I don't know the whole back story here -- Bitcoin is a legal *commodity* or personal property in the USA.
Margin trading needs to be on a approved, registered and regulated basis.
Quote:
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Washington, DC ? The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Hong Kong-based bitcoin exchange, BFXNA Inc. d/b/a Bitfinex (Bitfinex), for offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and for failing to register as a Futures Commission Merchant (FCM) as required by the Commodity Exchange Act (CEA). The Order requires Bitfinex to pay a $75,000 civil monetary penalty and to cease and desist from future such violations of the CEA.
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CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant