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Thread: CFTC Fines 1Broker $ 900K

  1. #1

    CFTC Fines 1Broker $ 900K

    Last week 1pool Ltd, registered in Marshall Islands, also known as 1Broker, as well as its CEO, Mr. Patrick Brunner were fined $ 990K by The Commodity Futures Trading Commission (CFTC), US independent agency that regulates futures and option markets. Nevertheless that the CFTC has issued a manual for exchanges and clearing centers, which are keen to work with derivatives and financial instruments based on cryptocurrencies last year.

    According to the Regulator, the company and its founder were accused due to the violation of Federal laws regarding mainly BTC swaps, as its sale schemes where found similar to securities characteristics. Also, the trade was conducted with lack of compliance; violations of AML procedures and the company also didnít registered with CFTC as a futures commission merchant (FCM).

    In addition to the imposed by CFTC fine, the company is obliged to return illegally obtained profits in amount of $ 246K. Among other things, 1Broker should return to its clients from the US and other countries almost 93 BTC.

    Skeptical mood to blockchain-based assets remains same from authorities and financial regulators worldwide.

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  2. #2
    This is peanut for such companies and even if the company is closed, it still is no major problem because they will come back with different name. The only thing that could be REAL punishment for such companies is when the owners get punished and also public making better choice because then only you will see such brokers decreasing.

    The only way is to use internet for comparison and research. I say try, this should give you every information to be picking suitable broker whether you do Forex/Crypto/Binary or any type of trading.

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