Tag: CFTC

bitmex investigation
August 11, 2021 BY Steffy Bogdanova

BitMEX ordered to pay $100 million for illegal operation of a cryptocurrency trading platform

The US watchdog found that from November 2014 to October 2020 BitMEX offered leveraged trading of cryptocurrency derivatives to retail and institutional customers in the US, while operating as a common enterprise. BitMEX was aware that US customers could access the BitMEX platform. CFTC also found that US customers placed orders directly through BitMEX’s user…

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CFTC
June 24, 2021 BY Steffy Bogdanova

ZTegrity Inc and CEO accused of forex fraud by CFTC

The official complaint released on the CFTC website claims that from around October 2019 up until the past few months, the accused utilised a number of social media platforms and websites in order to falsely market their forex trading pool as an alternative to a savings account which provided a larger yield with minimal risk.…

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CFTC
May 28, 2021 BY Steffy Bogdanova

LJM charged with commodity pool fraud by CFTC

The CFTC now claims that these worst-case scenarios were in fact not based on historical scenarios at all and that LJM’s legitimate internal historical scenarios displayed losses far greater than 40% for each strategy. The complaint goes on to allege that around the tail-end of 2017 through to February 2018, LJM dramatically deviated from its…

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CFTC penalty
April 26, 2021 BY PureContent

Coin Signals’ Jeremy Spence to pay $44m penalties at CFTC request

The civil monetary fine that Spence will have to pay amounts to $33 million according to the latest CFTC order, with restitution penalties totalling just over $11 million to be paid to Coin Signal customers who fell victim to the fraudulent scheme. The initial complaint stated that Spence eventually conceded to Ponzi victims that he…

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CFTC
April 07, 2021 BY Steffy Bogdanova

Binary Options fraud results in $1 million charge for Glenn Olson

Olson has admitted to being affiliated with Blue Bit Banc and similar bodies from around April 2014 to March 2018. He would sell binary options to Blue Bit customers during this period by utilising aliases and watching over sales staff within Blue Bit’s Manhattan-based office. Olson also admitted to misrepresenting Blue Bit trade profitability, manipulating…

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CFTC fine
March 22, 2021 BY Steffy Bogdanova

Coinbase to pay $6.5 million settlement ordered by CFTC

Reporting firms, including Crypto Facilities Ltd and CoinMarketCap OpCo, LLC, gained access to Coinbase’s transactional information through its Application Programming Interface. At the same time, the NYSE Bitcoin Index received it directly in transmissions from Coinbase. The order found that this may have resulted in a misleading, inaccurate, or false perceived volume and liquidity level…

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CFTC
January 27, 2021 BY Steffy Bogdanova

CFTC files charges New York man in a multi-million dollar Bitcoin and Ether Ponzi Scheme

He allegedly engaged in various efforts to conceal his misconduct – he misrepresenting his trading profitability and the amount of assets he had under management, misappropriated customer funds, and issuing false performance statements. The complaint stated that Spence eventually admitted to his customers that he had engaged in “lies and deceit.” Acting Director of Enforcement…

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