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Cryptocurrency News Articles
The U.S. Commodity Futures Trading Commission (CFTC) has issued a penalty order against Uniswap Labs, the company behind the popular decentralised crypto assets trading platform.
Sep 05, 2024 at 10:34 am
The U.S. Commodity Futures Trading Commission (CFTC) has taken regulatory action against Uniswap Labs, the creator of one of the world’s largest decentralised trading platforms.
The United States Commodity Futures Trading Commission (CFTC) has issued a penalty order against Uniswap Labs, the company behind the popular decentralised crypto assets trading platform. The CFTC found that Uniswap Labs facilitated leveraged or margin retail commodity trading through its decentralised digital asset protocol, in violation of U.S. financial laws.
The CFTC's order states that Uniswap Labs permitted U.S. users to trade leveraged tokens, which are classified as high-risk instruments. According to U.S. law, such trading activities are subject to stringent regulations to protect retail investors, and it is illegal to offer them without the necessary oversight. The decentralised nature of Uniswap does not exempt it from these requirements.
As part of the settlement, Uniswap Labs has agreed to pay a fine of $175,000 and cease all illegal activities related to leveraged or margin retail commodity trading on its platform. The CFTC body highlighted that this action is included in its broader mission to ensure that all platforms, even decentralised ones, comply with U.S. financial regulations.
This case serves as a reminder that DeFi platforms are not immune to regulatory oversight, especially when they offer products that can pose risks to retail investors. The CFTC's decision also signals that other DeFi projects could face similar scrutiny in the future, particularly as regulators become more aware of the potential risks associated with decentralised trading platforms. For platforms like Uniswap, ensuring compliance with U.S. financial laws will be critical to avoiding further legal challenges.
The current trade price of $Uni, the native token of UniSwap crypto exchange, is $6.4 & this price is up by 10.8% over the last 7 days.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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