A Crypto Startup Fined $1M For Unlicensed Services

The Commodity Futures Trading Commission (CFTC) has fined a Marshall Islands based crypto startup 1pool Limited and its owner a hefty amount for conducting unlicensed financial activities. The CFTC’s director of enforcement stated, “Intermediaries should take notice that they will be held accountable by the CFTC for failing to comply with registration requirements and failing to implement policies and procedures that are crucial in protecting U.S. customers and our markets.”

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A Crypto Startup Fined $1M For Unlicensed Services

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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