The United States commodities regulator has paid $16 million this year to whistleblowers who gave information leading to successful enforcement actions with a majority of the tips involving crypto.
In an Oct. 31 statement, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said most of the tips received this year involved crypto which she claimed was “an area that continues to have pervasive fraud and other illegality.”
Very proud of these offices and their outsized results. As a former IG, I know firsthand how important whistleblowers
— Commissioner Christy Goldsmith Romero (@CFTCcgr) October 31, 2023
are. The CFTC could not fully protect customers and markets w/o them. Click to read about the highest # of tips, crypto tips & environmental fraud tips. https://t.co/C4I9tgnxRU
Two whistleblowers received $15 million alone for their information which led the CFTC to successful enforcement cases in September — however, the regulator didn’t delve into the nature of those cases in its statement at the time.
Romero said whistleblowers are vital to mitigate commodities fraud and that the CFTC wouldn’t be able to “fully protect” customers and markets without them:
“Whistleblowers help identify fraud and other illegality, interpret key evidence, and save considerable Commission resources and time. The faster we can stop fraud, the more we can protect customers from harm.”
Romero acknowledged the efforts of CFTC’s Office of Customer Education and...
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