- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The CFTC and SEC have issued a warning regarding virtual currencies. They “will look beyond form, examine the substance of the activity, and prosecute violations of the federal securities and commodities laws.”
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The CFTC is pursuing enforcement against five entities and four individuals for engaging in a fraudulent scheme to solicit global customers for the purported purpose of trading illegal, off-exchange binary options.
As mainstream firms dip their toes into cryptocurrency, they are discovering an evolving world of money laundering controls and sanctions restrictions.
Even as the Trump Administration trumpets its deregulation efforts, the SEC is working to implement a backlog of stalled rules already on the books.
