The National Futures Association (NFA) of the United States has permanently banned Bit5ive Mining Fund Advisor, LLC, an NFA Member Commodity Pool Operator (CPO) located in Doral, Florida, from membership in the NFA and from acting or being included in list as master of an NFA member .
The default decision, issued by the NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by BCC and the failure of Bit5ive Advisor to submit a response.
Among other findings, the BCC found that Bit5ive Advisor knowingly submitted materially false or misleading information to the NFA about its company and commodity group operations, failed to comply with CPO reporting requirements, and failed to promptly cooperate with the NFA during a examination.
As reported by FNG, in September 2023, the NFA issued an emergency enforcement action against Bit5ive Advisor, which suspended the company’s NFA membership and imposed restrictions on the company’s operations (e.g. prohibiting the company from soliciting or accepting money). This action was taken to protect clients, the derivatives industry and other members of the NFA due to Bit5ive Advisor’s failure to cooperate with the NFA during an investigation.