Saturday, September 23, 2023

CFTC is cracking down on DeFi protocols Opyn, ZeroEx and Deridex

The U.S. Commodity Futures Trading Commission (CFTC) is taking regulatory action against three decentralized finance (DeFi) protocols for allegedly failing to register for various derivatives trading offerings.

In a statement on September 8, the US Commodity Regulatory Commission announced that it had issued orders against the Opyn, ZeroEx, and Deridex protocols.

Deridex and Opyn were accused of failing to register as swap execution agents or designated contract markets and failing to register as futures commission dealers. According to the CFTC, the two protocols also violated the Bank Secrecy Act’s customer provisions.

The three companies were also accused of illegally offering leveraged and margined retailing of digital assets.

The CFTC’s orders require Opyn, ZeroEx, and Deridex to pay fines of $250,000, $200,000, and $100,000, respectively, and to cease and desist from violating the Commodity Exchange Act and CFTC regulations.

This is a developing story, and more details will be added as they become available.

World Nation News Desk
World Nation News Desk
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