BREAKING: After SEC, CFTC Issues an Order Against an Altcoin

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Bitcoinsistemi2024/09/05 01:33

By:Mete Demiralp

According to breaking news, the CFTC has issued an injunction against Uniswap (UNI) developer Uniswap Labs for offering illegal Digital Asset Derivatives Trading.

The order requires Uniswap Labs to pay $175,000 in damages and to cease violating the Commodity Exchange Act (CEA) as accused.

The sanction is part of the CFTC’s ongoing efforts to regulate the rapidly evolving decentralized finance (DeFi) space. According to the CFTC, Uniswap Labs, operating under the name Universal Navigation Inc., illegally offered leveraged or margined retail commodity trading in digital assets through its decentralized trading protocol.

Ian McGinley, Director of Enforcement, emphasized the importance of this action, saying: “Today’s action demonstrates once again that the Enforcement Division will vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve. DeFi operators must be vigilant to ensure that transactions are lawful.”

To make it easier for users to access the protocol, Uniswap Labs developed a web interface that allows users to trade across various liquidity pools. Among the assets traded were a small number of leveraged tokens that gave users leveraged exposure to popular digital assets like Ethereum and Bitcoin.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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