The Commodity Futures Trading Commission (CFTC) reported on actions taken to crack down on illegal activity in the crypto industry in 2023.
The commission organized 96 enforcement actions, which resulted in fines totaling $4.3 billion.
The CFTC claims an unwavering commitment to the integrity of the U.S. derivatives markets, which is why it is pursuing innovative changes to its digital asset oversight efforts.
CFTC Chairman Rostin Behnam emphasized: "The Commission is focused on detecting and preventing fraud in the United States. Innovative measures in the Division of Enforcement have resulted in a record number of cases being brought".
According to BeInCrypto, the CFTC's efforts have been particularly effective in the crypto industry, where the majority of financial frauds in 2023 involved cryptocurrency fraud. The Commission has highlighted the most common types of cryptocurrency scams that investors should be aware of.
For the current year, the CFTC has filed 47 digital asset fraud cases. This represents more than 49% of all filings during the reporting period.
According to Ian McGinley, Director of the Division of Enforcement, the Commission's accomplishments in 2023 confirm the CFTC's unwavering commitment to accountability, client protection, and market integrity.
The Division of Enforcement resolved numerous matters involving complaints against major exchanges and Ponzi scheme fraud and achieved a first-ever victory in a lawsuit against the DAO.
The CFTC's information policy is key to combating cryptocurrency fraud.
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