FalconX Fined $1.8M by CFTC, Ceases U.S. Crypto Derivatives Trading

The post FalconX Fined $1.8M by CFTC, Ceases U.S. Crypto Derivatives Trading appeared first on Coinpedia Fintech News

FalconX settled with the CFTC for $1.8 million, accused of violating commodities laws by operating as a futures commission merchant (FCM) without registration. The firm is known as a digital asset prime broker, and it provided U.S.-based institutional clients access to crypto exchanges for derivatives trading. FalconX lost half its customers after the KYC measures prompted by the actions of CFTC against Binance. The settlement includes a disgorgement of $1,179,008 and a $589,504 civil penalty, requiring FalconX to halt unregistered FCM activities.