Commodity Futures Trading Commission (CFTC
CFTC
The Commodity Exchange Act of 1974 (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud and abuse of business practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which established authority and responsibilities for monitoring financial contracts between the CFTC and the Securities and Exchange Commission.
The Commodity Exchange Act of 1974 (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud and abuse of business practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which established authority and responsibilities for monitoring financial contracts between the CFTC and the Securities and Exchange Commission.
Read this term14 retail foreign exchange (RFED) and futures commission dealers (FCMs) were indicted for “fraudulently claiming” to register with the agency. US Derivatives Market Watch Authority announce The charges were filed on Friday, noting that the platforms claim to be based in the US, UK and Sweden.
According to the CFTC, the platforms are Cross Trade FX, Bit Block FXtrades, Bit Trading, Voltfxtrade, Bitfinmarket.com, Fast Option Subdivision, and Garantitrademiness.com. Others are Garantitrademinex.net, Prime Finance Network, Trust Pay Market, Instantearners247.com, TFX Trading, Betatradeoptions.com, and Sparkleswhite.com.
today CFTC announced that it had charged 14 entities for fraudulently claiming to be registered with the CFTC as forward commission (FCM) and retail foreign exchange (RFED) traders. Learn more: https://t.co/bFziPogzdW
– CFTC (CFTC) April 21, 2023
According to the CFTC, starting at least January this year, platforms have been claiming to be FCMs and registered RFEDs. They also falsely claimed to be members of the National Futures Association (NFA), a membership-based self-regulatory organization for participants in the US futures and derivatives markets. However, the regulator pointed out that they are in fact “not registered with the CFTC”.
“Twelve of the entities claim to have an identical NFA identification number. The remaining two claims have a different, but identical, NFA identification number,” the CFTC noted.
In its complaints, the CFTC asked the court to order platforms to “cease and refrain” from violating the state commodity. exchange
exchange
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on that exchange is effective
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on that exchange is effective
Read this term rules as well as their regulations.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to aggressively protect clients and promote market integrity by taking action against bad actors seeking to promote themselves through false registration claims,” noted Ian McGinley, CFTC’s Director of Enforcement.
The CFTC action against the merchants comes less than a month after the derivatives watchdog charged Binance and its CEO, Changpeng Zhao with operating an illegal digital asset derivatives exchange. The watchdog also sued Samuel Lim, former chief compliance officer of Binance, calling the exchange’s flagship compliance process “sham.” Zhao refuted the allegations, calling it an “incomplete recitation of the facts”.
CFTC campaigns on Ponzi schemes
Since the beginning of the year, the CFTC has cracked down on several forex and cryptocurrency trading Ponzi schemes. In February, the Derivatives Market Overseer shut down three interconnected $145 million FX Ponzi schemes that defrauded more than a thousand investors.
At the beginning of the month, the agency also sued the California-based company and its CEO for running a cryptocurrency Ponzi scheme worth $7 million. The scheme offered investors a daily return of at least 2.5% and claimed to use “Robot Traders” to trade with customers’ digital assets.
Meanwhile, in January, the CFTC charged Mango Markets operator Avraham Eisenberg with fraud and market manipulation in the watchdog’s first regulatory application against a decentralized platform for “manipulating an oracle.”
Commodity Futures Trading Commission (CFTC
CFTC
The Commodity Exchange Act of 1974 (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud and abuse of business practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which established authority and responsibilities for monitoring financial contracts between the CFTC and the Securities and Exchange Commission.
The Commodity Exchange Act of 1974 (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud and abuse of business practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which established authority and responsibilities for monitoring financial contracts between the CFTC and the Securities and Exchange Commission.
Read this term14 retail foreign exchange (RFED) and futures commission dealers (FCMs) were indicted for “fraudulently claiming” to register with the agency. US Derivatives Market Watch Authority announce The charges were filed on Friday, noting that the platforms claim to be based in the US, UK and Sweden.
According to the CFTC, the platforms are Cross Trade FX, Bit Block FXtrades, Bit Trading, Voltfxtrade, Bitfinmarket.com, Fast Option Subdivision, and Garantitrademiness.com. Others are Garantitrademinex.net, Prime Finance Network, Trust Pay Market, Instantearners247.com, TFX Trading, Betatradeoptions.com, and Sparkleswhite.com.
today CFTC announced that it had charged 14 entities for fraudulently claiming to be registered with the CFTC as forward commission (FCM) and retail foreign exchange (RFED) traders. Learn more: https://t.co/bFziPogzdW
– CFTC (CFTC) April 21, 2023
According to the CFTC, starting at least January this year, platforms have been claiming to be FCMs and registered RFEDs. They also falsely claimed to be members of the National Futures Association (NFA), a membership-based self-regulatory organization for participants in the US futures and derivatives markets. However, the regulator pointed out that they are in fact “not registered with the CFTC”.
“Twelve of the entities claim to have an identical NFA identification number. The remaining two claims have a different, but identical, NFA identification number,” the CFTC noted.
In its complaints, the CFTC asked the court to order platforms to “cease and refrain” from violating the state commodity. exchange
exchange
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on that exchange is effective
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on that exchange is effective
Read this term rules as well as their regulations.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to aggressively protect clients and promote market integrity by taking action against bad actors seeking to promote themselves through false registration claims,” noted Ian McGinley, CFTC’s Director of Enforcement.
The CFTC action against the merchants comes less than a month after the derivatives watchdog charged Binance and its CEO, Changpeng Zhao with operating an illegal digital asset derivatives exchange. The watchdog also sued Samuel Lim, former chief compliance officer of Binance, calling the exchange’s flagship compliance process “sham.” Zhao refuted the allegations, calling it an “incomplete recitation of the facts”.
CFTC campaigns on Ponzi schemes
Since the beginning of the year, the CFTC has cracked down on several forex and cryptocurrency trading Ponzi schemes. In February, the Derivatives Market Overseer shut down three interconnected $145 million FX Ponzi schemes that defrauded more than a thousand investors.
At the beginning of the month, the agency also sued the California-based company and its CEO for running a cryptocurrency Ponzi scheme worth $7 million. The scheme offered investors a daily return of at least 2.5% and claimed to use “Robot Traders” to trade with customers’ digital assets.
Meanwhile, in January, the CFTC charged Mango Markets operator Avraham Eisenberg with fraud and market manipulation in the watchdog’s first regulatory application against a decentralized platform for “manipulating an oracle.”