FalconX to Pay $1.8M to Settle Charges of Violating Commodities Laws
Crypto trading firm FalconX has agreed to pay $1.8 million to settle charges from the Commodity Futures Trading Commission (CFTC) that it violated commodities laws by failing to register as a futures commission merchant (FCM). The CFTC said FalconX acted as a crypto prime broker, offering institutional clients access to various crypto exchanges to trade derivatives, including futures and swaps. FalconX was not registered with the CFTC, but one of its portfolio companies, FalconX Bravo, has been registered as a swap dealer since August 2020. FalconX's remediation efforts and cooperation with the investigation resulted in a lower penalty than could have been imposed.
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