FalconX to pay approximately $1.8 million to settle with U.S. CFTC

Odaily News The U.S. Commodity Futures Trading Commission (CFTC) announced that it has filed charges against cryptocurrency brokerage Falcon Labs and reached a settlement, and Falcon will pay about $1.8 million in illegal gains and fines. It is reported that in a notice on May 13, the U.S. CFTC stated that Falcon Labs, a subsidiary of FalconX, failed to register as a futures commission merchant. The settlement agreement requires FalconX to stop providing services to U.S. residents and pay about $1.2 million in illegal gains and $600,000 in civil penalties. (Cointelgraph)