FTXS WANG, ELLISON HIT WITH 5-YEAR TRADING BANS

The US Commodity Futures Trading Commission (CFTC) imposed the trading restrictions on Wang, FTX's co-founder, and Ellison, Alameda's former CEO, following their involvement in the exchange's collapse in November 2022. Under the settlement agreement, both executives avoided monetary fines despite their roles in the platform's dramatic failure. The five-year ban prevents them from trading futures, options, and other derivatives markets. The CFTC has pursued multiple enforcement actions related to FTX's implosion. The settlement adds to previous legal consequences faced by FTX leadership, including criminal charges against founder Sam Bankman-Fried. Both Wang and Ellison had previously pleaded guilty to related criminal charges. The CFTC action represents the regulator's administrative enforcement effort separate from the Justice Department's criminal prosecutions stemming from FTX's collapse.