Chicago’s Radix Trading Claims to be “Trading Company A” in Coin On Lawsuit

According to reports, Chicago based trading company Radix Trading said it was the unidentified “trading company A” mentioned in the U.S. Commodity Futures Trading Commission (CFTC) lawsuit against Coin An on Monday. In the lawsuit, CFTC mentioned at least three quantitative trading companies headquartered in the United States. Although U.S. customers should have been banned from trading on Coin On, the three exchanges are still active in Coin On. Benjamin Blander, co founder of Radix, said that Radix had been trading on Coin Security through its offshore subsidiary and a major broker for several years, and that everything about the company’s encrypted connections had been subject to legal review. Blander also stated that Radix was cooperating with the CFTC before the prosecution, and he did not believe that Radix was the target of any investigation.

Radix Trading is one of the three quantization companies mentioned in the CFTC lawsuit against Coin Security

Introduction

The U.S. Commodity Futures Trading Commission (CFTC) recently sued Coin On, a cryptocurrency exchange, for allowing U.S. customers to trade on its platform, a violation of U.S. regulations. In the lawsuit, the CFTC referred to at least three “quantitative trading companies” headquartered in the United States that traded on Coin On, one of which was only referred to as “Trading Company A”. Chicago-based Radix Trading has now claimed to be “Trading Company A” and has stated that it was trading on Coin On through its offshore subsidiary and a major broker for several years.

The Background

Coin On is a cryptocurrency exchange that went live in December 2017. From the outset, it was a popular exchange and caught the attention of regulators because of its lack of proper registration in the U.S. The CFTC, which regulates commodities and derivatives markets, filed a lawsuit against the exchange in August 2021, alleging that it allowed U.S. customers to trade cryptocurrencies and futures contracts on its platform. The CFTC stated that this was a violation of U.S. regulations as futures contracts can only be traded on regulated platforms. The lawsuit also mentioned at least three trading companies headquartered in the United States that traded on Coin On, one of which was referred to as “Trading Company A”.

Radix Trading Claims to be “Trading Company A”

Radix Trading has now come forward, claiming that it is “Trading Company A”. Benjamin Blander, co-founder of Radix Trading, stated that the company had been trading on Coin On through its offshore subsidiary and a major broker for several years. Blander also stated that everything about the company’s encrypted connections had been subject to legal review and that they were cooperating with the CFTC before the prosecution. Blander believes that Radix is not the target of any investigation and that they were only named in the lawsuit because of their association with Coin On.

The Implications

The CFTC is cracking down on cryptocurrency exchanges that violate U.S. regulations. The lawsuit against Coin On shows that regulators are willing to take action against exchanges that do not comply with U.S. regulations. This has implications for all cryptocurrency exchanges operating in the U.S. or that allow U.S. customers to trade on their platform.

Conclusion

Radix Trading has come forward as “Trading Company A” in the lawsuit against Coin On filed by the CFTC. The company claims that it was trading on Coin On through its offshore subsidiary and a major broker for several years and that everything about the company’s encrypted connections had been subject to legal review. The lawsuit against Coin On has implications for all cryptocurrency exchanges operating in the U.S. or that allow U.S. customers to trade on their platform, showing that regulators are willing to take action against exchanges that do not comply with U.S. regulations.

FAQs

**Q1. What is Coin On?**
Coin On is a cryptocurrency exchange that allows users to trade cryptocurrencies and futures contracts.
**Q2. What is the CFTC?**
The U.S. Commodity Futures Trading Commission (CFTC) is a regulator responsible for overseeing derivatives and commodities trading in the U.S.
**Q3. What are the implications of the lawsuit against Coin On?**
The lawsuit against Coin On shows that regulators are willing to take action against cryptocurrency exchanges that do not comply with U.S. regulations, which has implications for all exchanges operating in the U.S. or that allow U.S. customers to trade on their platform.