US Federal Commodities Regulators Are Reportedly Probing Chicago-Based Trading Firm Jump\'s Crypto Business-web3.0-php.cn

US Federal Commodities Regulators Are Reportedly Probing Chicago-Based Trading Firm Jump\'s Crypto Business

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Jun 22, 2024 am 10:40 AM

Citing a person familiar with the matter, Fortune reports that the Commodity Futures Trading Commission (CFTC) is making inquiries into the trading and investment activities of Jump.

US Federal Commodities Regulators Are Reportedly Probing Chicago-Based Trading Firm Jump's Crypto Business

Major US federal commodities regulator is reportedly investigating the crypto business of Chicago-based trading firm Jump.

A person familiar with the matter told Fortune that the Commodity Futures Trading Commission (CFTC) is making inquiries into the trading and investment activities of Jump.

The company, known for its algorithmic and high-frequency trading strategies, launched its crypto division, Jump Crypto, in September 2021.

The company quickly became an active market maker and investor in the space, supporting crypto projects such as the blockchain connectivity platform Wormhole, the oracle network Pyth, and the Solana (SOL) validator client Firedancer.

However, Jump has also been implicated in several hacks and failures. The company was a top market maker on the FTX exchange and lost nearly $300 million when the former crypto empire collapsed in late 2022.

Jump was also named in a lawsuit filed by the New York Attorney General over allegations that several trading firms, including Jump, secretly propped up Terra’s peg.

The U.S. Securities and Exchange Commission (SEC) did not file charges against Jump when it sued Terraform and its founder Do Kwon, but the trading firm has since scaled back on its crypto activities and even opted not to offer a spot Bitcoin (BTC) exchange-traded fund.

According to Fortune, the CFTC’s investigation into Jump’s involvement in crypto does not necessarily indicate wrongdoing, and it is not yet clear if the regulatory agency is considering filing charges against the company.

News source：https://www.kdj.com/cryptocurrencies-news/articles/federal-commodities-regulators-reportedly-probing-chicagobased-trading-firm-jump-crypto-business.html

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