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Tether And Bitfinex Were Fined A Total Of $42.5M By The CFTC

Mary Liu

Summary: The US Commodity Futures Trading Commission (CFTC) announced on Friday that it required Tether and the cryptocurrency trading platform Bitfinex to pay a total of $42.5 million in fines.  CFTC claims that Tether has made untrue or misleading statements and omissions of material facts regarding its USDT, requiring Tether to pay a civil fine of ...

The US Commodity Futures Trading Commission (CFTC) announced on Friday that it required Tether and the cryptocurrency trading platform Bitfinex to pay a total of $42.5 million in fines. 

CFTC claims that Tether has made untrue or misleading statements and omissions of material facts regarding its USDT, requiring Tether to pay a civil fine of $41 million and stop any further violations of the Commodity Exchange Act (CEA) and CFTC Act of regulation. 

At the same time, the CFTC accused Bitfinex of illegal digital asset over-the-counter retail commodity trading and operated as a futures commission merchant (FCM) without registering as required. Bitfinex needs to pay a fine of $1.5 million and maintain additional systems to prevent illegal retail commodity transactions. 

By Mary Liu

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