CFTC news

The U.S. Commodity Futures Trading Commission is an independent agency of the US government that regulates futures and option markets.

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CFTC Brings Fraud Charges against Three Binary Options Brands

The Commodity Futures Trading Commission (CFTC) of the US brought charges of frauds against three binary options firms that allegedly defrauded investors of more than $10 million. Fraudulent scheme loots investors The three brands charged of fraud were Option Queen, Option King, and Option Mint. The three brands were allegedly involved in a fraud scheme. It also arrested Jared David, an Ohio resident, for running the fraud schemes between 2012 and 2016 via the three entities. He ran the operations from Sandusky. In June last year, he was taken into custody by the IRS and FBI at the Cleveland Hopkins International Airport. The CFTC registered a complaint against the defendants with the US District Court for the Northern District of Ohio. The complaint lists Davis and the three binary options firm of fraudulently soliciting over $10 million from the investors. The regulator wants to bring penalties against the perpetrators alongside permanent injunctions. They also plan to disgorge the gains made by the defendants. The CFTC highlighted that David faced 2 separate cases of the indictment with a combined 20 charges which include tax evasion, money laundering, wire fraud and obstruction of justice among others. How did Davis carry out the fraud? Davis was operating several binary options schemes using different trade names. Each of these fraudulent firms were connected to Erie Marketing LLC. The company was not registered with the US regulators, violating the national laws. Not only this, Davis solicited money from investors but never invested them with an exchange. Instead of going in favor of his investors, he was taking opposite positions in trade. This means that he earned money only if the investors lost money. This business model is similar to that of a casino where losing money is essential for some customers, other patrons and the house to gain. When soliciting funds from investors, his employees falsified their qualifications and made tall claims about guaranteed profits. They also misrepresented risk-free trades and bonuses to the customers. The US CFTC is cracking down on fraudulent and misleading financial services operations in the country. Recently, it also brought several executives related to the Yukom to enquiry and brought charges against them. The company and its CEO Lee Elbaz were involved in a $145 million swindling case that defrauded over 75,000 investors. The post CFTC Brings Fraud Charges against Three Binary Options Brands appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
Cryptovibes

CFTC hires Coinbase’s former Vice President to lead regulatory body’s Division of Market Oversight

U.S. Commodity Futures Trading Commission (CFTC) has appointed Coinbase’s former Vice President, Dorothy D. DeWitt, to serve as the Director of the Division of Market Oversight. Previously, she had led Coinbase as the General Counsel of Business Lines and Markets. After her appointment, DeWitt will work towards CFTC’s oversight over the derivatives platforms and swap […] The post CFTC hires Coinbase’s former Vice President to lead regulatory body’s Division of Market Oversight appeared first on AMBCrypto.
AMBCrypto

CFTC Taps Coinbase’s VP to Lead Division Responsible for Bitcoin Futures Oversight

Coinspeaker CFTC Taps Coinbase’s VP to Lead Division Responsible for Bitcoin Futures OversightThe United States Commodity Futures Trading Commission (CFTC) has welcomed a new member to its team. They have appointed Dorothy D. DeWitt, General Counsel of Coinbase‘s Business Lines and Markets and the vice president, as the director of the Division of Market Oversight (DMO).According to the CFTC’s announcement, at CFTC, Dorothy D. DeWitt will be responsible for supervision of derivatives platforms and swap data repositories, as well as evaluating new platform-traded products. Ms. DeWitt will replace former DMO director Amir Zaidi, who spent more than nine years at CFTC and oversaw the first Bitcoin futures contracts as they entered the crypto space in late 2017.The U.S. CFTC Chairman Heath P. Tarbert commented:“I am excited Dorothy will soon be joining our team. She brings to the CFTC more than 20 years of private sector experience in the financial services and legal fields.  Her strong investment, risk, legal, and compliance background and familiarity with distributed ledger technology, including crypto assets, will be invaluable as the agency looks to develop a holistic approach to regulating 21st-century commodities.”Chairman Tarbert added:“I also want to thank Dorothy’s predecessor, Amir Zaidi, for his more than nine years of service at the CFTC. We wish him all the best as he begins an exciting new chapter.  I also deeply appreciate Vince McGonagle’s current leadership of the Division in an acting capacity. A CFTC veteran for two decades, Vince is among the very best career professionals in the regulatory community.”Dorothy D. DeWitt graduated from Harvard Law School, cum laude, and the University of Texas at Austin. Moreover, Ms. DeWitt is a Certified Anti-Money Laundering Specialist (CAMS) and admitted to practice law in New York. She spent about ten years in an investment capacity and held positions as a partner and portfolio manager at asset management firm Cadogan Management.Ms. DeWitt also served in senior legal and compliance roles for Citadel and was president of her local youth 4-H club and worked during college in the poultry processing industry in Gainesville, Georgia, the poultry capital of the world. Furthermore, she served as a research analyst at a merger arbitrage and event-driven hedge fund at ING Furman Selz.Since last November, Dorothy D. DeWitt has been a Vice President and General Counsel for Business Lines and Markets at Coinbase.This is not the first time when Coinbase’s members join CFTC. In July, the agency hired Andrew L. Ridenour, who served as counsel for institutional products at Coinbase, as senior counsel to the chairman.Chairman Tarbert joined CFTC also in July and succeeded Christopher Giancarlo who joined the advisory board to the Chamber of Digital Commerce, a trade association focused on blockchain and cryptocurrency policy in Washington D.C. Previously, Tarbert was a Treasury Department official.CFTC Taps Coinbase’s VP to Lead Division Responsible for Bitcoin Futures Oversight
Coinspeaker

Hashgraph Is Centralized & Dissapointing | Ripple Rumors | Coinbase Exec. Becomes CFTC Director

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CFTC Hires Coinbase Vice President as New Market Supervisor to Oversee Bitcoin Futures

The chairman of the U. S. Commodity Futures Trading Commission (CFTC) Heath Tarbert has just decided to name the new market supervisor that will take care of Bitcoin futures, among other duties. Dorothy Witt, a lawyer who worked as a vice president in Coinbase, was the new executive. According to the chair of the CFTC, […]
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Bakkt Launches Futures Contracts, Bitcoin Price Falls

Bakkt, a subsidiary of New York Stock Exchange owner Intercontinental Exchange Inc (NYSE: ICE), launched its long-awaited physically backed Bitcoin futures Monday.  The first Bakkt/ICE futures contract changed hands at $10,115 and the number of contracts in the first hour stood at just five total, CoinDesk reported. It's widely belived in the ...Full story available on Benzinga.com
Benzinga

Late Bloomer: Why Bakkt’s Slow Start Is No Surprise

Bakkt has finally opened its platform for physically-delivered Bitcoin futures, but the response has been underwhelming. Nearly a year after the owners of the New York Stock Exchange announced their foray into cryptocurrency, markets responded to the new institutional trading venue with another 1.8% price drop. First announced last August, the long-delayed launch “was an important step toward bringing trusted infrastructure to digital assets,” wrote CEO Kelly Loeffler. The physically-settled futures platform is expected to provide a crucial infrastructure for institutional trading in cryptocurrencies. But some pundits have expressed disappointment at today’s volumes. Four hours before the market closes, only $550,000 worth of BTC futures have exchanged hands. One well-known cryptocurrency analyst described volumes as “not great,” while CoinDesk said trading on Bakkt was off to a “slow start.”   Source: Bakkt   At face value, these low volumes might suggest that institutional investors aren’t very interested in cryptocurrencies. Based on today’s activity, Bakkt volumes are unlikely to rival the futures product from CME Group, which traded $470M in its first week. But there’s an important distinction. CME’s futures are all cash-settled, meaning that all the trading is done in fiat currencies. The underlying asset may be Bitcoin, but at no point does either side have to actually hold it. From a legal perspective, that makes CME futures much simpler for institutional investors, making them no different from a similar future in wheat, maize or gold. In contrast, Bakkt’s futures are all physically delivered, meaning that the underlying assets have to be transferred on a specified date. Institutional investors have to take custody of actual bitcoins, with a lot more hoops to jump. In order to regularly trade in Bakkt bitcoin futures, institutional investors will have to consult specialized legal counsel, acquire new insurance policies, and possibly update their investors, as well as find a custodian to for the digital asset. “[S]ome of [Bakkt’s] largest prospective clients still don’t have permission to trade physically-delivered futures contracts,” wrote analysts at BeQuant Exchange in a note. “As such, [the] build it and they will come mantra may not necessarily result in an influx of new, hot money, at least not right away.” It’s hard to know what the big institutional investors were thinking when Bakkt opened up shop for the first time. But, given the fact that the platform is dealing with a volatile asset class, which has a nebulous regulatory status, it’s no surprise that many high rollers are playing wait-and-see. If there’s one lesson to be learned from Bakkt’s trading today, it’s that the cryptocurrency space still has a tendency towards overblown expectations.  Institutional investors were never going to dive headfirst into an unfamiliar asset. A cautious start to Bakkt’s futures today is a good sign, indicating that the majority of investors are still playing it safe.   The post Late Bloomer: Why Bakkt’s Slow Start Is No Surprise appeared first on Crypto Briefing.
CryptoBriefing

Bakkt’s Bitcoin Futures Goes Live: Should You be Excited?

Over the past few years, the Bitcoin futures ecosystem has grown at a remarkable pace, and it is something that is surely going to stay for years to come. Initially, these futures contracts had been launched by a handful of exchanges, but over the past year or so, the number has increased considerably. Futures Trade In a development that will come as another massive boost to the Bitcoin and cryptocurrency ecosystem, the New York Stock Exchange’s owners, ICE, through its crypto exchange Bakkt has decided to launch futures contracts that will pay out traders in Bitcoins. ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
Crypto Currency News

Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking

Binance recently announced the listing of Tezos with pairs of Bitcoin(BTC), Tether(USDT) and Binance Coin(BNB).  Will Binance Enable Tezos Staking? As Per a recent tweet by Binance, it has listed Tezos and it can be paired with USDT, BTC, and BNB. Following the announcement, users can start depositing Tezos on their accounts, while the launch of trading is scheduled for the 24th of September. Source- Twitter CZ then further created hype by asking the community that did they not what was coming next. A user suggested that does the move imply Tezos staking. While CZ didn’t give a definite answer, he expressed his excitement with a “happy” emoji.  Source- Twitter The Tezos official website defines Tezos as,  “ Tezos is a self-amending blockchain that can evolve by upgrading itself, with stakeholders being able to vote on amendments to the protocol, including amendments to the voting procedure itself.” Binance. US Opens Doors for Cardano, Ethereum Classic and Stellar  Today, Binance.US opened deposits for Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar (XLM) and 0x (ZRX). Trading for these coins will begin on September 25, 2019, at 9:00 AM EST /6:00 AM PST. The announcement further mentions that the coins are temporarily only available for deposits and withdrawals will not be enabled until trading is live. Source- Twitter Also, Binance.US will commence trading on September 24, 2019 at 9:00am EST / 6:00am PST. The launch will see Binance.US list Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and Tether (USDT). These coins will be available for trading across 13 fiat-to-crypto and crypto-to-crypto trading pairs.  Source- Twitter Binance Announces 6th Phase of Lending Products In yet another update, Binance announced its 6th phase of lending products. The launch will take place on the 25th of September. In the sixth phase of Binance’s lending initiative, users will be able to lend Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) to earn interests payable from Sep. 25 to Oct. 09.  Traders are in for huge benefit as Binance. US enables trading. Will Binance continue to keep the crypto community happy with its developments? Let us know, what you think? The post Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking appeared first on Coingape.
CoinGape

Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink

YouTube star Nicholas Merten is a fan of crypto, but like everyone else, he’s noticed the gradual downplay of bitcoin as of late. Once again, bitcoin has dropped below the $10,000 mark and is trading for just over $9,800. While this isn’t a major fall, the currency seems to have wavered between this mark and $10,200 over the past month. Merten: Altcoins Are Making a Comeback Merten isn’t concerned by this. In fact, he’s looking to use the situation to his advantage, and advises others to do the same. As the host of YouTube’s “Data Dash,” arguably one of the most popular cryptocurrency channels on the streaming and video site, Merten claims that there are three specific cryptocurrencies that are likely to shoot up now that bitcoin is wavering if people are looking to invest. Those cryptocurrencies are Basic Attention Token (BAT), Raven Coin (RVN), and Chain Link (LINK). In a recent interview, he states that these three tokens are likely to grow heavily over the next 12 months, explaining:  At the current moment, looking at [bitcoin] market dominance, it does look like we’re starting to enter into a trend shift where altcoins can start to gain as we retest back towards bitcoin’s high of $20,000. The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached $20,000. The first one happened at the beginning of 2017 when bitcoin retested its high at $1,100. For the most part, altcoins have had a relatively rough year in 2019. Bitcoin on the other hand, has experienced steady growth since April, doubling its price since then from $5,000 to about $10,000. While many have focused on bitcoin as of late, Merten says he’s starting to see funds travel into smaller, competing coins. He says:  As bitcoin does increase over time, as we tend to see a general growth in bitcoin’s price, we tend to see more risk taking in different types of digital assets. As more liquidity has entered bitcoin, you have the ability now, through exchanges, for that liquidity to exit into other alternative investments. Sometimes, that can be rampant speculation, and in other cases, it can be driven through fundamentals. I believe this time around, in this cycle, we’re going to see more going toward fundamental developed projects that actually have real demand.  Why These Three and Not Others? Chain Link is big in that it’s joined software company Oracle to help blockchains connect with outside networks. Raven Coin is significant because it allows developers to establish their own tokens, while BAT is moving forward in that it is attached to the Brave browser, which seeks to block advertisements and trackers from following one’s searches and online activity. Merten is confident BAT will be very important in the field of privacy. The post Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink appeared first on Live Bitcoin News.
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