Wang and Ellison Face Trading Bans Over FTX Collapse
Ex-FTX and Alameda Executives Face Trading Bans
The US derivatives regulator, the Commodity Futures Trading Commission (CFTC), has imposed trading bans on former FTX co-founder Gary Wang and ex-Alameda Research CEO Caroline Ellison. The pair avoided financial penalties as part of a settlement over their roles in the collapsed cryptocurrency exchange.
Ellison is barred from trading for five years and prohibited from registering with the CFTC for 10 years, while Wang faces a similar five-year trading ban and an eight-year registration prohibition. The CFTC stated that it didn't seek monetary penalties or a return of ill-gotten profits due to their cooperation in the investigation.
The agency's decision comes after an investigation into the collapse of FTX, which filed for bankruptcy in November 2022. The case has been ongoing, with several individuals and entities implicated.