Crypto Brokerage Firm Falcon Labs Set To Pay Over $1,768,000 in Settlement With CFTC

Crypto Brokerage Firm Falcon Labs Set To Pay Over $1,768,000 in Settlement With CFTC


The U.S. Commodity Futures Trading Commission (CFTC) is ordering the Seychelles-registered cryptocurrency brokerage firm Falcon Labs to pay nearly $2 million to settle regulatory violations.

CFTC says that Falcon Labs failed to properly register with the regulator and will consequently pay a total of $1,768,512 in the regulator’s first action against an unregistered futures commission merchant (FCM).

“Falcon Labs is ordered to cease and desist from acting as an unregistered FCM by providing U.S. persons access to digital asset derivatives trading platforms. The order also requires Falcon Labs to pay $1,179,008 in disgorgement and a $589,504 civil monetary penalty.”

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According to the CFTC, the crypto brokerage firm “solicited or accepted orders” from US-based customers from around October 2021 to at least March 27th of 2023.

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