tl;dr
The Commodity Futures Trading Commission (CFTC) has ordered Uniswap Labs, the company behind the decentralized exchange Uniswap, to cease and desist from illegally offering leveraged or margined retail commodity transactions in digital assets. Uniswap Labs has settled the order by paying a $175,000 ...
The Commodity Futures Trading Commission (CFTC) has ordered Uniswap Labs, the company behind the decentralized exchange Uniswap, to cease and desist from illegally offering leveraged or margined retail commodity transactions in digital assets. The order was settled with Uniswap Labs paying a $175,000 civil monetary penalty. Uniswap's Chief Legal Officer emphasized that the issue was related to a small fraction of trading and reiterated the company's focus on building the future of DeFi.
Uniswap is a decentralized exchange platform for trading cryptocurrencies on the Ethereum network. Following the CFTC's announcement, the price of Uniswap's UNI token experienced fluctuations. This is not the first time Uniswap has faced regulatory scrutiny, as the Securities and Exchange Commission issued a Wells Notice to the exchange in April. Uniswap Labs contested the SEC's legal arguments in May, claiming jurisdictional overreach.
Uniswap is a decentralized exchange (DEX) platform that operates on Ethereum, allowing users to trade coins and tokens without a middleman. It is the largest DEX in the space, with a 24-hour trading volume of $888 million. The price of Uniswap's UNI token initially dropped by nearly 2% following the CFTC's announcement but later experienced a nearly 8% jump over the last 24 hours.
Uniswap Labs has stressed its unwavering commitment to the future of DeFi, while regulatory actions continue to intersect with the operations of decentralized exchanges in the cryptocurrency ecosystem.
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Contact: 800-864-7000
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52-week Range: $7.57 - $25.31
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Dividend Yield: None
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