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ARTICLE · 21 MARCH 2019

Federal Court Penalizes Foreign Platform Settling Trades In Bitcoin

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The U.S. District Court for the District of Columbia entered a Consent Order ("Order") against a foreign trading platform and its CEO

United StatesTechnology
Robert Zwirb
Robert Zwirb
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The U.S. District Court for the District of Columbia entered a Consent Order ("Order") against a foreign trading platform and its CEO (collectively, the "Defendants") for unlawful bitcoin-related transactions with U.S. customers. The Order resulted from a September 2018 Complaint filed by the CFTC.

According to the Order, the Defendants (i) illegally offered commodity transactions that were in the form of "contracts for difference" involving gold and crude oil, (ii) neglected to register as a futures commission merchant with the CFTC and (iii) failed to satisfy their supervisory responsibilities relating to anti-money laundering. The transactions, which were financed and settled in bitcoin, never resulted in the delivery of the underlying commodities.

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