Never let deregulation empower criminals! Self-regulate whenever possible, let the rest be handled by police & the legal system. Criminal remains? Order the Terminator!

The United States Commodity Futures Trading Commission (CFTC) reported an unprecedented $17.1 billion in monetary relief for fiscal year 2024, primarily from enforcement actions targeting the cryptocurrency sector. The landmark year included $12.7 billion recovered in the FTX case—the largest recovery in CFTC history—and significant penalties from other crypto entities like Binance. With $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution, the CFTC has set a new benchmark for enforcement in digital assets.Why is 2024 a pivotal year for CFTC’s crypto enforcement? “This record-breaking year reflects the CFTC’s commitment to protecting customers and ensuring market integrity,” said CFTC Chair Rostin Behnam.The FTX case, a cornerstone of the CFTC’s recovery efforts, brought $12.7 billion in restitution and disgorgement. The settlement addressed fraud claims against FTX, its affiliate Alameda Research, and key executives, including founder Sam Bankman-Fried, who is serving a 25-year prison sentence. The litigation remains active against other FTX affiliates and executives, including Gary Wang and Caroline Ellison.Binance also faced significant penalties, with the CFTC recovering $150 million from founder Changpeng Zhao and imposing $1.35 billion in civil monetary penalties and disgorgement. Together, FTX and Binance accounted for a substantial portion of the year’s recoveries.The CFTC’s crackdown extended beyond FTX and Binance. Voyager’s former CEO Stephen Ehrlich was charged with fraud and registration failures. The federal court denied Ehrlich’s motion to dismiss, strengthening the CFTC's stance in ongoing litigation. Additionally, the agency uncovered a Ponzi-like scheme by Seneca Ventures, resulting in over $230 million in combined penalties, restitution, and disgorgement.The CFTC also pursued cases involving fraudulent practices like romance scams, misappropriating $2.3 million in customer funds meant for digital asset trading. These cases underscore the agency's broader commitment to tackling misconduct across its jurisdiction, according to Cointelegraph:  “Misconduct in our jurisdictional markets is rarely confined, especially as these boundaries are continually being redefined by disruptive technology,” Behnam added.