CFTC imposes $100K fine on SignalPush binary option app

abdelaziz Fathi

The U.S. Commodity Futures Trading Commission (CFTC) today said that the District Court for the Western District of Texas has entered a consent order against BareIt Media LLC and its owner Ryan Masten.

The order includes permanent injunction, monetary sanctions, and equitable relief. As part of the order, the defendants are required to pay a $100,000 civil monetary penalty. They were also permanently barred from operating as commodity trading advisors (CTA) or associated persons (AP) of a CTA without registration with the CFTC, as mandated by the Commodity Exchange Act and CFTC regulations.

The order stems from litigation filed by the CFTC on September 2, 2020, against BareIt Media and Masten. The order states that BareIt Media operated as SignalPush from around May 1, 2013, through May 1, 2017.

Per the court documents, SignalPush offered customers the ability to obtain trade signals and automate binary options trading using those signals. During this period, BareIt Media was not registered as a CTA, and Masten was not registered as an AP of BareIt Media.

In 2020, the CFTC brought civil charges against BareIt Media’s SignalPush, along with several other defendants, for soliciting victims to trade binary options.

“The CFTC strongly urges the public to verify trader and company registrations with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that company. A company’s registration status can be found using NFA BASIC,” the CFTC further states.

Also charged in the same case is Ryan Masten from Texas, and his company BareIt Media, aka SignalPush, as well as All Out Marketing Limited, Blue Moon Investments, Ltd., and Orlando Union Inc., each of these, is an offshore entity owned and controlled by one of the Cartu brothers.

In a response to the CFTC’s Consent Order, Commissioner Caroline D. Pham expressed her dissent and highlighted concerns over the change in interpretation of the definition of a “commodity trading advisor” (CTA) in the enforcement action. Her statement questions the commission’s decision to alter the CTA definition without proper explanation or allowing for public input.

Commissioner Pham pointed out that changes to the CTA definition can have significant implications for the industry, and thus, they should be thoroughly examined and discussed before implementation. She highlighted that previous instances of changing interpretations without proper analysis have caused disruptions in the industry and markets, and this pattern should be avoided.

One of the key issues Commissioner Pham raised is the potential inconsistency between the Masten Consent Order’s interpretation and the longstanding approach of distinguishing between signal providers and technology providers for CTA registration. She was concerned that the new stance could impose registration requirements on technology providers that do not originate trade signals, which may lead to confusion and disruptions.

Read this next

Digital Assets

TYRION Advances Decentralized Advertising with Strategic Move to Coinbase’s Base Chain

In a game-changing partnership, decentralized advertising pioneer TYRION integrates with Coinbase’s Base Chain, marking a synergistic leap towards transparent, efficient, and innovative digital advertising solutions in a future driven by blockchain.


dxFeed taps Exocharts to offer Nasdaq Market Depth for Just $39/mo

Market data provider dxFeed has embarked on an important expansion initiative by collaborating with Exocharts, a provider of Order Flow and Market Profile charting in the futures contracts and cryptocurrency markets.

Institutional FX

FXSpotStream reports highest ADV in six months

Trading volumes on institutional FX platforms surged in September as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are not yet losing momentum.

Digital Assets

Coinbase makes major push into Singapore with MPI license

Cryptocurrency exchange Coinbase has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Retail FX

Begin Your Trading Journey by Learning How to Use Trading 212

In the upcoming content, the process of getting started with Trading 212 is explored, from registration and choosing account types to the benefits of connecting with Traders Union.

Institutional FX

Cboe reports +10% increase in monthly FX volumes

Cboe’s institutional spot FX platform today announced its trading volume for the month ending September 2023, which showed resurgence in activity following two consecutive months of reduced trading volumes.


Muinmos integrates TConsult’s Investor Self-Declaration platform into client onboarding platform

“Given the increasing regulatory demands, our clients have eagerly anticipated this integration. Partnering with TConsult, one of the industry’s foremost tax experts, allows us to offer a comprehensive solution. By embedding digital tax certifications into our onboarding processes, we provide a more efficient, risk-mitigated approach to client initiation.”


TS Imagine taps Cassini Systems’ pre-and post-trade margin and collateral analytics

“Joining forces with Cassini allows us to offer a single, integrated system that provides in-depth analytics, streamlining operations for investment and risk management teams. This collaboration stands to significantly benefit our clients in the ever-evolving market landscape.”

Retail FX

XTB launches fractional shares offering in the UK

“The roll-out of Fractional Shares has made capital markets even more accessible for UK investors. Having observed the positive reception to our Fractional Shares in other European regions, we’re confident that this addition fortifies our competitive stance in the UK, positioning XTB as a go-to destination for a diverse range of investors.”