Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich May 13, 2011

The CFTC announced today that FX Trading, a registered futures commission merchant (FCM) has been ordered to pay a $110,000 civil monetary penalty by a federal court in New Jersey. FX Trading was charged with failing to satisfy the minimum net capital requirements mandated for a CFTC-registered FCM.

This action began in December 2005, when CFTC filed a brief alleging that FX Trading had failed to comply with CFTC minimums since October of that year. This order to pay finds that the firm failed to maintain proper capitalization, falling short by $239,000. In addition to the civil monetary penalty, the federal judge warned FX Trading not to fall afoul of CEA or CFTC regulations again.

Read more about this CFTC enforcement action.