US derivatives market regulator The Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the District of Arizona issued a default judgment against Debiex, a purported digital asset platform. The order, issued March 13, finds Debiex liable for fraud in connection with digital asset commodity trading and misappropriating over $2 million in customers’ funds.
The order bans Debiex from trading in any CFTC regulated markets or registering with the CFTC. It also requires Debiex to pay a $221,466 civil monetary penalty and over $2.2 million in restitution.
As part of the scheme, relief defendant Zhāng Chéng Yáng acted as a money mule when his digital asset wallet was used by Debiex to misappropriate at least one customer’s funds. Zhang is believed to be a Chinese national. By separate order issued on March 12, the court ordered the remaining digital assets in Zhang’s digital asset…
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