Falcon

Coin

<ul class="news-points"> 
 <li>Falcon Labs charged by CFTC for illegal digital asset derivatives trading.</li> 
 <li>This firm will pay $1.76 million for unregistered U.S. customer transactions.</li> 
 <li>The case marks the CFTC’s first action against unregistered crypto derivatives activities.</li> 
</ul> 
<a href="https://coinedition.com/cftc-sounds-alarm-on-defi-lack-of-accountability-poses-serious-risks/">The U.S. CFTC</a> has made a significant crackdown on the crypto industry, taking enforcement action against Falcon Labs, a Seychelles-based crypto prime brokerage firm. 
As per a <a href="https://www.cftc.gov/PressRoom/PressReleases/8909-24" target="_blank" rel="nofollow">press statement</a> on Monday, the CFTC has charged Falcon Labs with illegal operations. The firm was found to have provided U.S. customers with access to crypto derivatives trading platforms without the necessary registration. 
The report noted that from October 2021 to March 2023, Falcon Labs solicited and accepted U.S. customers’ orders for digital asset derivatives. It acted as an intermediary for Americans seeking crypto derivatives without the necessary CFTC registration.&nbsp; 
Notably, Falcon Labs granted its customers direct exchange access by initially creating a primary account under its name and subsequently establishing linked sub-accounts. Typically, the exchanges did not demand, nor did Falcon Labs provide, identifying information for t…
The post <a href="https://coinedition.com/falcon-labs-fined-1-7m-for-illegally-funneling-u-s-users-into-crypto/">Falcon Labs Fined $1.7M for Illegally Funneling U.S. Users into Crypto</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Falcon Labs Fined $1.7M for Illegally Funneling U.S. Users into Crypto

Coin Edition

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