The US Commodity Futures Trading Commission (CFTC) awarded $16 million to whistleblowers in 2023, with most tips related to cryptocurrency fraud.
CFTC Commissioner Christy Goldsmith Romero stated, “Whistleblowers play a vital role in supporting CFTC investigations related to fraud and other illegality. The CFTC could not fully protect customers and markets without whistleblowers.”
The program’s incentives and protections encourage whistleblowers to come forward, with monetary awards leading to a record 1,530 tips this year.
Two whistleblowers received $15 million for their information, leading to successful enforcement actions in September, although specific cases weren’t disclosed.
Romero acknowledged the CFTC’s efforts to educate the public about recognizing and reporting cryptocurrency fraud. The regulator also recently achieved a record $3.4 billion penalty in a Bitcoin-related fraud case and secured a $15 million penalty against Digitex CEO Adam Todd.
Romero has been advocating for stronger identity verification measures in the cryptocurrency market to enhance market integrity, national security, and financial stability.
Whistleblowers are indispensable in safeguarding the integrity of financial markets, particularly in the cryptocurrency space, and their contributions deserve strong support and protection.
Also Read: CFTC Commissioner Proposes A Pilot Program to Regulate Crypto
