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Digitex Futures’ founder and CEO were brought to justice by the CFTC. The agency alleges that Adam Todd, the founder of Digitex Futures, failed to register with CFTC. They also attempted to pump their native token. 

The Commodity Futures Trading Commission is suing Digitex LLC, a crypto futures exchange, and its CEO Adam Todd for failing register with the agency. They also attempted to manipulate the price their token.

Digitex Futures was a designated contract market or foreign trade board, but never applied for registration with the commission to be a futures merchant, which is required licensure by the CFTC. Digitex Futures was also accused of failing to adhere to Bank Secrecy act requirements. This includes implementing effective know your customer checks and a customer program.

Further, the complaint alleges that Todd tried to manipulate DGTX’s price. 

The CFTC alleges that Todd manipulated DGTX’s price by purchasing large amounts of tokens. This was not done with the intent of making any money from individual trades but to inflate the exchange’s holdings and pump the price of tokens. Todd’s actions were discussed on livestreams in multiple instances.

The complaint stated that defendants are likely to continue engaging in acts and practices alleged by the complaint, and other similar acts and practice, “unless restrained and enjoined” by the Court.

The CFTC requests a court order interdicting Digitex or Todd from continuing transactions. The CFTC wants Digitex to stop trading on registered exchanges and Todd to cease soliciting or receiving funds for the purchase or sale of commodities. The agency wants the firm to return all profits, disgorge any other gains, pay full restitution, and be subject to civil monetary penalties.

The official Twitter account of the company boasts that Digitex 2.o will be available soon, starting April 29. The website of the company appears no longer to be active.

The post CFTC Takes Legal Action Against Digitex Futures and its Founder Adam Todd first appeared on The Daily Encrypt.



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Angie Byrd