28.09.2018
4 023

SEC and CFTC Charge 1Broker With Securities Law Violations

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are suing a Marshall Islands-based Bitcoin futures firm for allegedly violating federal law reports Coindesk.

The SEC filed charges against 1pool Ltd. (1Broker) and against its CEO Patrick Brunner for selling security-based swaps to U.S. and international investors without "discretionary investment thresholds." What is also important, investors could only purchase these swaps with bitcoin, SEC claims. According to SEC,1Broker was not registered a "security-based swaps dealer" and "failed to transact its security-based swaps on a registered national exchange." It added:

"The SEC alleges that a Special Agent with the Federal Bureau of Investigation, acting in an undercover capacity, successfully purchased several security-based swaps on 1Broker's platform from the U.S. despite not meeting the discretionary investment thresholds required by the federal securities laws."

Also CFTC filed charges against 1Broker for similarly violating federal laws by failing to implement anti-money laundering and supervisory features.

The FBI later reported it had seized the 1broker.com domain, claiming the company has violated money laundering and wire fraud laws, in addition to "operating as an unregistered broker/dealer of securities" and "operating as an unregistered futures commission merchant."

ALL News

  • 28.09.2018
    4 024

    SEC and CFTC Charge 1Broker With Securities Law Violations

    The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are suing a Marshall Islands-based Bitcoin futures firm for allegedly violating federal law reports Coindesk.

    Read More
  • 19.09.2018
    1 803

    New York Attorney General Reports that Crypto Exchanges are Ripe for Manipulation

    Cryptocurrency exchanges are vulnerable to market manipulation and lack standard consumer protections reports the investigation by the New York State Attorney General's office.

    Read More
  • 13.09.2018
    1 066

    FINRA Has Taken Its First Crypto Disciplinary Action

    The U.S. Financial Industry Regulatory Authority (FINRA) has issued its first crypto-related disciplinary action. On 11th of September FINRA filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts. He was charging with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called Hempcoin. 

    Read More
  • 12.09.2018
    1 946

    South Korean Banks to Limit Services for Crypto Traders without Identity Verification

    South Korean banks are reportedly implementing new measures for crypto traders. They are going to limit the services offered to cryptocurrency traders and investors without identity verification, Korea local news report.

    Read More
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