In yesterday's newsletter, we identified two CFTC Advisories as newly updated guidance on cooperation that can affect civil monetary penalties in enforcement actions. The updates are current, but they are not new.
News & Insights
The CFTC Division of Enforcement issued guidance as to the standard by which it assesses a firm's level of cooperation with enforcement investigations.
The DOJ, OFAC, FinCEN and the CFTC settled enforcement actions against Binance, its CEO and former CCO. The coordinated settlements addressed charges against the digital asset exchange for CFTC registration failures and for violations of the Bank Secrecy Act and International Emergency Economic Powers Act sanctions programs.
NFA notified futures commission merchants and introducing brokers of the Financial Action Task Force's adoption of a report on crowdfunding techniques used by terrorist groups to raise money for attacks.
The CFTC reported enforcement results for Fiscal Year 2023. The agency highlighted a "record-setting" number of digital asset cases, actions to hold registrants to their regulatory obligations, actions concerning manipulation and spoofing and precedent-setting court decisions in complex litigations.