The U.S. Commodity Futures Trading Commission (CFTC) is increasingly scrutinizing offshore crypto betting platforms, including Polymarket. During a July 17 discussion at Georgetown University’s Psaros Center for Financial Markets and Policy, CFTC Chair Rostin Behnam announced that the agency is closely monitoring platforms offering services to U.S. customers without proper registration.
The U.S. CFTC is closely monitoring Polymarket as the U.S. Presidential elections approach. Recently, Kamala Harris has gained traction against Donald Trump in the betting stakes on Polymarket.
SEC Tackles First Crypto “Pig Butchering” Scam
On Sept. 17, the U.S. Securities and Exchange Commission (SEC) filed its first case against a crypto “pig butchering” scam. The SEC sued five entities and three individuals connected to fake exchanges, CoinW6 and NanoBit, accusing them of defrauding investors of $3.2 million. These scams involve gaining trust through social media, leading victims to invest in fake crypto ecosystems displaying false information.
Germany Seizes 47 Crypto Exchanges for Alleged Criminal Activity
On Sept. 19, German authorities shut down 47 crypto exchanges linked to an “underground economy.” These platforms allegedly facilitated money laundering by concealing the origin of illicit funds.
Authorities revealed that botnet operators, ransomware attackers, and black-market traders used these services to turn stolen cryptocurrency into regular currency.
Feds Arrest Bitcoin Thieves for $230 Million Scam
Also on Sept. 19, U.S. federal agents arrested two men accused of stealing $230 million in Bitcoin. The men, Jeandiel Serrano and Malone Lam, reportedly used various online aliases and methods to steal and launder over 4,100 BTC since August. The stolen funds fueled a lavish lifestyle, including international travel, luxury cars, and high-end jewelry.
Also Read: CFTC Partners with Agencies to Combat Crypto Pig Butchering
