U.S. Regulator Settles with Crypto Fund Ikigai Strategic Partners over Illegal Bitcoin Loans
CryptoNewsTerminal Staff20 Aug, 2024
U.S. Regulator Settles with Crypto Fund Ikigai Strategic Partners over Illegal Bitcoin Loans
U.S. Regulator Settles with Crypto Fund Over Illegal Bitcoin Loans Crypto fund Ikigai Strategic Partners has agreed to pay a $150,000 fine to settle charges with the U.S. National Futures Association (NFA) over allegations it made illegal bitcoin loans, Cointelegraph reported. According to the NFA, Ikigai Strategic allegedly lent roughly $2.5 million worth of BTC to a cryptocurrency exchange in 2022 to benefit a fund owned and operated by the firm's principals. The name of the exchange involved was not disclosed. The NFA found that Ikigai Strategic's actions violated NFA rules prohibiting members from engaging in any manipulative or deceptive conduct. The NFA also found that Ikigai Strategic failed to supervise its principals adequately. As part of the settlement, Ikigai Strategic has agreed to cease and desist from violating NFA rules and to implement a compliance program designed to prevent future violations.
