CFTC Subpoenas Coinbase for Payment Information in Investigating MyForexFunds Ponzi Scheme

Odaily Planet Daily News In an investigation covering MyForexFunds, a website suspected of operating a Ponzi scheme, covering from the end of 2021 to the end of 2022, the U.S. Commodity Futures Trading Commission (CFTC) subpoenaed Deel and Coinbase to request information about the relationship between the two. Information about payment information. The CFTC froze the assets of MyForexFunds last week, also filed a lawsuit against it for defrauding investors, and asked the court to rule that all wages, fees and other profits generated by the alleged fraud, whether paid to MyForexFunds or related third parties, must be returned. Court documents show that My Forex Funds CEO Murtuza Kazmi also controlled an account at Coinbase Commerce, and that Kazmi and My Forex Funds used the Coinbase Commerce account to receive more than $20 million in crypto transactions from what the CFTC said may have been customers of the trading firm. Coinbase charges a 1% fee on Coinbase Commerce transactions. Kazmi sent over $9.4 million in cryptocurrency from another Coinbase account to recipients who may have been MyForexFunds clients. A spokesperson for Coinbase said that “we take all concerns raised by regulators seriously” and committed to working with regulators on compliance and other areas. (The Information)