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CFTC
This Crypto Trading Scheme Results in Prison Terms, Million-Dollar Fines
- Five individuals were fined over $5M for running a digital asset fraud scheme targeting 190 victims.
- The Icomtech creators falsely promised high returns on Bitcoin trading but misappropriated customer funds.
Thursday, 12/12/2024 | 08:16 GMT by
Damian Chmiel
Holy Crypto! Pastor Accused of Fleecing Flock in $5.9 Million-Dollar Scheme
- A Washington state reverend allegedly defrauded his Spanish-speaking congregation, promising impossible returns.
- The CFTC has filed charges seeking restitution while alleging he operated a Ponzi scheme with no actual trading platform.
Wednesday, 11/12/2024 | 08:18 GMT by
Damian Chmiel
My Forex Funds Case: “Careless and Sloppy” CFTC Lead Attorney Admits Shortcomings
- Recent court filings revealed that Ashley Burden admitted being “careless and sloppy” while investigating My Forex Funds and its CEO.
- However, the CFTC emphasised that their actions did not need to be flawless and that the staff's mistakes were "limited and inadvertent."
Monday, 09/12/2024 | 10:33 GMT by
Arnab Shome
US Commodity Regulator Nets Record $17B in 2024 Enforcement Actions
- Digital asset space was the most affected, with some of the largest enforcement actions in the CFTC's history.
- They include the $12.7 billion settlement with FTX and Alameda Research.
Wednesday, 04/12/2024 | 18:53 GMT by
Jared Kirui
CFTC Might Get Full Oversight over the US Crypto Market Under President Trump
- The anticipated change might make the CFTC responsible for overseeing the crypto spot markets and exchanges.
- Currently, the regulator oversees Bitcoin and Ether options and futures.
Wednesday, 27/11/2024 | 07:12 GMT by
Arnab Shome
Weak Dollar Pushes US Forex Deposits to Lowest Levels in 2024
- Retail Forex obligations fell to $526.8 million, marking the third consecutive monthly decrease.
- Only Charles Schwab and Gain Capital managed to grow their deposits, while Interactive Brokers saw substantial declines.
Thursday, 14/11/2024 | 10:22 GMT by
Damian Chmiel
Forex Firms Hit With CFTC Fraud Charges Over $7.6M Pool
- US regulator alleges FX trading companies and founder conducted fraud scheme targeting 40 investors.
- Defendants reportedly operated unregistered commodity pools and misappropriated investor funds in a Ponzi-style scheme.
Tuesday, 29/10/2024 | 07:01 GMT by
Damian Chmiel
NinjaTrader Fined $900K+ by CFTC for Mishandling Fraudulent Accounts
- As part of the settlement, NTC will pay a $750,000 civil penalty and $233,425 in restitution to fraud victims.
- The regulator claims that due to NinjaTrader's inadequate policies, open positions in the fraudulent accounts lost over $200,000 in value.
Monday, 23/09/2024 | 20:32 GMT by
Jared Kirui
CFTC Forms Alliances to Address Crypto "Pig Butchering" Scams
- The regulator is collaborating with the SEC, the FINRA, and the North American Securities Administrators Association.
- CFTC is also partnering with private regulators to highlight the stages and warning signs of the "pig butchering" scams.
Wednesday, 11/09/2024 | 16:20 GMT by
Jared Kirui
Existing Rules Don't “Describe Leveraged Tokens”: CFTC's Pham after Uniswap Settlement
- The CFTC charged Uniswap with offering “illegal” leveraged tokens.
- Two CFTC Commissioners, Caroline Pham and Summer Mersinger, expressed their dissent against the regulatory order.
Thursday, 05/09/2024 | 05:17 GMT by
Arnab Shome
CFTC Fines Nasdaq Futures $22 Million over Breach of Incentive Program Rules
- Nasdaq Futures failed to disclose a critical volume-based component of its incentive program, which influenced payments to select participants.
- This allegedly violated the Commodity Exchange Act and CFTC regulations.
Thursday, 29/08/2024 | 16:29 GMT by
Jared Kirui
My Forex Funds Case Gets Senator’s Interest: CFTC Chair Must Clarify “Process, Procedure”
- The US Senator from Iowa, Charles Grassley, has sent questionnaires to the CFTC Chair to clarify the misconduct and the steps taken to rectify such issues.
- The Senator's letter came ahead of the court's evidentiary hearing on sanctions order against the CFTC.
Tuesday, 27/08/2024 | 05:10 GMT by
Arnab Shome
CFTC's Pham Hits Again: “Decades-Old Regulations' Interpretations Lack Rational Basis”
- Over a month after CFTC Commissioner Caroline Pham strongly criticized the regulator for its handling of misconduct allegations in the My Forex Funds case, she has once again attacked its regulatory practices.
- Pham, appointed by President Biden, criticised the unclear roles and responsibilities of different CFTC divisions.
Tuesday, 20/08/2024 | 13:40 GMT by
Arnab Shome
Regulators’ Future Directions for AI: Potential Conflicts of Interest
- FINRA warns of AI as an emerging risk, stressing the need for thorough review of AI-generated content.
- SEC targets ‘AI-washing,’ addressing firms that exaggerate AI use to mislead investors.
Monday, 12/08/2024 | 10:58 GMT by
Harriet Christie
FTX Ordered to Pay $12.7 Billion in CFTC's Biggest Crypto Ruling
- The court's decision requires the bankrupt exchange to pay $12.7 billion, which includes $8.7 billion in compensation to customers.
- The CFTC's case against FTX is ongoing, with further litigation aimed at securing additional penalties.
Thursday, 08/08/2024 | 17:50 GMT by
Jared Kirui
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