Crypto prime brokerage firm Falcon Labs, Ltd. settled with the U.S. Commodity Futures Trading Commission after the agency said it should have been registered, marking the first case of its kind.

The CFTC issued an order against the Seychelles-based firm and subsequently settled, according to a statement released on Monday. The agency said Falcon Labs was an "intermediary facilitating its customers’ trading on various digital asset exchanges." By doing that, Falcon Labs should have registered with the agency as a futures commission merchant (FCM), the CFTC said.  

The CFTC said Monday's order was the "first action against an unregistered FCM that inappropriately facilitated access to digital asset exchanges." 

Falcon Labs did not admit or deny the CFTC's findings and was …