Court Hits BitMEX Co-founders With $30M in Civil Monetary Penalties
BitMEX co-founders have been imposed a total of $30 million in civil monetary penalties.
CFTC News and Updates
The US Commodity Futures Trading Commission (CFTC) is an independent federal agency that was established back in 1974 by the Commodity Futures Trading Commission Act. It regulates the commodity futures, as well as the options market. The goal is to protect investors against market manipulation, fraud, and abusive trade practices, while also promoting competitive and efficient trading.
There has been a serious debate regarding the nature of cryptocurrencies and whether or not they can be classified as commodities or securities, or even currencies, in general. Bitcoin, for example, was deemed a commodity by the CFTC back in 2015. Hence, those who operate with it would have to abide by the regulations set forth toward commodities.
In December 2019, the Chairman of the CFTC also said that Ether (ETH) is a commodity and, as such, falls within the jurisdiction of the CFTC.
Regarding other cryptocurrencies, it depends on their structure, intended use, and designation. As such, some of them may be considered securities and to fall within the department of the Securities and Exchange Commission (SEC), which posts a whole different set of rules.
Recent CFTC News
US SEC to Partner With the CFTC on Crypto Regulations
Gary Gensler disclosed that Washington's top regulators - the SEC and the CFTC - will join forces to oversee the
CFTC Extends Deadline for Public Comments on FTX US Request for Amended Derivatives License
The Commodity Futures Trading Commission has extended the deadline for the public comment period for the LedgerX (FTX US) case.
CFTC Ordered Polymarket to Pay $1.4 Ðœillion in Penalties
Event-betting platform Polymarket must pay $1.4 million and "wind down" markets violating the CFTC regulations.
The CFTC Fines Kraken $1.25M for Offering Unregulated Margin Trading
U.S. crypto exchange Kraken has been hit with a hefty fine by the Commodity Futures Trading Commission (CFTC) for illegal
US Court Orders Man to Pay $572 Million After Running a Global Bitcoin Scam in 2017
After making millions with a Bitcoin Scam, Benjamin Reynolds was ordered to pay hald a billion dollars for his wrongdoing
Coinbase to Pay a $6.5 Million Fine Upon Wash Trading Accusations by the CFTC
Just before its direct listing, Coinbase makes the headlines again after the CFTC found it responsible for a 3-year-long wash
CZ Binance: CFTC’s Probe into Binance US is FUD
The CFTC has reportedly opened an investigation against Binance to determine if the exchange has violated any US laws.Â
Former BitMEX CEO Arthur Hayes Could Surrender in Hawaii in April
Arthur Hayes has proposed to surrender on April 6th following the charges brought by the CFTC against him and other
Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm
The hedge fund manager who predicted BTC's rise to $40k in 2018 and the former CFTC Chair, a.k.a 'crypto dad',
