CTFC intensifies enforcement against DeFi platforms Opyn, ZeroEx, and Deridex.

The United States Commodity Futures Trading Commission (CFTC) has taken regulatory action against three decentralized finance protocols for reportedly failing to register various derivatives trading offerings. In a statement issued on September 8, the CFTC announced its orders against Opyn, ZeroEx, and Deridex.

According to the CFTC, Opyn and Deridex failed to register as a swap execution facility or designated contract market, as well as failing to register as a futures commission merchant. Additionally, both protocols were found to be non-compliant with customer provisions outlined in the Bank Secrecy Act. On the other hand, ZeroEx was charged for illegally offering leveraged and margined retail commodity transactions in digital assets.

In response to these findings, the CFTC has imposed penalties on the three firms. Opyn has been ordered to pay a penalty of $250,000, ZeroEx is required to pay $200,000, and Deridex faces a penalty of $100,000. Furthermore, all three protocols have been instructed to cease and desist from violating the Commodity Exchange Act and the CFTC’s regulations.

This regulatory action highlights the CFTC’s efforts to maintain oversight and enforce compliance within the growing decentralized finance sector. By cracking down on unregistered and non-compliant protocols, the CFTC aims to protect investors and ensure the integrity of the derivatives trading market.

The CFTC’s actions against Opyn, ZeroEx, and Deridex come as part of a broader push for stricter regulatory measures in the cryptocurrency industry. Recently, CFTC Commissioner Brian Quintenz called for the establishment of a regulatory pilot program specifically focused on cryptocurrencies. This pilot program would enable regulators to gain a better understanding of the market dynamics and effectively address potential risks and challenges.

As the CFTC continues to monitor and regulate the cryptocurrency market, it is expected that more actions will be taken against non-compliant entities. The penalties imposed on Opyn, ZeroEx, and Deridex serve as a warning to other protocols and platforms to ensure they comply with the necessary regulations and registration requirements.

This is a developing story, and more information will be provided as it becomes available. The CFTC’s actions against these decentralized finance protocols emphasize the importance of regulatory compliance in the evolving landscape of digital assets and derivatives trading.

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