CFTC Fines #Crypto Broker for Unregistered Futures Commission Merchant Operations https://t.co/jrOawYw01g
crypto litigation tracker updated to include latest CFTC action against Falcon Labs prime brokerage https://t.co/Y4nxmDKSS6
#Crypto Brokerage Firm Fined Nearly $1.7M for Illegally Providing Access to Digital Asset Exchanges - #cryptocurrency #cftc https://t.co/jrOawYw01g
The Commodity Futures Trading Commission (CFTC) has issued an order against crypto prime brokerage firm FalconX, also known as Falcon Labs, for illegally providing U.S. customers access to digital asset derivatives trading platforms. FalconX has agreed to pay $1.8 million to settle charges of operating as an unregistered futures commission merchant. The charges include facilitating derivatives trades on Binance for U.S. customers prior to March 27, 2023. This action is part of the CFTC's broader efforts to regulate digital asset exchanges and enforce compliance with U.S. financial laws. The Seychelles-incorporated entity's case is noted as a first-of-its-kind involving digital asset exchanges.
