Bitcoin is a commodity, just like oil and corn, the U.S. Commodity Futures Trading Commission (CFTC) announced.

On Thursday, CFTC filed and settled charges against San Francisco-based bitcoin exchange Coinflip Inc, which it said facilitated commodity options-related transactions without complying with the Commodity Exchange Act (CEA) and the CFTC regulations.

“In this order, the CFTC for the first time finds that bitcoin and other virtual currencies are properly defined as commodities,” the commission said in a statement posted on its website.

According to the agency, Coinflip operated online platform Derivabit, offering to connect buyers and sellers of bitcoin option contracts. But because bitcoin options are deemed as “commodities,” CFTC said the company should have been properly registered and will be subjected to laws governing swaps.