Forex Trading And Cftc Enforcement Actions: Legal Considerations In Las Vegas – The CFTC has initiated or resolved 10 fraud cases involving digital assets or foreign currency since June 2023, Commissioner Kristin Johnson said.
US regulators have finally taken steps to resolve an enforcement case against the bankrupt Mirror Trading International (MTI).
Forex Trading And Cftc Enforcement Actions: Legal Considerations In Las Vegas
The U.S. District Court for the Western District of Texas has ordered MTI to pay $1.7 billion in damages to victims for operating a fraudulent scheme involving digital assets and forex, the Commodity Futures Trading Commission announced September 7 ( CFTC).
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The CFTC noted that MTI and its CEO, Cornelius Steynberg, were engaged in an “international multilevel marketing scheme” that accepted nearly 30,000 Bitcoin (BTC) from at least 23,000 people in the United States. According to the announcement, MTI and Steynberg promised to provide access to a pool of unregistered commodities in exchange for BTC contributions, which never happened.
“MTI instead misappropriated substantially all of the money,” the CFTC wrote, adding that the latest court order and restitution effectively conclude a case that the authority dismissed in June 2022.
As previously reported by , MTI was put into provisional liquidation in late 2020 after one of its directors reportedly fled the country, taking all the Bitcoin that investors had entrusted to the company.
In January 2021, MTI claimed to have over 260,000 members in 170 countries, with investors losing approximately $1 billion at the time of liquidation. The MTI fraud is believed to be one of the largest Ponzi schemes ever involving digital assets.
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“I strongly encourage all members of the public to stay informed about potential scams and abuses in the digital asset markets by visiting our investor advisory page,” CFTC Commissioner Kristin Johnson wrote in the announcement. She added that the CFTC has initiated or resolved ten fraud cases involving digital assets or forex since June 2023, adding:
“I commend the Enforcement Division for continuing to remain vigilant and for sending a strong message to the market: the Commission will do everything necessary to protect its markets from fraud.”
The news comes as CFTC Commissioner Caroline Pham is backing a limited pilot program to address cryptocurrency regulation in the United States. On September 7, the commissioner said she wanted to propose a pilot program for digital asset markets, arguing that the US may soon have to “catch up” with crypto-friendly jurisdictions.
On the same day, another CFTC commissioner, Summer Mersinger, also expressed concern about enforcement actions related to decentralized finance protocols. The commissioner argued that the CFTC should engage with the public and stakeholders instead of relying primarily on enforcement actions. A demo account serves as a simulation account that traders can use to practice trading in a real environment with virtual currency. Opening a demo account is completely free and you will never have to invest a penny in the account, regardless of how many you open, which company you use or how long you have been using it. These accounts are one of the best ways for traders to test their practical skills with zero financial risk. Since demo accounts are completely free, many traders assume that it is not possible to earn money from them. The good news is that it is entirely possible to profit from trading on a demo account.
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When it comes to leverage, you often see bigger numbers advertised, with brokers trying to attract new traders and new webers with the promise of skyrocketing leverage. In fact, the new leverage standard offered by brokers these days is around the 500:1 level, which would have been unheard of a few years ago. Some people, however, still swear by simply not using leverage, to use an account with 1:1 leverage which basically means you will be using your own money and only our money, without borrowing from the broker. This obviously comes with some benefits, benefits which we will look at in this article, so let’s dive in and see what the benefits of trading with 1:1 leverage are.
In addition to currency pairs, the exchanges also allow the trading of cryptocurrencies. Cryptocurrencies can be bought and sold on the foreign exchange market through brokers. Cryptocurrency trading can be closely related to trading but not stock trading. This is because cryptocurrencies are traded in pairs and not individually. In this series, we will analyze the trading costs involved in trading cryptocurrencies paired with fiat currencies (ex: USD).
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