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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.
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.
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.
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.
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.
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.
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.
by Pedro Ferreira
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.
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.
by Tareq Sikder
CryptoCurrency

Could CFTC’s Legal Actions Make DeFi Illegal in the US?

  • A look into the wild west of finance.
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.
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.
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.
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.
by Jared Kirui
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.
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.
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.
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'.
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.
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.
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.
by Solomon Oladipupo
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.
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.
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.
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.
by Arnab Shome
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