The U.S. Commodity Futures Trading Commission (CFTC) is taking regulatory action against three decentralized finance protocols for allegedly failing to register various derivatives trading products.
The U.S. commodity regulator announced in a statement on Sept. 8 that it issued orders targeting the Opyn, ZeroEx and Deridex protocols.
today @CFTC Orders issued against three DeFi protocol operators offering illegal digital asset derivatives transactions. Learn more: https://t.co/7YDbgC1Xl2
— Commodity Futures Trading Commission (@CFTC) September 7, 2023
Deridex and Opyn were charged for failing to register as swap execution agencies or designated contract markets and for failing to register as futures commission merchants. Both agreements also failed to comply with customer terms set forth in the Bank Secrecy Act, the CFTC said.
The three firms are also accused of illegally offering digital asset leverage and margin retail merchandise trades.
The CFTC’s order requires Opyn, ZeroEx, and Deridex to pay fines of $250,000, $200,000, and $100,000, respectively, and to cease violations of the Commodity Exchange Act and CFTC regulations.
This is a developing story and more information will be added as it becomes available.
