US regulators accuse XBT of unregistered sale of bitcoin swaps

U.S. regulators have indicted XBT, claiming it has not registered as an authorized exchange trading company (FCM).

In a press release, the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) state that XBT, also known as First Global Credit, sold bitcoin securities swaps without registering on a national exchange.

The investigation was attended by the US FBI and the Swiss Financial Market Supervisory Authority (FINMA). According to the allegations, XBT requested and accepted futures orders from 24 customers from the United States for the period from March 2016 to July 2017. However, the company did not register as FCM.

In total, XBT had at least 90 investors who conducted more than 18,000 securities transactions between 2014 and 2019 and entered into transactions “based on US registered securities” worth more than $ 100 million. $ 43.8 million was concluded by US residents.

XBT will pay the SEC more than $ 130,000 as part of the settlement. According to a CFTC press release, the agency “recognizes that the fine for XBT in this situation has been significantly reduced in light of the company’s collaboration with regulators.”

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This is not the first time that US regulators have blamed cryptocurrency companies. Recently, the SEC dealt an unexpected blow to the upcoming TON blockchain, accusing Telegram of unregistered sale of tokens a year and a half after the ICO.

In September, the SEC accused ICOBox of unregistered sale of tokens for $ 14 million, and earlier the Commission charged fintech companies Longfin with fraud.