CFTC takes legal action against Digitex futures exchange and CEO
Many in the space have criticized regulators including the CFTC and SEC for taking a “regulation by enforcement” approach to crypto in the United States. The United States Commodity Futures Trading Commission, or CFTC, filed a complaint against Digitex LLC and its founder and CEO Adam Todd for failing to register the cryptocurrency futures exchange and manipulating the price of its DGTX token.According to a Sept. 30 court filing in the Southern District of Florida, Todd allegedly pumped up the price of DGTX tokens in an effort to inflate Digitex’s holdings. The U.S. regulator claimed the....
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Digitex LTD, a zero-fee cryptocurrency futures exchange has recently announced the much-awaited launch of its zero-fee spot markets. The exchange is well known for being a high-frequency, futures platform also known as the scalper’s paradise, allowing users to pursue trading strategies that otherwise would not be possible on fee-charging exchanges. The Digitex exchange, with its […]
The Commodity Futures Trading Commission (CFTC) has fined cryptocurrency exchange Coinbase $6.5 million “for reckless false, misleading, or inaccurate reporting as well as wash trading.” This enforcement action came as Coinbase is getting ready for its initial public offering (IPO) on Nasdaq. CFTC Takes Action Against Coinbase The CFTC announced Friday that it has issued an order settling charges against cryptocurrency exchange operator Coinbase Inc. “for reckless false, misleading, or inaccurate reporting as well as wash trading.” The regulator wrote: The order....
The Commodity Futures Trading Commission (CFTC) says 20% of its enforcement actions were aimed at the digital assets market in the 2022 fiscal year. The U.S. commodities regulator certainly doesn’t want to look like it's going easy on crypto, revealing it was behind 18 separate enforcement actions targeting digital assets in the 2022 fiscal year. In an Oct. 20 report from the Commodity Futures Trading Commission (CFTC), a total of 82 enforcement actions were filed in 2022’s fiscal year, imposing $2.5 billion in “restitution, disgorgement and civil monetary penalties either through....
Jared Marx is an attorney at the Washington, DC law firm of Harris, Wiltshire & Grannis. He advises companies about bitcoin-related regulatory law, and represents companies and individuals in civil and criminal proceedings. Mark Wetjen, a commissioner at the US Commodities Futures Trading Commission (CFTC), has made it known loud and clear recently that bitcoin fits the legal definition of a commodity and that the CFTC has authority to regulate the digital currency. So what would the CFTC's regulation of bitcoin actually look like? For the average bitcoin user and business, probably not....
The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.
CFTC Takes Action Against MTI
The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:
This action is CFTC’s largest fraud scheme case involving bitcoin.
The derivatives watchdog has filed a civil....