The CFTC Cracks Down on Firms Facilitating a $15 Million Crypto Scam

There has never been a shortage of cryptocurrency scams, nor will there be in the future. Two companies involved in a recent binary options scam have now been fined by the CFTC.

When looking at crypto trading platforms, it is pertinent to separate the real ones from the fake.

CFTC Hammers Down on Crypto Scams

Dozens of legitimate trading platforms exist, and everything else can be ignored for the most part.

Even so, a lot of people tend to get duped by fake trading platforms these days.

Two crypto trading platforms running a scam were recently charged by the CFTC.

The companies were operational for three and five years respectively.

They allegedly provided exposure to traditional crypto trading and binary options.

One firm went by the name of Tal Velariola, whereas the other is called Itary Barak of Digital Platinum Limited.

These firms aided US-based firm All in Publishing to promote investment schemes targeting Americans and international clients.

In the end, nearly $15 million was stolen from over 50,000 people.

Following the indictment by the CFTC, it will be interesting to see if duped individuals get their money back.

It is evident that institutions like the CFTC need to keep cracking down on cryptocurrency scams in a very aggressive manner.

Image(s): Shutterstock.com

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