CFTC to Collected Over $1.3B Fines in a Year

That's 39% more than last year; amount includes funds from civil legal penalties, the seizure of proceeds from illegal transactions and compensation 
27 November 2019   297

The U.S. Commodity Futures Trading Commission(CFTC) raised over $ 1.3 billion in administrative fines in fiscal 2019. The amount also includes payments from cryptocurrency operators.

According to the CFTC annual report, the regulator received $ 1,321,046,710 - 39% more than last year. This amount includes funds from civil legal penalties, the seizure of proceeds from illegal transactions and compensation for losses.

The CFTC did not indicate in the report the amount of fines received from companies related to digital assets. At the same time, the regulator mentioned some charges against players in the digital currency industry.

The commission recalled the Control-Finance cryptocurrency pyramid of $ 147 million, which affected more than 1,000 investors who lost 22,858 BTC. The CFTC also noted civil cases against John Barry Thompson, accused of fraud with bitcoins for $ 7 million, and Joseph Kim, who illegally misappropriated cryptocurrency. The latter was fined $ 1.1 million.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.