Following repeated regulatory violations, the CFTC has imposed a $16m court order on Digitex futures exchange and its CEO, Adam Todd. The charges, linked to allegations of price manipulation and unregistered operations, have resulted in Todd and his businesses being prohibited from future trading within CFTC-regulated markets.
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Crypto Exchange Founder’s Hefty Fine: A Strike for Regulation or Blow for Innovation?
Adam Todd, founder of Digitex, was accused by the U.S. Commodity Futures Trading Commission (CFTC) of running an illicit platform and manipulating its token, DGTX. The court mandated Todd to pay $16 million, reflecting poor practice in the decentralized finance landscape. Todd’s case underlines regulators’ emphasis on transparency and legality within the digital asset market, raising questions about the impact on innovative startups.