Choosing The Right Forex Trading Attorney In Las Vegas: Tips And Considerations

Choosing The Right Forex Trading Attorney In Las Vegas: Tips And Considerations – If a crypto trading platform fails to identify US customers, individuals may be personally liable for viewing, monitoring and reporting participants and transactions under CFTC and FinCEN regulations.

The three crypto co-founders are being held personally liable for failing to register and comply with the necessary requirements for a digital asset derivatives platform.

Choosing The Right Forex Trading Attorney In Las Vegas: Tips And Considerations

Millions in civil penalties have been imposed on such individuals for violating the Commodity Exchange Act and operating unregistered futures commissions.

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The Commodity Futures Trading Commission (CFTC) recently announced that the US District Court for the Southern District of New York entered consent orders for $30 million in personal civil monetary penalties against three co-founders of a cryptocurrency derivatives trading platform. This is not the first time that the platform has been cited.

The court’s ruling underscores the importance of regulatory compliance for fintech founders, and emphasizes that they are personally responsible for ensuring that operations are conducted with due regard for US regulatory regimes and compliance requirements. These responsibilities include implementing procedures to identify US persons using financial services, products and platforms.

The $30 million in civil fines to be paid by the three co-founders prohibits the platform from conducting significant aspects of its business from the US and accepting orders and funds from US clients to trade cryptocurrencies and derivatives through unregistered entities. occurs without complying with the customer. identification, screening, regulatory compliance and consumer protection requirements.

The personal liability of the three co-founders stems from operating as a Futures Commission (FCM) without registering with the CFTC and violating the Commodity Exchange Act (CEA) by failing to implement a Customer Information Program (CIP) and Know Your Customer. (KYC) procedures to identify US persons using the platform. Subsequent failures include violations of Financial Crimes Enforcement Network (FinCEN) and CFTC regulations, which require the implementation of an appropriate anti-money laundering (AML) program and customer identification program.

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These individual civil penalties against platform founders underscore the importance of regulatory scrutiny in the context of offering digital assets, cryptocurrencies, and virtual currency services. The trading platform was cited not only for unregistered derivative products, but also for failing to implement an appropriate BSA/AML program for related money transfer activities. The imposition of fines and concurrent findings between the CFTC and FinCEN highlights the complex system of regulatory requirements that apply to digital assets and fintech products.

The May consent orders relate to the 2021 CFTC Consent Order and concurrent enforcement actions by FinCEN for violations of the Bank Secrecy Act (BSA) and FinCEN regulations for operating a trading platform without registration in violation of CEA and CFTC regulations. The 2021 fines totaled more than $100 million in civil monetary penalties to be paid by the trading platform itself.

CFTC Acting Executive Director Gretchen Lowe commented: “Regulators of cryptocurrency derivatives trading platforms doing business in the United States must ensure that their platform complies with applicable federal commodity laws, including CFTC registration and Know Your Customer and Anti must ensure compliance with regulatory requirements. – Money laundering regulations.

Regulators are taking a detailed approach to addressing money laundering and terrorist financing, and as FinCEN Deputy Director AnnaLou Tirol commented in 2021, “It’s critical that platforms are built on financial integrity from the start so that financial innovation and opportunities are protected from vulnerabilities. and exploitation”.

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These orders highlight the high price that founders can pay when they fail to meet their regulatory obligations by allowing unlicensed activity and unvetted individuals on their platforms. Fintech founders should carefully review this latest announcement to ensure they meet their regulatory obligations in their US operations.

For more information, please contact your local Barnes & Thornburg attorney or Trace Schmeltz at 312-214-4830 or tschmeltz@ or Katie Mills at 310-284-3820 or katie.mills@

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Los Angeles, Cal. – October 24, 2022 – Grinspoon Marder is proud to announce that Brian Koegle has been selected to be profiled.

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