The post CFTC fines Uniswap Labs: derivatives at risk appeared on BitcoinEthereumNews.com.

Uniswap Labs has agreed to pay a fine of $175,000 as part of a settlement with the CFTC.  The CFTC had sued the company for illegal trading of digital asset derivatives. Uniswap Labs Uniswap Labs is the company behind the development of the leading decentralized exchange (DEX) in the world, namely Uniswap.  Despite Uniswap being only a decentralized protocol, the company that developed it is a centralized and easily identifiable entity, so much so that it received a complaint from the CFTC and a Wells notice from the SEC. In the specific case of the CTFC complaint, the accusation was not about developing a DEX, but about allowing the trading of financial derivative products on digital assets without the necessary authorizations.  The CFTC The Commodity Futures Trading Commission statunitense si occupa in special modo degli scambi di commodity e di derivati, come per l’appunto i future.  Apparently, there was nothing to say to Uniswap Labs regarding spot token exchanges on the DEX, also because the main cryptocurrencies are considered commodities, and for the exchange of commodities, no special licenses or authorizations are required.  The specific problem, on the other hand, concerned precisely the futures, or other derivatives, for which the law requires that the public offering be made only by authorized entities.  CFTC: the fine against Uniswap Labs With an official press release published yesterday, the CFTC states that it has issued an order of filing and resolution of charges against Universal Navigation Inc. d/b/a Uniswap Labs, a Delaware company based in New York. The order notes that Uniswap Labs has illegally offered leveraged or margined commodity transactions to a retail public through a decentralized digital asset trading protocol (the DEX).  This requires Uniswap Labs to pay a monetary penalty of $175,000 and to cease from violating the Commodity Exchange…

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Filed under: News - @ September 5, 2024 12:19 pm