The U.S. CFTC accuses Mosaic and its founders of defrauding investors

ChainCatcher News, the U.S. Commodity Futures Trading Commission (CFTC) has filed fraud charges against the cryptocurrency trading platform Mosaic Exchange Limited and its owner. The CFTC claims that Mosaic and its founder Sean Michael represented Mosaic as a cryptocurrency trading platform managing tens of millions of dollars in assets and having "partnerships" with BitMEX and Binance, which is not true.

The CFTC stated that the platform defrauded at least 17 investors in the U.S. and other countries out of hundreds of thousands of dollars in Bitcoin or other funds, which Sean Michael then misappropriated.