CFTC charges 12 crypto entities for failing to register with it
The Commodity Futures Trading Commission (CFTC) has charged 12 crypto options entities with allegedly failing to register with the regulatory body. The regulatory agency said the companies are offering crypto options without registering with it.In a press release published yesterday, the CFTC said it is charging Bitfxprofit, Star FX Pro, Smarter Signals, BinanceFx Trade, and eight others for providing cryptocurrency options to United States citizens without registering with it.
Division of Enforcement Acting Director Vincent McGonagle said, “Today’s actions reflect the CFTC’s dedicated efforts to aggressively root out bad actors falsely claiming to hold legitimate registrations and protect the trading public.”
The CFTC warned traders to verify a company’s CFTC registration before committing funds. If unregistered, a customer should be wary of providing funds to that entity. The regulator added that “Twelve of the complaints allege that the entities are acting as FCMs by offering to the general public the opportunity to purchase binary options based off the value of commodities like foreign currencies and cryptocurrencies including Bitcoin, and encourage customers to transfer money or assets to them.”
CFTC fines Kraken $1.25 million for failing to register
This latest development comes just a day after the regulator fined Kraken $1.25 million for a similar offense. The CFTC said Kraken failed to register as a futures commission merchant and also offered margin transactions in crypto. The regulatory agency said the action is part of its broader effort to protect U.S. customers.Continue reading by joining Cryptonary Pro
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