Home Cryptocurrency CFTC Charged South Korean firm $700,000 Fine over spoofing

CFTC Charged South Korean firm $700,000 Fine over spoofing

CFTC Charged South Korean firm $700,000 Fine over spoofing

  • CFTC acclaimed and slapped that the traders used spoofing technique to cash in benefits on the platform Chicago Mercantile Exchange (CME).
  • Daewoo has now paid the charge of whopping $700,000 without accepting neither denying the charges placed on them by CFTC.
  • CFTC personal came into quick action after their thorough observation on this illicit method to make profits.

The South Korean company Mirae owned Daewoo Securities has paid a legal charge of $700,000 over spoofing case by Commodity Futures Trading Commission (CFTC), it has alleged that Daewoo Securities have made their profits by illegal means of spoofing technique.

CFTC acclaimed and slapped that the traders used spoofing technique to cash in benefits on the platform Chicago Mercantile Exchange (CME).

The traders from Daewoo used the Spoofing technique where they bought future contracts and cancelled the contract before selling to cash in. The traders ran spoofing on S&P 500 stocks portrayed on CME from December 2014 to April 2016 notably.

Daewoo has now paid the charge of whopping $700,000 without accepting neither denying the charges placed on them by CFTC. This has left the observers on their feet.

After this incident, Mirae bought the Security logistics company and have much co-operated with CFTC for further recovery of misconduct.

This initiation was much appreciated by Commodity Futures Trading Commission personal due to the longing support of Mirae over the lawsuit. This could lead to lesser charges and some withdrawal of the lawsuit.

Spoofing is an alleged method wherein a trader buys a larger share of Future trades and cancels it quickly which manipulates the market watchers and other traders into thinking that the market is going through a periodic rise and fall.

CFTC personal came into quick action after their thorough observation on this illicit method to make profits.

This previously encountered when German Bank organisation Deutsche Bank also played the same way of spoofing to make large profits for which they paid $30 Million when they caught, and it said to be the biggest spoofing in the history of Finance.

Another Swiss Bank UBS also paid charges heavily when the traders were manipulating trades on Metals and commodities.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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