CFTC Whistleblower Program Reveals Surge in Virtual Currency Tips
The Commodity Futures Trading Commission (CFTC) has awarded over $16 million in whistleblower payouts in 2023, with a significant portion of the funds related to tips in the virtual currency industry.
Increased Tips from the Virtual Currency Industry
CFTC Commissioner Christy Goldsmith Romero revealed that the program has been successful in combating financial fraud, resulting in over $3 billion from successful prosecutions, with $350 million awarded since the initiative’s launch. In 2023, the CFTC received 1,530 tips, with over 900 originating from the virtual currency industry.
Whistleblowers in the Crypto Industry
Whistleblowers who expose fraud in the cryptocurrency sector can receive 10 to 30 percent of monetary sanctions. Two whistleblowers received over $15 million for providing information that led to successful enforcement cases. The CFTC also plans to improve the “confidential protection” available to whistleblowers, with further reforms on the horizon.
Tighter Supervision for Crypto Industry
The CFTC has strengthened its monitoring of the virtual currency sector, securing settlements with prominent entities such as Mirror Trading International Proprietary Limited (MTI), Tether, and Bitfinex. These actions demonstrate the CFTC’s commitment to transparency and honesty in the digital assets marketplace.
### News source: zycrypto.com