A federal court sided with the CFTC, demanding $16 million from the founder of Florida-based futures exchange Digitex and banning him from trading. jesseahamilton reports
and sought to manipulate its native token, DGTX, the U.S. Commodity Futures Trading Commission said in a Wednesday statement.for failing to register
as an exchange, a judge in the U.S. District Court for the Southern District of Florida found Todd violated several commodities laws in running the Florida-based Digitex Futures exchange, and the judge ordered he be banned from trading. Todd faces a $12 million fine and about $4 million in disgorgement, though it’s unclear whether Todd or the company would have the resources to pay back customers.
“This order resolves yet another action against an individual and digital asset exchange illegally offering futures contracts to U.S. customers,” said Ian McGinley, the CFTC’s enforcement director, in a statement. He noted the court also found that Todd had “attempted to manipulate Digitex’s native utility token, DGTX, by allegedly ‘pumping’ the token’s price through the use of a computerized bot.”, which utilizes the DGTX token, according to its website.
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