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ARTICLE · 06 AUGUST 2019

Trading Firm Principal Settles CFTC Charges Relating To Off-Exchange Binary Options

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The operator of a binary options trading firm agreed to settle CFTC charges for engaging in off-exchange options trading without being properly registered as a futures commission merchant ("FCM").

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The operator of a binary options trading firm agreed to settle CFTC charges for engaging in off-exchange options trading without being properly registered as a futures commission merchant ("FCM").

According to the CFTC, Curtis Dalton, the principal of the firm, entered into, and confirmed the execution of, off-exchange retail commodity options. The CFTC found that Mr. Dalton offered binary options transactions to U.S. and foreign customers without being registered with the CFTC as an FCM, as required. The CFTC charged that Mr. Dalton violated prohibitions against the sale of off-exchange options trading, including by entering into swaps with customers who were not eligible contract participants. The CFTC determined that Mr. Dalton's business, Binary International, took in a reported $1.5 million through trading binary options.

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