CFTC v. Mek Global Ltd.

The CFTC sues Mek Global (KuCoin) for violating the CEA by illegally dealing in off-exchange futures transactions without registering with the Futures Commission Merchant (FCM), operating a facility for trading or processing of swaps without registering with the Commission of swap execution facility (SEF) or Designated Contract Market (DCM), and failing to implement an effective CIP.

This case demonstrates the CFTC's pushback against offshore crypto exchanges offering derivative products, falsely claiming that U.S. citizens cannot use their platforms, and subsequently allowing U.S. customers to use their technology without providing basic customer identifying information.

1:24-cv-02255