US CFTC will reward crypto whistleblowers with 10% to 30% of the fine amount
O August 8, the US Commodity Futures Trading Commission (CFTC) announced that it paid a whistleblower a $1 million award for providing details of improper trading on a cryptocurrency platform.
CFTC Enforcement Director Ian McGinley said that as more and more Americans become victims of cryptocurrency scams, the CFTC is increasingly relying on tips from whistleblowers to conduct investigations. Whistleblowers can receive between 10% and 30% of the fine amount. These funds come entirely from the institution's customer protection fund.
Under the Commodity Exchange Act (CEA), the CFTC does not disclose the identity of whistleblowers, specific enforcement actions, or exact reward amounts. "In the previous fiscal year, cryptocurrency cases accounted for nearly 50% of the CFTC's docket, and most of the whistleblowers were related to cryptocurrency."
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