CFTC files lawsuit against futures exchange Digitex and its CEO
Many in the space have criticized regulators, including the CFTC and SEC, for taking a "regulation by regulation" approach. application" of cryptography in the United States.< /p>
According to a Sept. 30 filing in the Southern District of Florida, Todd allegedly raised the price of DGTX tokens in an effort to inflate Digitex's holdings. The US regulator has claimed that the CEO of Digitex used different legal persons as part of a scheme to launch and operate an illegal digital asset derivatives trading platform, in violation of the Exchanges Act of goods.
CFTC rules require performing rKnow Your Customer audits and implementing a customer information program. Todd said in 2020 that he planned to remove all KYC procedures from Digitex in an effort to protect user data.
The complaint states that the CFTC sought a court order restraining Todd and Digitex from engaging in transactions in digital assets that are considered commodities under the regulator's jurisdiction. In addition, the regulator intended for Digitex to pay civil monetary penalties, disgorgement and restitution to affected parties. At the time of publication, the websites of Digitex and its future websites were offline.
Related: SEC Alleges FinTech and Market Maker Firms Rigged Crypto Market Under Token Scheme
Many in the crypto space have
Many in the space have criticized regulators, including the CFTC and SEC, for taking a "regulation by regulation" approach. application" of cryptography in the United States.< /p>
According to a Sept. 30 filing in the Southern District of Florida, Todd allegedly raised the price of DGTX tokens in an effort to inflate Digitex's holdings. The US regulator has claimed that the CEO of Digitex used different legal persons as part of a scheme to launch and operate an illegal digital asset derivatives trading platform, in violation of the Exchanges Act of goods.
CFTC rules require performing rKnow Your Customer audits and implementing a customer information program. Todd said in 2020 that he planned to remove all KYC procedures from Digitex in an effort to protect user data.
The complaint states that the CFTC sought a court order restraining Todd and Digitex from engaging in transactions in digital assets that are considered commodities under the regulator's jurisdiction. In addition, the regulator intended for Digitex to pay civil monetary penalties, disgorgement and restitution to affected parties. At the time of publication, the websites of Digitex and its future websites were offline.
Related: SEC Alleges FinTech and Market Maker Firms Rigged Crypto Market Under Token Scheme
Many in the crypto space have
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