The Commodity Futures Trading Commission (CFTC) has paid out a total of $16 million to individuals who offered information leading to successful enforcement actions this year alone, with most of the tips provided by whistleblowers centered around cryptocurrencies. CFTC Commissioner Christy Goldsmith Romero revealed the numbers in an October 31 statement, saying that whistleblowers—who are eligible to receive up to 30% of the monetary sanctions collected—play “a vital role” in supporting the regulator’s investigations. According to the Commissioner, so far this year, the CFTC has received 1,530 tips, adding that it’s ”the highest of any year.” “The majority of the tips received this year involved crypto—an area that continues to have pervasive fraud and other illegality,” said Romero. Two whistleblowers, in particular, received a combined total of $15 million for their information, which played a pivotal role in the success of enforcement cases in September.
Although the specifics of these cases are not revealed, Romero stressed that the two whistleblowers provided “significant information and assistance” that helped the CFTC to bring separate successful enforcement cases.” Since launching the first CFTC’s Whistleblower Program award in 2014, the regulatory body has awarded nearly $350 million to informants who have exposed fraudulent activities. These awards have been linked to more than $3 billion in enforcement sanctions issued in connection with the disclosed information.
The CFTC has awarded $16 million to whistleblowers this year alone who have provided tips that helped the regulator in successful enforcement actions. The majority of these tips were related to cryptocurrencies, which the CFTC has been actively monitoring for fraudulent activities. Two whistleblowers were awarded a combined total of $15 million in September for their information that helped the CFTC bring successful enforcement cases. Since launching the first CFTC’s Whistleblower Program award in 2014, the regulatory body has awarded nearly $350 million to informants who have exposed fraudulent activities. #cryptocurrency #CFTC #whistleblower #enforcementactions
You can read more about this topic here: Decrypt: Crypto Tips Dominate Whistleblowing Activity This Year, Says CFTC Commissioner