Mosaic Exchange Limited and its owner ran a 'fraudulent digital asset commodity scheme,' a U.S. regulator said on Thursday.
A couple years long scheme affected at least 17 people in the U.S. and other countries who gave Mosaic platform “
hundreds of thousands of dollars’ worth of bitcoin or other funds” to be used to trade but were then misappropriated. Some of those funds were used for the platform founder’s restaurant and travel expenses, the CFTC said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto trading platform Mosaic Exchange Limited and its owner ran a"fraudulent digital asset commodity scheme," which included lying about how many assets it had and its profitable track record, according to the Commodity Futures Trading Commission.
"Mosaic, however, never had a partnership or broker agreement with Binance. Nor did it have a partnership agreement with BitMEX," according to the agency's complaint. Some customer funds were misappropriated and used for Michael's restaurant and travel expenses, the CFTC said.under the guise" that the platform would enter into futures, swaps and leveraged spot transactions, CFTC Commissioner Kristin Johnson said in a statement.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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