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The crypto market gets hit by scams after scams over and over again. Regulators have been busy getting hold of these scammers who have put up a bad name for the crypto industry.
To arrest these scammers, regulators need to have their people and ears deep within the industry. The challenging part is to make them confess about illegalities where they either worked or were associated with. CFTC spends bags to catch criminals 
Recently it was revealed that the United States Commodity Futures Trading Commission (CFTC) has spent more than $16 million in rewards pay <a href="https://news.todayq.com/new-yorks-attorney-general-wants-whistleblowers-to-show-up-from-the-crypto-sector/" rel="noopener noreferrer nofollow">whistleblowers</a> in 2023. They have set a record for the program that began in 2014.
Since the 2014, the CFTC has rewarded nearly $350 million. These vigilant informants heal uncover cases worth $3 billion.
Very proud of these offices and their outsized results. As a former IG, I know firsthand how important whistleblowersare. The CFTC could not fully protect customers and markets w/o them. Click to read about the highest # of tips, crypto tips &amp; environmental fraud tips.
This information was disclosed in astatement released today by Commissioner Christy Goldsmith Romero. It sheds light on the importance of crypto-related tips that have played in catching criminals. 
The majority of tips received by the CFTC in 2023 revolved around the world of crypto. Commissioner Romero has previously described the crypto as “an area that continues to have pervasive fraud and other illegality.” Thanks to the valuable insights provided by whistleblowers, CFTC has been <a href="https://news.todayq.com/binance-provides-five-major-arguments-against-cftc-lawsuit-alleges-cftc-is-inappropriately-enforcing-laws/" rel="noopener noreferrer nofollow">committed</a> to tackling these issues. Who got the most money? 
In particular, two courageous individuals took the lion’s share of the $16 million reward. $15 million was given to these two individuals for their information that led to successful enforcement cases in September. However, the specifics of these cases weren’t disclosed in the statement by the Commissioner.
Whistleblowers help identify fraud and other illegality, interpret key evidence, and save considerable Commission resources and time. The faster we can stop fraud, the more we can protect customers from harm Education to avoid Crypto scams 
The CFTC’s Office of Customer Education and Outreach was also acknowledged educating the public on “identifying, avoiding, and reporting” crypto fraud. More retail customers will come under the CFTC’s jurisdiction, that will necessitate a proactive approach.
Earlier this year, Commissioner Romero talked about the importance of <a href="https://news.todayq.com/report-sec-listed-record-breaking-figures-of-crypto-enforcement-actions-in-2022/" rel="noopener noreferrer nofollow">managing crypto-related risks</a> to uphold national security, and financial stability. She advocated for stronger KYC measures to minimize illicit financial activities.
The $16 million reward payout has underscored the growing desperation of crypto-related <a href="https://news.todayq.com/cftc-cracks-down-on-crypto-fraud-jacob-orvidas-fined-2-million/" rel="noopener noreferrer nofollow">enforcement actions</a>. It also reveals the important role played by whistleblowers to protect customers and maintaining the integrity of markets.
© Todayq News

US regulator awards record $16 million to Crypto whistleblowers

Todayq News

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