Uniswap (UNI) Climbs By Double-Digit Amid Case With CFTC, Investors Capitalize On FXGuys
The post Uniswap (UNI) Climbs By Double-Digit Amid Case With CFTC, Investors Capitalize On FXGuys appeared on BitcoinEthereumNews.com.
Uniswap (UNI) recently had to pay a fine after the CFTC accused the company behind the project, Uniswap Labs, of breaking the rules relating to leveraged and margined digital assets. With this news, investors are considering a new crypto coin as a hedge against market uncertainty. What was the effect of this accusation on UNI? And why is this new crypto coin attractive to investors? Let’s find out! CFTC Settles With Uniswap Concerning Regulatory Breach The United States Commodity Futures Trading Commission revealed in a press release on September 4, 2024, that it had issued an order filing and settling charges against Uniswap Labs, the parent company of the Uniswap decentralized exchange and ecosystem. The charges concerned the offering of illegal leveraged and margined commodities transactions. Uniswap was said to have illegally allowed the trade of leveraged crypto tokens on its decentralized digital asset trading protocol. The press release revealed that Uniswap Labs had already paid a civil monetary fine of $175,000. A civil monetary fine is a non-criminal remedy/payment for a party’s violations of laws or regulations. In response to the CFTC’s statement, Uniswap Chief Legal Officer Katherine Minarik said, “We remain singularly focused on building the future of DeFi for everyone and taking on the fights necessary to make that happen.” Meanwhile, UNI fell to $5.84 on the day the news broke. However, the token has since rebounded by 12.3%, surpassing its price before the CFTC’s press release. Analysts say UNI can rise to $7.00 again with its current momentum, defying the market’s prevalent bearish trend. FXGuys Soars in Popularity as the Best Decentralized Trading Platform FXGuys has attracted much attention recently. One reason is its innovative offering, which features a decentralized trading platform where users receive capital and other incentives to trade. The platform allows access to…
Filed under: News - @ September 14, 2024 12:19 pm