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- Gate July 2025 Transparency Report:
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CTFC cracks down on DeFi protocols: Opyn, ZeroEx, Deridex face fines
Author: Brayden Lindrea, Cointelegraph; Compiler: Songxue, Golden Finance
**The U.S. Commodity Futures Trading Commission is taking regulatory action against three decentralized finance protocols for allegedly failing to register various derivatives trading products. **
The U.S. commodities regulator announced in a statement on September 8 that it had issued orders against the Opyn, ZeroEx and Deridex protocols.
**Deridex and Opyn were charged with failing to register as a swap execution facility or designated contract market and failing to register as a futures commission merchant. ** Both agreements also failed to comply with customer terms set forth in the Bank Secrecy Act, the CFTC said.
**The three companies are also accused of illegally offering digital asset leverage and margin retail commodity trading. **
The CFTC order requires Opyn, ZeroEx and Deridex to pay fines of $250,000, $200,000 and $100,000 respectively, and to cease violations of the Commodity Exchange Act and CFTC regulations. The two companies have agreed to settle the charges.
CFTC Enforcement Director Ian McGinley said that DeFi platforms need to be more proactive in taking actions within the scope of the law:
“Somewhere along the way, DeFi operators realized that illegal transactions were becoming legal, driven by smart contracts […] but they didn’t.” McGinley added:
“The DeFi space may be new, complex, and evolving, but law enforcement will continue to evolve with it and aggressively pursue those who operate unregistered platforms that allow Americans to trade digital asset derivatives.”
Not everyone is happy with the CFTC order.
**Bankless co-host Ryan Sean Adams called the CFTC's enforcement action yet another attack on DeFi. **
Opyn is a DeFi investment strategy platform with a current total trading volume (TVL) locked on its protocol of $23 million, while ZeroEx is a decentralized exchange based on Ethereum.
Deridex is a derivatives platform powered by Algorand. However, according to DefiLlama, the project was shut down abruptly in February, causing its TVL to drop from about $150,000 to $133 on September 8.
Changes in Deridex locked total trading volume in 2023. Source: DefiLlama