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The Commodity Futures Trading Commission (CFTC) reported that it paid $16 million to informants this year, thanks to which the regulator sued several crypto companies.
CFTC Commissioner Christy Goldsmith Romero said that the data received from whistleblowers concerned cryptocurrencies. The CFTC has allocated almost $350 million to the whistleblower reward program since it launched in 2014. As a result, the agency imposed sanctions on violators worth more than $3 billion. This year, $16 million was received by two informants who provided the CFTC with important data, thanks to which the CFTC initiated several legal proceedings in September. However, the regulator did not explain against whom the lawsuits were filed in court.
"I am very proud of the results of the work of informants. Without them, the agency would not be able to fully protect customers and markets. Whistleblowers help us identify cases of fraud and other violations of the law, analyze key evidence, and significantly save our resources and time. The faster we can stop criminals, the better we will protect customers, " the CFTC commissioner said.
Romero praised the efforts of the CFTC's training and customer service department, which conducts educational seminars for people and tells them how not to fall for the bait of cryptocurrency scammers. With the development of the crypto industry, more and more retail customers fall under the jurisdiction of the CFTC, Romero noted.
In June, the US Federal Court ordered the founder of the digital derivatives platform Digitex Futures to pay about $16 million in a lawsuit filed by the CFTC. The regulator accused the platform of failing to comply with the Know Your Customer (KYC) procedure and anti-money laundering (AML) rules. Earlier, Romero warned that the CFTC does not intend to apply a more lenient approach to cryptocurrency companies than the US Securities and Exchange Commission (SEC).
CFTC Commissioner Christy Goldsmith Romero said that the data received from whistleblowers concerned cryptocurrencies. The CFTC has allocated almost $350 million to the whistleblower reward program since it launched in 2014. As a result, the agency imposed sanctions on violators worth more than $3 billion. This year, $16 million was received by two informants who provided the CFTC with important data, thanks to which the CFTC initiated several legal proceedings in September. However, the regulator did not explain against whom the lawsuits were filed in court.
"I am very proud of the results of the work of informants. Without them, the agency would not be able to fully protect customers and markets. Whistleblowers help us identify cases of fraud and other violations of the law, analyze key evidence, and significantly save our resources and time. The faster we can stop criminals, the better we will protect customers, " the CFTC commissioner said.
Romero praised the efforts of the CFTC's training and customer service department, which conducts educational seminars for people and tells them how not to fall for the bait of cryptocurrency scammers. With the development of the crypto industry, more and more retail customers fall under the jurisdiction of the CFTC, Romero noted.
In June, the US Federal Court ordered the founder of the digital derivatives platform Digitex Futures to pay about $16 million in a lawsuit filed by the CFTC. The regulator accused the platform of failing to comply with the Know Your Customer (KYC) procedure and anti-money laundering (AML) rules. Earlier, Romero warned that the CFTC does not intend to apply a more lenient approach to cryptocurrency companies than the US Securities and Exchange Commission (SEC).
