CFTC: 1pool CEO must pay ~$1M for illegal BTC transactions

posted 2 months ago
According to the US Commodity Futures Trading Commision, Marshall Islands-based trading platform, 1pool, & its owner/CEO Patrick Brunner, have been fined for illegally offering retail commodity transactions that were margined in Bitcoin, failing to register as a futures commission merchant, & failing to meet its supervisory duties by not having the required AML procedures in place.

The CFTC imposed a penalty & the company has to return approximately 93 BTC, valued at ~$570,000, to all known US customers. In total, the defendants are paying a total of $990,000 in resolution of the CFTC action. The CFTC Director of Enforcement, James McDonald said “Through the Division’s Bank Secrecy Task Force, Enforcement will continue to investigate and prosecute such violations.”
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