CFTC settles $1.8M with Falcon Labs for unregistered US customer access to crypto exchanges.
The CFTC announced a $1.8M settlement against FalconX's subsidiary, Falcon Labs, for not registering as a futures commission merchant and facilitating unregistered US customer access to digital asset exchanges. Falcon Labs must cease offering services to US residents and pay $1.2M in disgorgement and $600K in civil monetary penalties. This is the CFTC's first action against a firm for inappropriately providing access to crypto trading platforms.
May 13, 2024
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