FalconX to pay approximately $1.8 million to settle with U.S. CFTC
The US Commodity Futures Trading Commission (CFTC) has announced that it has charged and settled with cryptocurrency brokerage firm Falcon Labs, which will pay approximately $1.8 million in illegal gains and fines. The CFTC stated in a notice on May 13 that Falcon Labs, a subsidiary of FalconX, failed to register as a futures commission merchant. The settlement agreement requires FalconX to stop providing services to US residents and pay approximately $1.2 million in illegal gains and $600,000 in civil penalties.
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