CFTC Charges PaxForex for Offering Illegal Leverage Transactions in Bitcoin, Ether, Litecoin

IIG Managing Partner pleads guilty to Ponzi-like scheme

Laino Group Limited also doing business as PaxForex is facing a civil lawsuit alleging that it is offering unlawful leverage transactions in cryptocurrencies and precious metals.

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PaxForex is a company registered in St. Vincent and the Grenadines.

The Commodity Futures Trading Commission (CFTC) filed the complaint against foreign trading platform in the U.S. District Court for the Southern District of Texas.

CFTC’s allegations against PaxForex

In the complaint, the CFTC alleged that PaxForex failed to register as a futures commission merchant (FCM). Therefore, it is engaging in illegal retail commodity transactions in bitcoin, ether, litecoin, gold, and silver.

Its failure to register with the CFTC is a violation of the Commodity Exchange Act (CEA).

According to the Commission, the foreign trading platform engaged in unlawful retail commodity transactions from at least March 2018 to the present. PaxForex through is agents and employees allegedly acted as FCM by soliciting and accepting orders for retail commodity transactions.