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US CFTC fines cryptocurrency ATM Coin founders for running a $4.25 million scam – Cryptocurrency News

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

The US Commodity Futures Trading Commission (CFTC) has fined the founders of ATM Coin for running a $4.25 million scam. Blake Harrison Kantor and Nathan Mullins have been ordered to pay up restitution of $846,405 and a civil monetary penalty of $2.5 million. The US court charged the founders of the cryptocurrency with fraud and misappropriation of client funds.

The US CFTC on Friday announced to fine the founders of “worthless cryptocurrency” ATM coin for running a $4.25 million “binary options” scam. Along with this fine, the court also ordered Blue Wolf Sales Consultants, a New York company owned by Kantor, to disgorge $463,097.

CFTC enforcement filed the case back in April 2018. According to the court’s documents, binary options gave the buyer the right to buy or sell an asset for a specified price on or before a certain date. CFTC filed in its complaint that to be legal in the US, binary options have to be traded on a registered board of trade in the US in order to comply with the existing laws.

CFTC authority reported that the internet-based trading platforms that deal with binary options have been on an unprecedented rise in the past few years. The CFTC also noted that they are getting complaints about binary trading platforms that they are collecting sensitive customer information, which includes credit card and driver’s license data. CFTC earlier announced to expand its blockhcain and cryptocurrency research department.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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