CFTC and Falcon Labs reach settlement over registration violations
2024-05-13 19:50:11
The US Commodity Futures Trading Commission (CFTC) has reached a settlement with crypto prime brokerage Falcon Labs, Ltd., resolving the issue that Falcon Labs should have registered but did not register. This is the first time the CFTC has taken action against unregistered futures commissioners, and Falcon Labs has been accused of improperly facilitating clients' trading on digital asset exchanges. Falcon Labs did not admit or deny the CFTC's findings and was fined more than $1.70 million. Previously, the CFTC had accused Binance and its former CEO. Falcon Labs subsequently changed the way it collects customer information and updated its know-your-customer policy. The CFTC said it hopes that through cooperation and rectification of Falcon Labs, other illegal digital asset intermediaries will be encouraged to report their activities to it.
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