permitted to continue to receive and review documents obtained from third party subpoenas already issued. The regulator will also be permitted to file a Motion seeking the Court’s assistance through a Request for International Judicial Assistance to obtain records from the Bank of Nevis in Turks and Caicos for the Blue Bit Analytics, Ltd. account. The CFTC is also permitted to issue a survey to Blue Bit Banc investors to verify their investments with the defendants.

The asset freeze imposed on the defendants shall stay in place pending a final resolution of this civil case. Also, during the stay, the Permanent Injunction Order remains in full force.

Under the Permanent Injunction, the defendants are ordered to take down all internet websites used by them to advertise, market, promote or offer for sale any transactions involving “commodity interests” and related services and to withdraw the registration for all domain names for such websites, including, but not limited to, any websites promoting binary options or virtual currency investments and the website identified as: www.bluebitbanc.com.

  • Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    <