The Commodity Futures Trading Commission (CFTC
CFTC
The Commodity Exchange Act (CEA) of 1974 in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activity against manipulation, fraud and abusive trading practices and promotes fairness in futures trading. The CEA also included the Sad-Johnson Agreement, which defined financial contract oversight authority and responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The Commodity Exchange Act (CEA) of 1974 in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activity against manipulation, fraud and abusive trading practices and promotes fairness in futures trading. The CEA also included the Sad-Johnson Agreement, which defined financial contract oversight authority and responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Read this term) indicted 14 retail forex traders (RFED) and futures traders (FCM) in court for “fraudulently claiming” to be registered with the agency. The watchdog of the US derivatives market announcement the charges 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. The 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 indicted 14 entities for fraudulently claiming to be registered with the CFTC as forward commission agents (FCM) and retail foreign exchange traders (RFED). Learn more: https://t.co/bFziPogzdW
— CFTC (@CFTC) April 21, 2023
According to the CFTC, since at least January of this year, platforms have been claiming to be registered FCMs and 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, they are in fact “not registered with the CFTC”, the regulator pointed out.
“Twelve of the entities claim to have an identical NFA ID number. The other two claim to have a different, but identical NFA ID number,” the CFTC noted.
In its complaints, the CFTC asked the court to order the platforms to “cease and desist” from violating the country’s merchandise. exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this term rules and its own regulations.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to vigorously protect customers and promote market integrity by taking action against bad actors seeking to promote themselves through false registration statements. “, noted Ian McGinley, director of enforcement for the CFTC.
The CFTC action against dealers comes less than a month after the derivatives watchdog accused Binance and its CEO, Changpeng Zhao, of operating an illegal digital asset derivatives exchange. The watchdog also sued Samuel Lim, Binance’s former chief compliance officer, and called the major exchange’s compliance process a “sham”. Zhao refuted the allegations, calling them an “incomplete account of the facts”.
CFTC cracks down on Ponzi schemes
Since the start of the year, the CFTC has cracked down on several forex and cryptocurrency Ponzi schemes. In February, the derivatives market supervisor busted three interconnected $145 million FX Ponzi schemes that defrauded more than a thousand investors.
Earlier this month, the watchdog also sued a California-based company and its CEO for running a $7 million crypto Ponzi scheme. The program offered investors a daily return of at least 2.5% and claimed to use “Robot Traders” to trade with clients’ digital assets.
Meanwhile, in January, the CFTC accused Mango Markets operator Avraham Eisenberg of fraud and market manipulation in what is the watchdog’s first regulatory application against a decentralized platform of “market manipulation.” ‘oracle”.
The Commodity Futures Trading Commission (CFTC
CFTC
The Commodity Exchange Act (CEA) of 1974 in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activity against manipulation, fraud and abusive trading practices and promotes fairness in futures trading. The CEA also included the Sad-Johnson Agreement, which defined financial contract oversight authority and responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The Commodity Exchange Act (CEA) of 1974 in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activity against manipulation, fraud and abusive trading practices and promotes fairness in futures trading. The CEA also included the Sad-Johnson Agreement, which defined financial contract oversight authority and responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Read this term) indicted 14 retail forex traders (RFED) and futures traders (FCM) in court for “fraudulently claiming” to be registered with the agency. The watchdog of the US derivatives market announcement the charges 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. The 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 indicted 14 entities for fraudulently claiming to be registered with the CFTC as forward commission agents (FCM) and retail foreign exchange traders (RFED). Learn more: https://t.co/bFziPogzdW
— CFTC (@CFTC) April 21, 2023
According to the CFTC, since at least January of this year, platforms have been claiming to be registered FCMs and 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, they are in fact “not registered with the CFTC”, the regulator pointed out.
“Twelve of the entities claim to have an identical NFA ID number. The other two claim to have a different, but identical NFA ID number,” the CFTC noted.
In its complaints, the CFTC asked the court to order the platforms to “cease and desist” from violating the country’s merchandise. exchange
Exchange
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
A stock exchange is known as a market that supports the trading of derivatives, commodities, securities, and other financial instruments. Typically, a stock exchange is accessible through a digital platform or sometimes at a tangible address where investors arrange to transact. One of the primary responsibilities of an exchange would be to maintain honest and fair trading practices. These are essential to ensure that the distribution of supported security rates on this exchange is effective.
Read this term rules and its own regulations.
“Today’s actions continue to reflect the CFTC’s ongoing efforts to vigorously protect customers and promote market integrity by taking action against bad actors seeking to promote themselves through false registration statements. “, noted Ian McGinley, director of enforcement for the CFTC.
The CFTC action against dealers comes less than a month after the derivatives watchdog accused Binance and its CEO, Changpeng Zhao, of operating an illegal digital asset derivatives exchange. The watchdog also sued Samuel Lim, Binance’s former chief compliance officer, and called the major exchange’s compliance process a “sham”. Zhao refuted the allegations, calling them an “incomplete account of the facts”.
CFTC cracks down on Ponzi schemes
Since the start of the year, the CFTC has cracked down on several forex and cryptocurrency Ponzi schemes. In February, the derivatives market supervisor busted three interconnected $145 million FX Ponzi schemes that defrauded more than a thousand investors.
Earlier this month, the watchdog also sued a California-based company and its CEO for running a $7 million crypto Ponzi scheme. The program offered investors a daily return of at least 2.5% and claimed to use “Robot Traders” to trade with clients’ digital assets.
Meanwhile, in January, the CFTC accused Mango Markets operator Avraham Eisenberg of fraud and market manipulation in what is the watchdog’s first regulatory application against a decentralized platform of “market manipulation.” ‘oracle”.
