Uniswap Fined $175K by CFTC for Offering Illegal Digital Asset Derivatives Trading, UNI Token Price Action To Monitor

In a recent order issued by the U.S. Commodity Futures Trading Commission (CFTC), Uniswap Labs was fined $175,000 for offering illegal digital asset derivatives trading.

The U.S. Commodity Futures Trading Commission (CFTC) has fined Uniswap Labs $175,000 for offering illegal digital asset derivatives trading, specifically relating to Bitcoin and Ethereum leveraged tokens.

According to the CFTC, these tokens, which are leveraged or margined commodity transactions, were not delivered within 28 days and could thus only be legally offered on a CFTC-registered board of trade, which Uniswap Labs was not.

However, the wording of the CFTC’s order is notable, as it highlights Uniswap Labs’ “substantial cooperation” in the investigation, which led to a reduced civil penalty. This seems to indicate a shift from hostile enforcement to rewarding cooperation with lighter consequences, which could bode well for future regulatory interactions with DeFi projects.

The market also appears to be reacting positively to the news, with UNI, the native token of Uniswap, briefly surging to $6.65 before retreating to $6.40. An on-chain report also reveals a new wallet address (0x536…d3132) hoarding large amounts of UNI, having withdrawn 1.41 million UNI from Coinbase just three hours ago, valued at over $9.12 million.

Despite the fine, Uniswap’s quick resolution with the CFTC and the market’s positive response suggest that the decentralized exchange is set to move forward, with investors viewing this as a small hiccup rather than a significant obstacle.

This concludes our summary of the breaking news regarding Uniswap’s fine by the CFTC and its impact on the market. Stay tuned for more updates and in-depth analysis.

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