Crypto Firm Falcon Labs Settles ‘Unregistered Activities’ Case With CFTC For $1.7M
Summary
The CFTC took action against Falcon Labs, a Seychelles-based crypto brokerage, for not registering as a futures commission merchant in the US. Falcon Labs must stop acting as an unregistered FCM and pay a disgorgement of $1.7M and a civil penalty of $589,000. The company facilitated US individuals' access to digital asset derivatives trading platforms without proper registration. Falcon Labs collected around $1.1M in fees from customers engaging in crypto-derivative transactions. The CFTC emphasized its commitment to market integrity and registration compliance.
