By
Aaron Nicodemus2024-08-09T18:09:00
FTX Trading and its sister cryptocurrency exchange Alameda Research will pay $12.7 billion to settle charges laid by the Commodity Futures Trading Commission that the two companies violated the Commodity Exchange Act and CFTC regulations.
FTX agreed to pay $8.7 billion in restitution and $4 billion in disgorgement, the CFTC announce Thursday in a press release. The agreement mirrors a related settlement reached last month in U.S. Bankruptcy Court for the District of Delaware.
Payments by FTX towards its CFTC disgorgement obligation “will be used to further compensate victims through a supplemental remission fund,” the CFTC said. Terms of the agreement are pending the bankruptcy court’s approval. The agency noted the settlement is the largest recovery in its history.
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As President Trump assumes power, the crypto industry is in the spotlight. Trump has tapped popular crypto advocate Paul Atkins to lead the SEC, and crypto proponents feel positive about gaining fast-tracked guidance. Crypto experts and industry leaders share insights into what the industry needs from regulators to drive innovation. ...
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FTX Trading and the Commodity Futures Trading Commission have agreed on a $4 billion settlement in bankruptcy court to settle the CFTC’s lawsuit against the failed crypto trading platform.
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