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Digitex Futures CEO to pay $15 million over commodities violations

Adam Todd, the CEO of the Digitex Futures exchange, has been ordered to pay $3.9 million in disgorgement and $11.7 million in penalties. The Commodity Futures Trading Commission won a default judgment against him in their lawsuit alleging violations of the Commodity Exchange Act, including failing to register as a derivatives exchange, attempting to manipulate the price of the DGTX token, and failing to implement proper KYC and anti-money laundering programs.

According to Todd in a YouTube video, "We do not need to do KYC. [...] You should not have to give them because the U.S. government or whatever other [expletive] government in the world says that you need to. You do not need to. You just do not." Well, in that case.

Todd was also accused of trying to artificially inflate the price of the DGTX token by buying it on third-party exchanges, writing out his plans in excruciating detail with a customer who provided him funds to use on pumping the token.

Theme tags: Law