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CFTC
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
My Forex Funds Case Misconduct: Embarrassment for CFTC, but Not Yet a Win for Prop Trading
- Last week, CFTC Commissioner Caroline Pham unexpectedly amplified MFF's allegations against the regulator.
- Although the enthusiasm for protecting customers from fraud is justified, mishandled cases can result in prolonged litigation for prop companies.
Friday, 12/07/2024 | 09:11 GMT by
Eden Lang
CFTC Commissioner Drama and My Forex Funds Case: "Government Lawyers Can't Afford to Slip"
- The CFTC Commissioner Caroline D. Pham publicly criticised the agency’s enforcement division for falsifying documents in court in My Forex Funds’ case.
- Although misrepresentations of facts often happen, it is unusual for the defendants to proceed with a sanctions motion.
Wednesday, 10/07/2024 | 13:40 GMT by
Zvi Gabbay
SEC to Pay Debt Box $1.75M: Will the CFTC Also Be Sanctioned in My Forex Funds Case?
- The SEC was sanctioned by the court in its case against Debt Box.
- Prop trading firm My Forex Funds also seeks a sanctions order against the CFTC, and is citing the Debt Box case to strengthen their arguments.
Wednesday, 29/05/2024 | 07:56 GMT by
Arnab Shome
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