U.S. Commodity Futures Trading Commission (CFTC) stated about a settlement agreement with Uniswap Labs. As part of the deal, the latter will pay a civil penalty of $175,000.
According to the ruling, the company was accused of trading digital asset derivatives without a license, which is a violation of the Commodity Exchange Act (CEA).
According to the CEA, only a contract market can offer such products. Uniswap Labs, in turn, has not been registered with the CFTC and cannot be considered such a counterparty, the Commission emphasized.
At the same time, the company cooperated with the regulator, which allowed the punishment to be mitigated.
Uniswap Labs previously received a “Wells Notice” from the US Securities and Exchange Commission (SEC). At the same time, the decentralized exchange developed by the firm and its wallet are positioned as brokers.
Moreover, the media reported that the New York prosecutor’s office sent subpoenas to venture funds in connection with the Uniswap Labs case. The company’s investors previously received a request from the SEC.
Against this backdrop, the UNI token rate responded with a fall. On the daily chart, the drawdown is more than 2%.
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Source: Cryptocurrency
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