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Institutional FX
SEC's $79 Million Crackdown: 10 Firms Hit with Recordkeeping Failures
The SEC charged the financial firms for alleged electronic communication failures.
The regulator discovered widespread off-channel communications within the companies.
Friday, 29/09/2023 | 20:52 GMT
by
Jared Kirui
Retail FX
News Nuggets | 28 September: NiceHash Exits UK; CFTC Awards Whistleblower over $300,000
Also, ASIC secures financial penalties for reporting failures; SEC charges for insider trading.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Thursday, 28/09/2023 | 08:44 GMT
by
Damian Chmiel
Retail FX
Exclusive: My Forex Funds Claims CFTC “Mischaracterized” Its Tax Payments to Freeze Assets
The prop trading firm filed a motion yesterday, seeking modification of the statutory restraining order.
My Forex Funds records show two pre-authorized payments of $27,000,000 CAD and $4,500,000 CAD, which the CFTC flagged.
Wednesday, 27/09/2023 | 19:02 GMT
by
Arnab Shome
Retail FX
CFTC Busts $3.4 Million FX and Binary Options Fraud
CFTC highlights Patrick Wonsey's lack of credentials.
Pool participant funds mismanaged as they were mixed with Wonsey's assets.
Wednesday, 27/09/2023 | 06:42 GMT
by
Tareq Sikder
Retail FX
Exclusive: My Forex Funds Claims It "Didn’t Defraud Traders"
The company shared with Finance Magnates the first detailed public comment, stating that the allegations are "grossly inaccurate".
Alex Spiro and team from Quinn Emanual retained to represent My Forex Funds against CFTC allegations.
Thursday, 21/09/2023 | 13:30 GMT
by
Arnab Shome
Institutional FX
CFTC Imposes Fine on StoneX for Alleged Disclosure Breach
The fine involves alleged failure to disclose Pre-Trade Mid-Market Marks (PTMMMs) in swap transactions.
StoneX has admitted to the alleged violations, according to the regulator.
Wednesday, 20/09/2023 | 19:54 GMT
by
Jared Kirui
Regulation
What Does the CFTC Mean When it Says it Wants to Modernize Investor Protection?
A look into the latest CFTC proposal.
Friday, 15/09/2023 | 13:25 GMT
by
Pedro Ferreira
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FinTech
U.S. Regulator's Bold Move: Creating a Federal Registry to Fight Financial Fraud
A centralized registry is critical in the crypto space.
Christy Goldsmith Romero has been persistent in pursuing a registry.
Thursday, 14/09/2023 | 07:41 GMT
by
Tareq Sikder
CryptoCurrency
Layoffs Continue at Binance.US: CEO Departs
Norman Reed assumes the interim CEO role at Binance.US.
The market share of the company shrinks amid regulatory challenges.
Wednesday, 13/09/2023 | 13:10 GMT
by
Tareq Sikder
CryptoCurrency
Could CFTC’s Legal Actions Make DeFi Illegal in the US?
A look into the wild west of finance.
Tuesday, 12/09/2023 | 11:22 GMT
by
Pedro Ferreira
CryptoCurrency
CFTC Moves against 3 DeFi Platforms, Slaps Heavy Penalties
All three platforms offered trading services without holding a license.
The action indicates the regulator’s preparedness against DeFi protocols.
Friday, 08/09/2023 | 05:13 GMT
by
Arnab Shome
Binary Options
SignalPush, a Binary Options Signal Provider, Fined $100,000
The platform solicited customers to sign up for its services.
Its name first emerged in another enforcement action against binary options fraud.
Wednesday, 30/08/2023 | 05:14 GMT
by
Arnab Shome
Retail FX
Wedbush's Recordkeeping Blunders Lead to Multi-Million Dollar Fines by US Watchdogs
Wedbush Securities was fined $6 million for breaching recordkeeping and supervision CFTC rules.
A separate penalty of $10 million was imposed by the SEC.
Wednesday, 09/08/2023 | 06:31 GMT
by
Damian Chmiel
Institutional FX
SEC Fines 11 Wall Street Firms for Alleged Recordkeeping Violations
The companies were fined a combined penalty of USD $289 million.
Separately, similar charges have been raised by the CFTC.
Tuesday, 08/08/2023 | 19:43 GMT
by
Jared Kirui
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CryptoCurrency
Binance Takes On CFTC with Plans to Seek Dismissal of Lawsuit
The regulator sued the exchange and its CEO for allegedly violating the Commodity Exchange Act.
Binance is expected to respond to the complaint on July 27.
Tuesday, 25/07/2023 | 08:00 GMT
by
Jared Kirui
CryptoCurrency
Celsius Hit with Multiple Lawsuits as Founder Alex Mashinksy Is Arrested
DOJ, SEC, CFTC and FTC filed complaints against Mashinkshy and the Celsius Network.
Celsius filed for bankruptcy in July 2022, citing market volatility.
Thursday, 13/07/2023 | 17:30 GMT
by
Solomon Oladipupo
Retail FX
US Court Orders Pool Operator to Pay over $24M for FX Fraud
Kay Yang along with her companies illegally solicited at least $15.7M from investors.
CFTC continues to crackdown on fraudulent FX schemes.
Thursday, 15/06/2023 | 21:05 GMT
by
Solomon Oladipupo
Institutional FX
CFTC Warns Derivatives Clearinghouses against Expansion into Crypto
The derivatives watchdog raised concerns about crypto cyber security risks.
The CFTC tasked clearinghouses with identifying 'new, evolving or unique risks'.
Tuesday, 30/05/2023 | 22:31 GMT
by
Jared Kirui
Retail FX
California Resident to Pay $4.7 Million for Options Fraud
She defrauded at least 29 individuals or entities of more than $2 million.
She already pled guilty to criminal charges.
Friday, 26/05/2023 | 09:45 GMT
by
Arnab Shome
Institutional FX
CFTC Slaps HSBC with $45M Fine for ‘Manipulative and Deceptive Trading’
The alleged violation occurred between March 2012 and 2015.
CFTC fights use of personal messaging channels for business deals.
Friday, 12/05/2023 | 20:38 GMT
by
Solomon Oladipupo
Binary Options
US Operator of Binary Option Brands Fined $516K for $10M Scam
In January, Jared Davis and his firm were fined $6.4M in various penalties.
The binary options operator was charged by the CFTC in September 2019.
Friday, 28/04/2023 | 21:09 GMT
by
Solomon Oladipupo
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Retail FX
South African CEO to Pay $3.4 Billion for Forex Fraud
The CEO defrauded investors worldwide of 30K BTC between 2018 and 2021.
US derivatives watchdog charged Cornelius Steynberg in July last year.
Thursday, 27/04/2023 | 21:59 GMT
by
Solomon Oladipupo
Retail FX
News Nuggets | 26 April: FMA Flags Fraud Broker; New FX Pairs on Admirals
Also, a new CEO at OneID; and Marex Solutions' partnership.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Wednesday, 26/04/2023 | 10:23 GMT
by
Finance Magnates Staff
Retail FX
CFTC Sues 14 Retail FX Dealers for False Registration Claims
The platforms claim to be based in the US, UK and Sweden, the CFTC said.
Some of the dealers include Cross Trade FX, Volfxtrade, TFX Trading and Bit Trading.
Friday, 21/04/2023 | 20:50 GMT
by
Solomon Oladipupo
CryptoCurrency
Former New York Banker Faces Criminal Charges for Crypto Scam
He was arrested on Monday and arraigned on Tuesday afternoon.
The CFTC also filed a civil lawsuit against him.
Wednesday, 12/04/2023 | 06:49 GMT
by
Arnab Shome
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