Bakkt Delayed Over Bitcoin Custody Concerns

Bakkt Delayed Over Bitcoin Custody Concerns

Highly-anticipated cryptocurrency platform Bakkt has run into trouble with the US Commodity Futures Trading Commission (CFTC) over its custody plans for clients’ Bitcoin.

Bakkt promised prospective clients it would request from the CFTC permission to provide the first Bitcoin futures that would be physically deliverable daily, as well as storing clients Bitcoin in a physical warehouse on their behalf.

However, according to sources familiar with the matter, the CFTC has said that Baakt’s custody protocol would need to take further steps in protecting the cryptocurrency in order to be compliant the commission’s rules. It said they would ”require disclosures of the venture’s business plan and a public comment period, which would have further delayed approval.”

The CFTC has suggested Bakkt register as a trust company to circumnavigate these issues, although it was claimed this could be a time-consuming process and the firm wishes to minimize any further delays. Initially scheduled for a November 2019 launch, several issues with the CFTF have pushed the debut back.

A spokesperson for Bakkt told the Wall Street Journal: ”We are working through the regulatory review process and are looking forward to updating the market soon.”


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Want Bitcoin-only Updates?

Weekly news roundups direct to your inbox!

Subscribe for Bitcoin-only Updates

Get weekly news roundups direct to your inbox!


Get Published Now

To promote Hyper-Bitcoinization, we’re inviting all Bitcoiners to share their stories, analysis and opinions with us and get rewarded with Bitcoin!


Stay Informed And Up to Date!

Subscribe To Our Weekly Newsletter

Stay Informed with Breaking News

Get breaking Bitcoin-Only content delivered straight to your inbox every week!

Bitcoin-Only Content Sent Directly to your Inbox!