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CFTC brings $1.7B fraud case involving Bitcoin against South African national

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cointelegraph.com

The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its “largest fraudulent scheme involving Bitcoin.”In a Thursday announcement, the CFTC said it had filed a civil enforcement action in federal court for fraud and registration violations against Cornelius Johannes Steynberg.

The South African national allegedly created and operated a global foreign currency commodity pool totaling more than $1.7 billion, only allowing the participants to pay using Bitcoin (BTC).

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