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CFTC Asks Court for More Time Finding CEO of Crypto Ponzi Scam Control Finance

Posted on January 9, 2020January 9, 2020 by Julie Williams

Six months after the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Control Finance, the regulatory agency is yet struggling to capture the mastermind behind the crypto pyramid scheme. Filed mid-2018, the CFTC accused Control Finance and its Director Benjamin Reynolds of defrauding naive investors through a fraudulent crypto scheme. Consequently, the CFTC now wants to impose fines with regard to illicit trading and fraud. Since the inception of the case, the CFTC…

Crypto Exchange Kraken: Law Enforcement Requests Hit a New High in 2019

Posted on January 8, 2020January 8, 2020 by Julie Williams

In its usual manner, the highly popular crypto exchange Kraken just released its latest compliance team’s transparency report for last year. The 2019 transparency report is targeted at the global law enforcement requests for the just-concluded business year. Kraken happily took to its Twitter account to share a general picture of the past year with regard to the exchange’s brushes with law enforcement agencies. A sneak peek at the report shows that law enforcement requests…

US Congress Examines ‘Crypto-Currency Act of 2020′ to Define Agencies’ Role

Posted on December 22, 2019December 23, 2019 by Rehan Yousaf

U.S. Congress has been looking at regulatory measures for cryptocurrencies since the inception of Facebook’s Libra project, and has now created a draft of a proposed bill called ‘Crypto-Currency Act of 2020’. The bill will be used to categorize Federal agencies and what specific digital assets they regulate in order to make it easier for them to inform the public of Federal licenses, documents, certificates or any other registrations to develop or trade crypto assets….

CFTC Chair Tarbert Lists Two Crypto Problems: Money Laundering & Terrorist Funding

Posted on December 17, 2019December 17, 2019 by Rehan Yousaf

Chairman of the United States Commodity Futures Trading Commission (CFTC), Heath Tarbert, recently discussed crypto at Harvard Kennedy School as part of a series of lectures that revolved around financial regulations. Tarbert talked about the agency and its stance on cryptocurrency, and how the CFTC team is still processing the information about this emerging space and figuring out two major issues of the industry. He said that the two main setbacks with the majority of…

CFTC Orders Binary Options and Crypto Scam Blue Bit Banc to Pay Over $4.25 Million

Posted on November 7, 2019November 7, 2019 by Julie Williams

Starting the month of November with a big bang! The US Commodity Futures Trading Commission (CFTC) has once again strengthened its trust with the general public as it busts four entities as well as two key players in a fraudulent binary options scheme that incorporated a shady cryptocurrency. The case, which was filed about 7 months ago, was finally put to bed on the 1st of November. Concluding the case, the CFTC ordered all parties…

US CFTC Takes Civil Enforcement Action Against $11M Crypto Scam Circle Society

Posted on October 20, 2019October 20, 2019 by Ravi Rd

The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the Nevada-based corporation Circle Society and its owner, David Gilbert Saffron of Las Vegas, for Ponzi-like cryptocurrency scam and registration violations relating to an $11 million cryptocurrency fraud operation. The CFTC filed a civil enforcement action on Monday, September 30, 2019, and accused the defendants for unethical use of funds that were raised to trade in binary crypto and forex options. The case was…

US Regulators Clarify Crypto Regulation Roles in Joint Statement

Posted on October 15, 2019October 15, 2019 by Julie Williams

At the core of any democratic country there are rules and regulations. If the past few years have taught us anything, it is that these rules are bound to change in order to accommodate emerging technologies. This is clearly proven in the ongoing struggle to regulate cryptocurrencies. However, financial regulators constantly show they are working tooth and nail to be on top of the matter. In what can be seen as the best move on…

CFTC Investigates Crypto Exchange BitMEX over Alleged Illicit US Trading

Posted on July 21, 2019November 3, 2019 by Rehan Yousaf

Seychelles-based cryptocurrency subsidiaries exchange BitMEX is being examined by the America Commodity Futures Trading Commission (CFTC) to decide if it defied guidelines by permitting U.S dealers into its platform. As per a Bloomberg report on Friday, the investigation would take several months to explore the issue since BitMEX isn’t enlisted with the CFTC. BitMEX CEO and founder Arthur Hayes was quoted saying about the crypto exchange’s imbroglio: “BitMEX gives secured, quick, and standard methods for…

The CFTC Unravels a $147M Crypto Ponzi Scheme Called Control-Finance

Posted on June 19, 2019June 19, 2019 by Julie Williams

The crypto boom of 2017 gave rise to a number of fraudulent crypto schemes who pretend to be legit crypto projects but are, in fact, nothing more than mere Ponzi schemes. Their usual game is to deceive unsuspecting crypto enthusiasts and investors into investing with them and then disappearing with the funds once the cryptocurrency’s price hits a peak. The same technique was used by a deceitful scam called Control-Finance, a supposed crypto venture based…

CFTC Chairman Says Blockchain Could Have Stopped the 2018 Housing Crisis

Posted on June 5, 2019June 5, 2019 by Julie Williams

Italy’s Commissione Nazionale per le Società (CONSOB) this year has brought to light some digital challenges facing regulatory bodies in the 21st century. The just concluded CONSOB had a number of regulatory agencies in attendance, including the US CFTC. Comparing the digital world today to the Futurist movement in art and literature in 1909, the chairman of the US Commodity Futures Trading Commodity (CFTC), Christopher Giancarlo, educated his audience on how desperate times call for…

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