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Category: CFTC

January 14, 2025

Gemini Trust Slapped with $5 Million Penalty for Misleading CFTC

The U.S. Commodity Futures Trading Commission (CFTC) has issued a $5 million fine to Gemini Trust Company LLC for making false or misleading statements during a 2017 bitcoin futures contract certification process. The order stems from the CFTC’s July 2, 2022, complaint against Gemini Trust. The case highlights the importance of truthfulness in regulatory disclosures.

January 14, 2025

Crypto Fraud Unveiled: Mosaic Exchange and CEO Hit with $1.1M Penalty for Crypto Scheme

The U.S. Commodity Futures Trading Commission (CFTC) has secured a $1.1M judgment against Mosaic Exchange Ltd. and its CEO, Sean Michael, for running a fraudulent digital asset scheme that targeted 18 victims globally. The judgment exposes their misuse of funds, false profit claims, and deceptive practices. The orders stem from the CFTC’s three-count fraud complaint filed Sept. 26, 2023.

December 6, 2024

Cash Cow Crypto: U.S. CFTC Enforcement Sets Records in FY 2024 with $17.1 Billion in Monetary Relief!

The U.S. Commodity Futures Trading Commission (CFTC) achieved a landmark year in FY 2024, securing over $17.1 billion in monetary relief, including $2.6 billion in civil penalties and $14.5 billion in restitution. The agency’s groundbreaking actions spanned digital asset (crypto) markets, voluntary carbon credits, and major compliance cases, highlighting its leadership in safeguarding market integrity.

October 29, 2024

CFTC Hits Louisiana Firms and Founder with Multi-Million Dollar Forex Fraud Charges

The U.S. CFTC has filed a civil enforcement action against NOLA FX Capital, Meteor, LLC, and their founder, Michael B. DePetrillo, accusing them of a $7.6 million forex fraud and failing to register. Allegations include operating a Ponzi-like scheme, misappropriating funds, and issuing false account statements. DePetrillo also faces separate criminal charges filed by the U.S. Attorney’s Office in Louisiana.

September 24, 2024

CFTC Whistleblower Program: Record $4.5 Million in Awards Issued in a Single Day

Whistleblower programs are among the most important tools for regulators to take action against violations. In particular, the two US regulators, the SEC and CFTC, make extensive use of these programs in their fights against regulatory violations and fraud. With the regulator SEC already paying more than $2 billion to whistleblowers, the CFTC has now reached $380 million with its latest award of $4.5 million to seven whistleblowers.

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September 18, 2024

CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!

The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.

September 7, 2024

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

August 30, 2024

CFTC Awards Over $4 Million to Insider Whistleblower for Exposing Misconduct

Whistleblowers are invaluable to regulators in monitoring the markets. Recently, the U.S. Securities and Exchange Commission (SEC) has paid $122 million in rewards to whistleblowers. This makes the $4 million awarded by the U.S. Commodity Futures Trading Commission (CFTC) to a whistleblower look almost modest by comparison. The CFTC has awarded an insider whistleblower whose information led to an investigation into ongoing misconduct.

August 21, 2024

Breaking: Binary Options Fraudster Joshua Cartu Arrested in Russia!

According to a report published by the Times of Moscow, Russian law enforcement authorities have detained Joshua Cartu, a prominent figure in the notorious Cartu Brothers' binary options fraud scheme. Cartu, a 45-year-old Israeli-Canadian entrepreneur and racecar driver, was apprehended at St. Petersburg’s Pulkovo International Airport by the Interior Ministry’s Interpol bureau. The Cartu Brothers operated the GreyMountain Management (GMM) Binary Options fraud scheme.

August 10, 2024

Coinbase Pushes Back Against CFTC’s Proposal on Event Contracts, Citing Unjustified Ban

The leading US crypto exchange Coinbase has sharply criticized the U.S. Commodity Futures Trading Commission's (CFTC) recent proposed rulemaking seeking to ban certain political event contracts, arguing that the move would unjustifiably stifle a burgeoning area of the economy. In a statement posted on X, Paul Grewal, Coinbase's Chief Legal Officer, emphasized the potential of event markets within the future economy and expressed concern over the CFTC’s approach.

August 9, 2024

Breaking: CFTC Secures Historic $12.7 Billion Judgment Against FTX and Alameda in Landmark Fraud Case!

The U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Southern District of New York has issued a consent order of permanent injunction and equitable relief against FTX Trading Ltd. and Alameda Research LLC. The court ordered the now-bankrupt entities to pay a staggering $12.7 billion in monetary relief to compensate customers and victims of one of the largest frauds in the digital asset space.

August 9, 2024

FTC Awards Over $1 Million to Whistleblower in Digital Asset Investigation!

In its effort to supervise the digital asset market, the U.S. Commodity Futures Trading Commission (CFTC) has announced a significant milestone by awarding over $1 million to a whistleblower whose information proved pivotal in an enforcement action. This award underscores the growing importance of whistleblowers in uncovering illicit activities within the rapidly expanding digital asset space.

The Billionaire Era: How Wealth Supremacy and Oligarchs are Dismantling Democracy in 2025!

In 2024, the world witnessed an unprecedented surge in billionaire wealth, with fortunes swelling by a staggering $2 trillion—an increase occurring at a rate three times faster than the previous year. This translates to an astonishing $5.7 billion amassed daily. Simultaneously, the global poverty rate has remained virtually unchanged since 1990.

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CFTC Seeks $338.7 Million Fine Against Yukom Enterprises Operators: A Landmark Blow Against Binary Options Fraud!

The U.S. CFTC is pursuing a $338.7 million penalty against Yukom Enterprises and its operators, Yossi Herzog and Lee Elbaz, for orchestrating a global binary options fraud. Elbaz, the former CEO of Yukom, is currently serving a 22-year prison sentence for wire fraud, while her boss, Yossi Herzog, remains on the run.

Trump vs. Melania: Meme Coin Showdown Rocks Crypto Market on Inauguration Eve!

Welcome to the crypto presidency. On the eve of Donald Trump's presidential inauguration, the crypto world was rocked by an unprecedented "meme coin war" between the President-elect and his wife, Melania Trump. The $TRUMP coin, launched just days ago, saw its meteoric rise abruptly halted as Melania unexpectedly unveiled her own $MELANIA token, causing a seismic shift in the market.

Exposing the Dark Side of Online Gambling: Whistleblower Reveals Alarming Tactics of Illegal Platforms in the UK!

A whistleblower has courageously stepped forward to expose the alarming operations of unlicensed online gambling platforms targeting vulnerable individuals in the UK. These platforms, operating under offshore licenses, exploit problem gamblers, circumvent self-exclusion systems, and engage in illegal payment practices.