CFTC Fines 1Broker $ 900K

[KYCbench]

  

Last week 1pool Ltd, registered in Marshall Islands, also known as 1Broker, as well as its CEO, Mr. Patrick Brunner were fined $ 990K by The Commodity Futures Trading Commission (CFTC), US independent agency that regulates futures and option markets. Nevertheless that the CFTC has issued a manual for exchanges and clearing centers, which are keen to work with derivatives and financial instruments based on cryptocurrencies last year.

According to the Regulator, the company and its founder were accused due to the violation of Federal laws regarding mainly BTC swaps, as its sale schemes where found similar to securities characteristics. Also, the trade was conducted with lack of compliance; violations of AML procedures and the company also didn’t registered with CFTC as a futures commission merchant (FCM). 

In addition to the imposed by CFTC fine, the company is obliged to return illegally obtained profits in amount of $ 246K. Among other things, 1Broker should return to its clients from the US and other countries almost 93 BTC.

Skeptical mood to blockchain-based assets remains same from authorities and financial regulators worldwide. 

KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant

Please contact KYCbench today, the most reliable ID verification processor at: [email protected]

Join our Telegram Groups:
KYCBench Announcement
KYCBench Community