All CFTC articles – Page 5
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OpinionMessaging history damning in CFTC case against ex-Binance CCO
A cryptocurrency firm with a chief compliance officer found to not be handling the responsibilities of their role seriously is likely to face additional regulatory scrutiny, as evidenced by the Commodity Futures Trading Commission’s action against Binance.
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News BriefEx-Binance CCO accused of aiding and abetting CFTC rule violations
The Commodity Futures Trading Commission charged Binance and its founder with operating an illegal digital assets exchange, while former Chief Compliance Officer Samuel Lim faces charges of aiding and abetting the alleged misconduct.
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News BriefEnergy broker Coquest fined by CFTC in block trade manipulation case
Energy broker Coquest, its owners, and trading affiliates agreed to pay a total of nearly $3 million to resolve allegations from the Commodity Futures Trading Commission the firm failed in its oversight responsibilities regarding more than 2,000 trades made against its customers.
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Blog
CFTC names new head of enforcement
The Commodity Futures Trading Commission announced the appointment of longtime federal prosecutor Ian McGinley as the agency’s new director of enforcement.
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News BriefWells Fargo probed for employee use of off-channel communications
The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
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News BriefSEC, CFTC order Options Clearing Corp. to pay $22M over internal rule failures
Options Clearing Corp. agreed to pay $22 million as part of settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission addressing charges the company failed to comply with internal rules to manage risks.
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News BriefCFTC commissioner urges crypto gatekeepers ‘step up and call for compliance’
Christy Goldsmith Romero of the Commodity Futures Trading Commission called out gatekeepers—lawyers, accountants, auditors, compliance professionals, and others—for failing customers in the unregulated cryptocurrency market.
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ArticleCHS Hedging AML controls criticized in $6.5M CFTC action
CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.
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ArticleBankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
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ArticleCFTC commissioner stresses ‘urgency’ in call for heightened crypto oversight
Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.
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ArticleFTX collapse should provide momentum to regulate crypto
The collapse and bankruptcy of digital asset exchange FTX offers stark lessons into why rules that apply to traditional investments—overseen by government regulation—ought to apply to digital investments as well.
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ArticleCFTC commissioner warns against being ‘too cute’ when self-reporting
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
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ArticleSEC investigating Apollo Global, Carlyle Group, KKR for employee off-channel communications
Three private equity firms have disclosed they are under investigation by the Securities and Exchange Commission (SEC) for having allowed employees to use unauthorized communication channels like WhatsApp and WeChat to conduct company business.
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ArticleCFTC FY2022 enforcement results: Record penalties, digital asset crackdown
The Commodity Futures Trading Commission highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.
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ArticleCFTC commissioner says Cantor Fitzgerald unit’s $1.9M fine too lenient
Christy Goldsmith Romero believes the Commodity Futures Trading Commission let a swap execution facility affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.
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ArticleADM unit fined $500K by CFTC for supervision failures
ADM Investor Services, a futures broker affiliate of food processing giant ADM, agreed to pay $500,000 to settle CFTC charges it failed to properly supervise its employees and agents in their handling of commodity interest accounts.
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ArticleCompliance deficiencies highlighted in $1.8B crackdown on messaging apps
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
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ArticleCFTC commissioner calls for agency to require more admissions of guilt
Commissioner Christy Goldsmith Romero would like the Commodity Futures Trading Commission to stop offering no-fault settlements as a matter of routine but instead force more individuals and corporations to accept responsibility for their wrongdoing.
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ArticleNatixis agrees to $2.8M CFTC fine for oversight failures
Natixis, a Paris-based global bank and swap dealer, will pay a $2.8 million fine to the Commodity Futures Trading Commission to settle charges it failed to prevent rogue traders from submitting false and misleading entries on trades over five years.
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ArticleBig bank messaging app crackdown exposes policy holes, monitoring struggles
U.S. regulators have signaled through an impending widespread enforcement sweep they are zeroing in on banker use of messaging apps to discuss business matters. The cases emphasize the need for financial services firms to enhance their monitoring and recordkeeping.