Tagged: commodity futures trading commission

CFTC Orders Utah Man to Pay $2.5 Million for “Leveraged Bitcoin Fraud”

The Commodity Futures Trading Commission (CFTC) has ordered that Jacob Orvida, a Utah man, pay restitution and a penalty of $2.5 million for allegations of fraud in a leveraged Bitcoin ploy. According to the CFTC, Orvida solicited investors to join a commodity pool to trade… Read More

US Commodity Futures Trading Commission Targets Three DeFi Providers, Coinfund Says Regulation by Enforcement is Catastrophic

The US Commodity Futures Trading Commission (CFTC) announced charges targeting three DeFi, or decentralized finance, operations yesterday. These included Deridex, ZeroX, and Opyn. The CFTC alleges the offering of illegal derivatives trading. The CFTC charged Deridex and Opyn with failing to register as a swap… Read More

Pig Butchering Scam Target of CFTC Enforcement Action

Another Pig Butchering scam is in the news again. “Sha Zhu Pan” or “Pig Butchering” is a romance plot designed to fleece the funds of the unsuspecting. In this case, the Commodity Futures Trading Commission (CFTC) has filed an enforcement action against Cunwen Zhu and… Read More

CFTC Pursues Bogus Entities Claiming to be Registered with the Commission

The Commodity Futures Trading Commission today announced it has filed charges against 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). The bogus platforms claimed to be located in the United Kingdom,… Read More

CFTC Charges Individual with Fraudulent Solicitation in Regard to Digital Asset Trading Fund

The Commodity Futures Trading Commission (CFTC) has filed charges against Rashawn Russell, an individual who allegedly solicited retail investors to invest in a digital asset trading fund. Russell allegedly misappropriated $1 million in investor assets. The civil enforcement action has been filed in the US… Read More

CFTC Pursues Enforcement Action Against Perpetrator Who Allegedly Plundered a Decentralized Digital Asset Exchange

The Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against Avraham Eisenberg, alleging a fraudulent scam to obtain over $110 million in digital assets from a decentralized digital asset exchange. The enforcement action has been filed in the U.S. District Court for the… Read More

SEC Chairman Gary Gensler Sings the Same Song on Crypto Regulation: Everything is a Security (Pretty Much)

SEC Chairman Gary Gensler continues to assert that pretty much all digital assets are securities and should be regulated as such. As part of the SEC Speaks series, Chair Gensler said that of the approximately 10,000 “tokens” he believes they are securities and the few… Read More

Lolli Co-Founder Says New Crypto Legislation May Create Innovation Friendly Federal Oversight

Earlier this week, it was reported that a bipartisan group of US Senators had developed legislation aimed at providing greater regulatory clarity regarding crypto in the US. Senators from the Senate Agriculture Committee joined to craft a bill that gave the Commodity Futures Trading Commission… Read More

US Senators Introduce Bi-Partisan Digital Commodities Consumer Protection Act

Several US Senators, all members of the Senate Committee on Agriculture, have introduced new bi-partisan legislation targeting the digital asset sector. U.S. Senators Debbie Stabenow, Chairwoman of the Senate Committee and John Boozman, Ranking Member, along with Senators Cory Booker and John Thune have introduced the Digital… Read More

CFTC Chair Announces Reorganization of LabCFTC Creating the Office of Technology Innovation

Commodity Futures Trading Commission Chairman Rostin Behnam announced a reorganization of Fintech and customer protection efforts and “changes to key roles as the agency evolves to address changing markets and market demographics.” Chairman Behnam is “bolstering the agency’s Fintech efforts by creating the Office of… Read More

CFTC Wins Consent Order on Firm that Told Clients it Would Trade Crypto For Them, Used the Money for Personal Expenses Instead

The Commodity Futures Trading Commission (CFTC) has announced a consent order against defendants Abner Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC. The order was entered in the Western District of Texas in regards to an enforcement action. The order imposes injunctive relief, including… Read More

DeFi: CFTC Asks for Public Comment on FTX Request for “Non Intermediated Model”

The Commodity Futures Trading Commission (CFTC) says it has received inquiries from derivatives clearing organizations (DCO) or potential DCO applicants seeking to offer clearing of margined products directly to participants, such that participants would not clear through a futures commission merchant intermediary a non-intermediated model… Read More

CFTC, DOJ Charge Individuals in Alleged Bitcoin Ponzi Scam

The Commodity Futures Trading Commission (CFTC) has charged Dwayne Golden of Florida, Jatin Patel of India, Marquis Egerton of North Carolina, and Gregory Aggesen of New York with fraud for operating a Ponzi scam involving Bitcoin. According to the CFTC, the four individuals fraudulently solicited more… Read More

CFTC Files Enforcement Action Against Alleged FOREX, Crypto Fraud

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC. The CFTC alleges ongoing fraud in a FOREX, crypto scam. The  CFTC complaint alleges that from at least September 2020 to the… Read More

Tether Issues Statement on CFTC Settlement

As was reported earlier today, Tether – the leading dollar-based stablecoin (USDT), along with crypto exchange Bitfinex, were the targets of enforcement actions issued by the US Commodity Futures Trading Commission (CFTC). Both platforms are required to pay penalties with Tether paying $41 million and… Read More

CFTC Commissioner Stump Comments on Tether/Bitfinex Enforcement Action: Concerned About Regulatory Confusion on Stablecoins

At the same time the CFTC announced its enforcement actions against Bitfinex and Tether, Commissioner Dawn D. Stump has issued a statement regarding the action by the regulator. Commissioner Stump says she agrees with the action taken by the Commission while expressing her concern regarding… Read More

CFTC Files Charges Against Bevy of Crypto – Binary Option Platforms

The Commodity Futures Trading Commission (CFTC) has filed charges against 14 entities for either failing to register as futures commission merchants (FCMs) or else making false and misleading claims of having CFTC registration and National Futures Association (NFA) membership. The CFTC is pursuing cease and… Read More

Kraken Hit by $1.25 Million Penalty Imposed by CFTC, Commissioner Stump Calls Decision “Uncharted Territory”

Kraken (Payward Ventures, Inc), a digital asset trading platform, has been hit by a $1.25 million penalty imposed by the Commodity Futures Trading Commission (CFTC). According to a statement by the CFTC, Kraken offered illegal off-exchange trading in digital asetss and failed to register as… Read More

CFTC Posts 10 Points as to How They Regulate Digital Assets: Is it a Commodity or a Security?

The Commodity Futures Trading Commission (CFTC) has created an infographic outlining how the agency regulates digital assets. The CFTC seeks to clarify “the fallacy of the question ‘Is it a commodity or a security’.” Posted by CFTC Commissioner Dawn D. Stump, the Commissioner says the… Read More

Bitmex Hit with $100 Milllion Penalty Pertaining to CFTC Action Claiming Illegal Crypto Trading, AML Violations and More

The Commodity Futures Trading Commission (CFTC), has announced a consent order against BitMEX and its affiliated entities. The order stems from a CFTC action filed on October 1, 2020, against BitMEX and its three individual founders, Arthur Hayes, Benjamin Delo, and Samuel Reed. The CFTC’s… Read More

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