Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-10-01 13:33:14

CFTC Sues Digitex Futures Exchange and CEO for Increased Crypto Price

The US Commodity Futures Trading Commission, or CFTC, has filed a lawsuit against Adam Todd, the founder, and CEO of Digitex LLC, for not registering the company’s crypto futures exchange and influencing the price of its DGTX token. Digitex Sued For Increased Prices Todd reportedly inflated the value of DGTX tokens to boost Digitex’s holdings, not to profit from each deal but by driving up the token’s price, which would increase the exchange’s holdings. In the lawsuit, Todd addressed the activities on live streams numerous times, according to a court document filed on September 30 in the Southern District of Florida. According to the US government, the Digitex CEO developed and operated an unauthorized trading platform for digital assets in breach of the Commodity Exchange Act by using various company organizations. The lawsuit stated, “Unless restrained and enjoined by this Court, defendants are likely to continue to engage in the acts and practices alleged in this complaint and similar acts and practices.” Use of KYC In Digitex Implementing a client information program and conducting Know Your Customer checks (KYC) are required under CFTC regulations. To safeguard user data, Todd stated in 2020 that he intended to eliminate all KYC requirements from Digitex. According to the lawsuit, the CFTC requested a court order preventing Todd and Digitex from transacting in digital asset transactions that are deemed commodities within ...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.