Coin On Responds to CFTC Lawsuit: Will Continue to Cooperate with Regulatory Agencies

On March 28th, a spokesman for Coin On responded to the lawsuit filed by CFTC. Coin On stated that Coin On had cooperated with CFTC for more than two years, so its indictment was unexpected and disappointing. Despite this, Coin On will continue to cooperate with regulatory agencies in the United States and around the world. The best way for us to keep moving forward is to protect our users, while also continuing to cooperate with regulatory agencies and assist in developing clear and complete regulatory systems. In the past two years, in order to comply with the regulatory requirements of the United States, we have invested a significant amount of manpower and material resources to ensure that there are no American users on our platform.

In response to the CFTC lawsuit, Qian An expressed disappointment and will continue to cooperate with the regulatory authorities

Introduction

On March 28th, a spokesman for Coin On responded to the lawsuit filed by CFTC. Coin On stated that they had cooperated with CFTC for more than two years, so their indictment was unexpected and disappointing. Despite this, Coin On will continue to cooperate with regulatory agencies in the United States and around the world. The best way for them to keep moving forward is to protect their users, while also continuing to cooperate with regulatory agencies and assist in developing clear and complete regulatory systems.

Background

The lawsuit filed by CFTC against Coin On alleges that the cryptocurrency exchange engaged in illegal activities, including wash trading and trading against their own customers. These practices artificially inflated trading volume and manipulated the market. The lawsuit seeks to hold Coin On accountable for violating the Commodity Exchange Act and CFTC regulations.

Coin On’s Response

In response to the lawsuit, Coin On stated that they were surprised by the indictment as they had been cooperating with CFTC for the past two years. They have invested a significant amount of manpower and material resources to comply with the regulatory requirements of the United States. Coin On claimed that they have taken steps to protect their users by not allowing American users to trade on their platform to comply with U.S. regulations.
Coin On also disclosed that they have been working with multiple regulatory agencies worldwide and have taken steps to ensure compliance with local regulations. They reiterated their commitment to continue cooperating with regulatory agencies to develop clearer and more complete regulatory systems that can facilitate the growth of the cryptocurrency industry.

The Impact on Coin On Users

Coin On assured its users that the lawsuit would not affect their ability to use the platform. They stated that they would continue to operate as usual and would keep their users informed if there were any significant changes. Coin On emphasized that the lawsuit was aimed at the company and not its users.

Conclusion

The cryptocurrency industry has been facing increased scrutiny from regulatory agencies worldwide. Coin On has stated its commitment to working with these agencies to develop clearer and complete regulatory systems that will ensure the industry’s growth while protecting users’ interests. Coin On has assured its users that they will continue to be able to use the platform despite the lawsuit filed by CFTC.

FAQs

Q: How will the lawsuit impact Coin On’s operations?

A: Coin On has stated that the lawsuit will not impact its ability to operate as usual. They have assured their users that they will be able to continue using the platform without any significant changes.

Q: What illegal activities is Coin On accused of?

A: Coin On is accused of engaging in wash trading and trading against their own customers, practices that artificially inflated trading volume and manipulated the market.

Q: How has Coin On responded to the lawsuit?

A: Coin On has stated that they were surprised by the indictment as they had been cooperating with CFTC for the past two years. They have reiterated their commitment to cooperating with regulatory agencies to develop clearer and complete regulatory systems that will ensure the industry’s growth while protecting users’ interests.