CFTC Archives - Compliancex

Digitex Founder Ordered to Pay $16M to Resolve CFTC Action, Banned From Trading

Jack J. Kelly CFTC, Cryptocurrency July 14, 2023

The founder of crypto exchange Digitex, Adam Todd, has been ordered by a federal court to pay almost $16 million to resolve accusations that he ran an illegal platform and sought to manipulate its native token, DGTX, the U.S. Commodity Futures Trading Commission (CFTC) said in ...Read More

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Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement

Jack J. Kelly CFTC, Cryptocurrency, Fraud, SEC, Securities and Exchange Commission, Settlement July 13, 2023

Former Celsius CEO Alex Mashinsky was arrested Thursday on federal securities fraud charges, a source told CNBC the bankrupt crypto exchange agreed to pay a $4.7 billion settlement with government regulators. The exchange was also charged by the SEC and CFTC with scheming to defraud investors ...Read More

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Fake Billionaire Hedge Fund Manager Ran Ponzi Scam, US Says

Jack J. Kelly CFTC, Fraud, Ponzi Scheme May 12, 2023

A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%. Phillip Galles, 57, was charged in a criminal complaint unsealed Thursday with a ...Read More

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U.S. regulators warn they already have the power to go after A.I. bias — and they’re ready to use it

Jack J. Kelly Artificial Intelligence, CFPB, CFTC, Consumer Financial Protection Bureau, Department of Justice, Discrimination, DOJ, EEOC April 25, 2023

Four federal U.S. agencies issued a warning on Tuesday that they already have the authority to tackle harms caused by artificial intelligence bias and they plan to use it. The warning comes as Congress is grappling with how it should take action to protect ...Read More

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Goldman Pays $15 Million in Case Over Misleading Swap Prices

Jack J. Kelly CFTC, Swaps April 12, 2023

Goldman Sachs Group Inc. agreed to pay $15 million to settle a US regulator’s allegations that it failed to disclose pricing data on some swaps transactions. The Commodity Futures Trading Commission on Monday said a Goldman Sachs unit failed to fully disclose pricing when ...Read More

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Policymakers Didn’t Regulate Crypto ‘Because They Thought It Would Essentially Die’

Jack J. Kelly CFTC, Cryptocurrency, Securities and Exchange Commission April 3, 2023

The latest uptick in regulatory action around the globe may be due to policymakers finally waking up to cryptocurrencies. On a recent panel at the Citi Digital Money Symposium in London, which touched on crypto regulations in the United Kingdom, Europe, and the United ...Read More

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What does the CFTC lawsuit against Binance mean for Coinbase? Analysts weigh in

Jack J. Kelly CFTC, Cryptocurrency, Securities and Exchange Commission April 3, 2023

The Commodity Futures Trading Commission on Monday hit out at the world’s largest cryptocurrency exchange with an explosive lawsuit alleging, among other things, that Binance knew it was facilitating trading for criminals. “Like come on. They are here for crime,” Samuel Lim, Binance’s former ...Read More

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Crypto Crackdown: Here Are All The Major Crypto Firms Facing Charges From Regulators This Year

Jack J. Kelly CFTC, Cryptocurrency, SEC, Securities and Exchange Commission March 30, 2023

The cryptocurrency trading platform Beaxy announced Wednesday it will shut down due to a lawsuit from the Securities and Exchange Commission accusing it of skirting federal law, becoming the latest firm to be ensnared in a wide-ranging crackdown on allegedly illegal crypto activity. TIMELINE ...Read More

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Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges

Jack J. Kelly CFTC, Compliance, Cryptocurrency, Money Laundering March 30, 2023

The Commodity Futures and Trading Commission filed a complaint against crypto exchange Binance, its co-founder, Changpeng Zhao, and its former chief compliance officer, Samuel Lim, alleging that Binance actively solicited U.S. users and subverted the exchanges own “ineffective compliance program,” according to a filing in ...Read More

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What Is a Wells Notice and What Does It Mean?

Jack J. Kelly CFTC, Cryptocurrency, FINRA, NASD, Regulation, SEC, Securities and Exchange Commission, Wells Notice March 24, 2023

As the crypto industry continues to seek regulatory clarity from regulators in Washington, D.C., regulators are nonetheless taking targeted action against a variety of players in the space. The U.S. Securities and Exchange Commission in particular has been busier than ever, investigating and fining ...Read More

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