Nadex fines and bans member over providing misleading information
Nadex has revoked the membership and has permanently banned Juncong Tang from trading on the Nadex markets.

North American Derivatives Exchange (Nadex), a subsidiary of IG Group Holdings plc (LON:IGG), has taken yet another action against one of its members over non-compliance with the Exchange’s rules. In a notice published on its website on June 24, 2019, Nadex says it fined and banned Juncong Tang.
In June 2018, Nadex’s Compliance Department contacted Tang requesting that he provide information regarding his trading activity on Nadex, general trading knowledge and background, and relevant financial information. On top of failing to provide some of the information and documentation requested, Tang also provided false and misleading information to the Compliance Department relevant to a pending investigation.
Based on Nadex’s investigation, the Compliance Department concluded that Tang violated the Nadex Membership Agreement Section (h) and Nadex Rule 3.3(a) when he failed to fully respond to, and/or cooperate with, the Compliance Department’s request for information. Additionally, the Compliance Department concluded that Tang violated Nadex Rule 5.19(k) when he provided false and misleading information relevant to Nadex’s investigation into his account activity.
As a result of his non-compliance with the Nadex Membership Agreement Section (h), and Nadex Rules 3.3(a) and 5.19(k), Juncong Tang has been fined $2,250. Further, his membership has been revoked and he has been permanently banned from trading on the Nadex markets by any means.
Nadex has banned a number of its members over similar violations this year. For instance, in April 2019, the Exchange announced that 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 Additionally, his membership has been revoked and he has been permanently banned from trading on the Nadex markets by any means over breaching Nadex Rule 5.19(k). A week before that, 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.