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Home BREAKING NEWS

CFTC’s Aggressive Pursuit Against Crypto Nets Billions in penalties

by BlockNews.com Team
November 8, 2023
in BREAKING NEWS, CRYPTO, POLITICS
Reading Time: 3 mins read
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  • The CFTC pursued a record 96 enforcement actions in 2023, with almost half (47) targeting cryptocurrency fraud and violations.
  • Major crypto cases included lawsuits against FTX, Alameda Research, Binance, Celsius Network and others for alleged fraud or illegal operations.
  • Whistleblowers have been crucial in bringing crypto-related enforcement actions, with the CFTC paying out $16 million this year to whistleblowers reporting cryptocurrency scams.

The Commodity Futures Trading Commission (CFTC) recently announced its enforcement results for fiscal year 2023, which include a record number of actions against cryptocurrency fraud. The CFTC is the main U.S. regulator responsible for overseeing derivatives markets, including crypto assets.

🚨 NEWS: CFTC announces landmark $4.3 billion in penalties from 96 enforcement actions in 2023.

50% of these actions targeted the digital asset sector. pic.twitter.com/i5y3764Wcu

— BlockNews.com (@blocknewsdotcom) November 8, 2023

CFTC Reports 96 Enforcement Actions Total

In total, the CFTC pursued 96 enforcement actions through its Division of Enforcement. These actions targeted fraud, market manipulation, and other violations across markets like cryptocurrency, swaps, and derivatives. From these cases, the agency secured over $1.43 billion in penalties, disgorgement, and restitution.

Almost Half of Cases Focused on Crypto Sector

Significantly, 47 of the 96 total enforcement actions focused on the digital asset sector. This represents 49% of all cases, the highest percentage ever for crypto-related actions by the CFTC.

Major Crypto Cases Include FTX, Celsius, and More

Some major crypto cases included lawsuits against FTX, Alameda Research, Binance, Celsius Network, and others for alleged fraud or illegal operations. The CFTC also won a default judgement against the Ooki DAO for running an unregistered trading platform and acting as an unlicensed futures commission merchant.

Whistleblowers Play Key Role in Crypto Enforcement

According to CFTC Commissioner Christy Goldsmith Romero, whistleblowers have been crucial in bringing crypto-related enforcement actions. So far this year, the agency has paid out $16 million to two whistleblowers who provided information on cryptocurrency scams. In total, CFTC has awarded $350 million to whistleblowers through its program.

Conclusion

The CFTC’s record number of crypto enforcement actions in 2023 demonstrates its commitment to protecting consumers and derivatives markets from fraud, manipulation, and illegal activities – especially in emerging areas like digital assets. With help from whistleblowers on the inside, the agency continues to pursue accountability for wrongdoing across cryptocurrency trading and lending platforms.

Tags: BusinessCFTCcryptoCrypto RegulationMedia
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