Seeking Alpha
2022-10-03 17:22:02

CFTC files complaint against digital asset exchange, Miami resident over illicit activities

The Commodity Futures Trading Commission, in its push to further regulate the emerging cryptocurrency space, has charged Miami, Florida resident Adam Todd and four companies he controlled Monday for allegedly operating digital asset exchange Digitex Futures illicitly.Specifically, the CFTC alleged that Todd and Digitex Futures illegally offered futures transactions, failed to register, and also attempted to manipulate the price of the Digitex Futures native token, it said in a release, citing a complaint in the U.S. District Court for the Southern District of Florida. The commodities watchdog said it now "seeks fell restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act." The complaint accused Todd and Digitex Futures of operating a digital asset derivatives exchange from a Florida-based office from approximately May 2020 through May 2022. Digitex tokens' market cap stood at only $22,246 at the time of writing, rising 1.7% to $0.00002389, according to data from CoinMarketCap. The news move comes as the government agency aims to bolster its crypto oversight as the industry grows in popularity. It recently launched a new technology innovation arm as "we are past the incubator stage, and digital assets and decentralized financial technologies have outgrown their sandboxes," said Rostin Beh...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.