Nadex bans another member over provision of false and misleading information

Maria Nikolova

This is the second such disciplinary action in less than a week.

North American Derivatives Exchange (Nadex), a subsidiary of IG Group Holdings plc (LON:IGG), has banned another of its trading members over provision of false and misleading information. The disciplinary action was announced earlier this week via a notice on Nadex’s website.

As a result of non-compliance with Nadex Rules, Pengfei Gui has been fined $1,750. Additionally, his membership has been revoked and he has been permanently banned from trading on the Nadex markets by any means.

Pengfei Gui has been found to have breached Nadex Rule 5.19(k). The rule states:

No Person shall intentionally provide misleading, erroneous, or fraudulent information to Nadex on a membership application or otherwise.

In December 2017, the Compliance Department contacted Mr. Gui requesting that he provide information regarding his trading knowledge, activity on Nadex, and relevant financial information. Mr. Gui responded to certain inquiries and requests for information, however, he failed to disclose pertinent details and provided false and misleading information to the Compliance Department relevant to a pending investigation.

Following the investigation, the Compliance Department concluded that Mr. Gui violated Nadex Rule 5.19(k) when he provided false and misleading information relevant to Nadex’s investigation into his account activity.

This is the second such disciplinary action Nadex has taken against its members in less than a week. Earlier this week, Nadex imposed a fine of $2,250 on Thomas Nguyen, revoked his membership and banned him from trading on the Nadex markets. An investigation has shown that Mr. Nguyen violated the Nadex Membership Agreement Section (h) and Nadex Rule 3.3(a) (Member Obligations) when he failed to fully respond to, and/or cooperate with, the Compliance Department’s requests for information.

Read this next

Digital Assets

SEC apparently approved Ether ETF as VanEck’s listed by DTCC

Amid increasing speculation about the possible approval of a spot Ether (ETH) exchange-traded fund (ETF) in the United States, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

<