Under the default judgment, Ooki DAO has been slapped with permanent trading and registration bans, a civil monetary penalty of more than $640,000 and it must take its website and all online content down.
against Ooki DAO in September 2022, accusing the DAO of illegally offering retail margin and leverage trading services, and “unlawfully acting” as a futures commission merchant.after Ooki DAO missed the deadline to respond to the lawsuit in January.a statement on the same day describing the lawsuit as a “sweeping victory” as it outlined the full scope of the default judgment.
“Critically, in a precedent-setting decision, the court held that the Ooki DAO is a ‘person’ under the Commodity Exchange Act and thus can be held liable for violations of the law. The court then held that the Ooki DAO did, in fact, violate the law as charged.” “The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability,” noted CFTC division of enforcement director Ian McGinley, adding that:
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