CFTC charged three U.S.-based decentralized finance protocols – Opyn, ZeroEx and Deridex – on Thursday for omitting necessary registrations .
The Commodities Futures Trading Commission (CFTC) charged three U.S.-based decentralized finance (DeFi) protocols – Opyn, ZeroEx and Deridex – on Thursday for omitting necessary registrations as a merchant and illegal offerings of digital asset commodities.
CFTC accused the projects of illegally offering “leveraged and margined” digital asset commodity transactions. Deridex and Opyn are charged with failing to register as a swap execution facility or a designated contract market, and as a futures commission merchant, according to the CFTC release.
The commission ordered Opyn, ZeroEx, and Deridex to pay penalties of US$250,000, US$200,000, and US$100,000, respectively, along with a cease and desist of operations in violation with CFTC rules.
The projects have agreed to the penalties to settle the charges.
“Somewhere along the way, DeFi operators got the idea that unlawful transactions become lawful when facilitated by smart contracts,” said CFTC director of enforcement Ian McGinley in the press release.
“They do not. The DeFi space may be novel, complex, and evolving, but the Division of Enforcement will continue to evolve with it and aggressively pursue those who operate unregistered platforms that allow U.S. persons to trade digital asset derivatives,” McGinley said.
(Bloomberg) -- Singapore’s central bank has directed financial institutions to review any relationships with individuals tied to a money laundering scandal involving over S$1.8 billion ($1.3 billion) of assets. Most Read from BloombergHong Kong Shuts Down City After Heaviest Rainfall On RecordApple’s 2-Day Slide Nears $200 Billion on China IPhone CurbsTrudeau Says There’s No Room for Political Rapprochement With ChinaChina Seeks to Broaden iPhone Ban to State Firms, Agencies‘Blame the Boomers’ f
(Reuters) -General Motors on Thursday made a counterproposal to the union representing its U.S. hourly workers in a bid to avoid a costly strike, but United Auto Workers President Shawn Fain called the offer "insulting." The largest U.S. automaker said it offered workers a 10% wage hike and two additional 3% annual lump sum payments over four years in its offer to the union ahead of the Sept. 14 contract expiration. Last week, Ford said it had offered a 9% wage increase through 2027 and 6% lump sump payments, much less than the 46% wage hike being sought by the union through September 2027.
(Bloomberg) -- General Motors Co. made a counteroffer to the United Auto Workers union, proposing a total 16% pay raise for the top wage earners in its plants and a 56% hike for newer employees who make less, the company said in a statement. UAW President Shawn Fain reacted quickly saying the proposal is “insulting.”Most Read from BloombergApple’s 2-Day Slide Nears $200 Billion on China IPhone CurbsTrudeau Says There’s No Room for Political Rapprochement With ChinaHong Kong Shuts Down City After
(Reuters) -The United Auto Workers (UAW) union on Wednesday made a labor contract counterproposal on economic issues to Ford Motor, while Chrysler parent company Stellantis planned its counteroffer this week. The UAW has said 97% of members voted in favor of authorizing a strike if agreement is not reached. "They chose to follow the same path they have in the past, which is delay, delay," UAW President Shawn Fain told CNBC Wednesday night.
WASHINGTON—Ashley Lair was struggling to pay rent when she decided to leave her bartending job last year and pursue a new career in the construction industry. “I have fun telling people who knew me from bartending what I do for a living now,” said Lair, 34 years old. The Biden administration and the construction industry are urging other women to embrace Lair’s unorthodox career path.
(Bloomberg) -- Workers at Chevron Corp.-operated liquefied natural gas facilities in Australia began industrial action after talks failed to resolve a long-running dispute on pay and conditions.Most Read from BloombergHong Kong Shuts Down City After Heaviest Rainfall On RecordApple’s 2-Day Slide Nears $200 Billion on China IPhone CurbsTrudeau Says There’s No Room for Political Rapprochement With ChinaChina Seeks to Broaden iPhone Ban to State Firms, Agencies‘Blame the Boomers’ for Surging House
A wealthy Russian businessman with ties to the Kremlin was sentenced Thursday to nine years in prison for his role in a nearly $100 million stock market cheating scheme that relied on secret earnings information stolen through the hacking of U.S. computer networks. Vladislav Klyushin, who ran a Moscow-based information technology company that did work for the highest levels of the Russian government, was convicted in February of charges including wire fraud and securities fraud after a two-week trial in federal court in Boston.
On Tuesday, NUM, South Africa's biggest mineworkers' union, said it was planning a strike at Venetia, as De Beers could only offer a 6% pay increase against demands for a 9% hike. The strike by NUM's 1,500 workers would impact operations at Venetia's new $2.3 billion underground operations, which started production in July.
As Texas baked in this summer's record temperatures, local UPS driver Chris Begley started feeling unwell before collapsing at a customer's premises. "Chris Begley should still be alive to experience them," the Teamsters union said in a statement of provisions such as a promise to include air conditioning in new delivery vans from next year and to retrofit existing vehicles. "We train our people to recognize the symptoms of heat stress, and we respond immediately to any request for help," it said.
