The Commodity Futures Trading Commission (CFTC) has intensified its focus on the decentralized finance (DeFi) space, issuing simultaneous orders against Opyn, ZeroEx, and Deridex, Inc. for allegedly offering illegal digital asset derivatives trading and failing to comply with regulatory requirements.
Opyn, ZeroEx, and Deridex are accused of failing to register as a swap execution facility (SEF) or designated contract market (DCM), failing to register as a futures commission merchant (FCM), and neglecting to adopt a customer identification program as part of a Bank Secrecy Act compliance program. The CFTC’s orders require the companies to pay civil monetary penalties of $250,000, $200,000, and $100,000, respectively, and to cease and desist from violating the Commodity Exchange Act (CEA) and CFTC regulations.
Director of Enforcement Ian McGinley emphasized the CFTC’s commitment to pursuing “unregistered platforms” facilitating the trading of digital asset derivatives. Opyn, ZeroEx, and Deridex developed blockchain-based software protocols and smart contracts that allowed users to engage in transactions within a decentralized environment.
The CFTC’s enforcement action highlights the increasing scrutiny of DeFi operators and the need for regulatory clarity in the digital asset landscape. Market participants must ensure compliance with existing regulations to avoid potential legal consequences.
This News Article was automatically generated by Bob the Bot (AI)
Opyn, ZeroEx, and Deridex are accused of failing to register as a swap execution facility (SEF) or designated contract market (DCM), failing to register as a futures commission merchant (FCM), and neglecting to adopt a customer identification program as part of a Bank Secrecy Act compliance program. The CFTC’s orders require the companies to pay civil monetary penalties of $250,000, $200,000, and $100,000, respectively, and to cease and desist from violating the Commodity Exchange Act (CEA) and CFTC regulations.
Director of Enforcement Ian McGinley emphasized the CFTC’s commitment to pursuing “unregistered platforms” facilitating the trading of digital asset derivatives. Opyn, ZeroEx, and Deridex developed blockchain-based software protocols and smart contracts that allowed users to engage in transactions within a decentralized environment.
The CFTC’s enforcement action highlights the increasing scrutiny of DeFi operators and the need for regulatory clarity in the digital asset landscape. Market participants must ensure compliance with existing regulations to avoid potential legal consequences.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 10 |
| People | Opyn, Deridex, ZeroEx, Ian McGinley, Inc. |
| Companies | Opyn, Deridex, Commodity Futures Trading Commission (CFTC), ZeroEx, Inc. |
| Currencies | 0x Protocol, deridex., Opyn Squeeth, Ethereum, Bitcoin |
| Securities | None |
