Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
FalconX will pay $1.8 million to settle newly-announced charges from the Commodity Futures Trading Commission that the crypto trading firm violated commodities laws by failing to register as a futures commission merchant , according to a, offering institutional clients – including some based in the U.S. – with access to various crypto exchanges to trade derivatives, including futures and swaps, the CFTC said in a press release Monday.
The way in which FalconX conducted business for its institutional clients meant that accurate know-your-customer information was often not provided to the crypto exchanges FalconX was trading with. After these new, stricter KYC requirements were put in place, FalconX told the CFTC that Edge lost half of its customers.
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