Chicago Trading Company Admits to Trading on Coin On
According to reports, Chicago based trading company Radix Trading said it was the unidentified \”trading company A\” mentioned in the U.S. Commodity Futures Trading Commission (CFTC)
According to reports, Chicago based trading company Radix Trading said it was the unidentified “trading company A” mentioned in the U.S. Commodity Futures Trading Commission (CFTC) lawsuit against Coin An on Monday. In the lawsuit, CFTC mentioned at least three quantitative trading companies headquartered in the United States. Although U.S. customers should have been banned from trading on Coin On, the three exchanges are still active in Coin On. Benjamin Blander, co founder of Radix, said that Radix had been trading on Coin Security through its offshore subsidiary and a major broker for several years, and that everything about the company’s encrypted connections had been subject to legal review. Blander also stated that Radix was cooperating with the CFTC before the prosecution, and he did not believe that Radix was the target of any investigation.
Radix Trading is one of the three quantization companies mentioned in the CFTC lawsuit against Coin Security
Introduction
On Monday, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit that mentioned at least three quantitative trading companies that are headquartered in the United States. According to media reports, Chicago-based trading company Radix Trading has confirmed that it was the unidentified “trading company A” mentioned in the lawsuit. Although trading on Coin On by U.S. customers was banned, these three exchanges remained active on the platform. In this article, we will discuss the CFTC lawsuit and the involvement of Radix Trading in Coin On trading.
The CFTC Lawsuit Against Coin On
The CFTC lawsuit alleges that Coin On operated an unregisteredonline derivatives trading platform and sold fraudulent digital assets by using deceptive marketing tactics to lure unsuspecting investors. The lawsuit also names four individuals – founders of Coin On – and seeks to impose a civil monetary penalty and a permanent ban on the defendants from trading in cryptocurrencies and other commodities. The CFTC said in its statement that the defendants violated the Commodity Exchange Act by illegally operating a derivatives platform that facilitated trading in digital assets, and that the exchange is not registered as a designated contract market or a swap execution facility.
The Role of Radix Trading in Coin On
Benjamin Blander, co-founder of Radix Trading, confirmed that his company was trading on Coin On through its offshore subsidiary and a major broker for several years. He stated that all aspects of the company’s encrypted connections have been subject to legal review and that Radix was cooperating with the CFTC before the prosecution. Blander further stated that he did not believe Radix was the target of any investigation.
The Impact of the CFTC Lawsuit on Coin On
The lawsuit has triggered a sharp decline in the prices of cryptocurrencies, especially Bitcoin which experienced a drastic fall on major crypto exchanges like Coinbase and Binance. Since the allegations by the CFTC against Coin On, investors in the US crypto market have become increasingly wary of unregulated exchanges. Experts have warned that the lack of regulatory oversight and compliance in the digital currency market makes investors vulnerable to risks, including price manipulation, fraud, and misuse of investor funds.
Conclusion
The admission by Radix Trading that it was involved in trading on Coin On has added another twist to the ongoing CFTC lawsuit against the exchange. The crypto community is eagerly waiting for further developments on this case, which is expected to raise important questions about the future of digital asset trading.
FAQs
1. What is the CFTC lawsuit against Coin On?
Ans: The CFTC lawsuit alleges that Coin On operated an unregistered online derivatives trading platform and sold fraudulent digital assets.
2. Who are the defendants in the CFTC lawsuit?
Ans: The lawsuit names four individuals – founders of Coin On – and seeks to impose a civil monetary penalty and a permanent ban on the defendants from trading in cryptocurrencies and other commodities.
3. Why has the CFTC lawsuit triggered a decline in cryptocurrency prices?
Ans: The lack of regulatory oversight and compliance in the digital currency market makes investors vulnerable to risks, including price manipulation, fraud, and misuse of investor funds.
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