Former FTX Engineer Settles CFTC Charges with $3.7 Million Payment

Nishad Singh, former head of engineering at FTX, has reached a settlement with the US Commodity Futures Trading Commission (CFTC) related to the collapse of the cryptocurrency exchange and misuse of customer funds.

Under the terms of the agreement, Singh will pay $3.7 million in disgorgement as part of a supplemental consent order. He will also face a five-year ban on trading in markets and an eight-year registration ban that prevents him from obtaining a license to operate within the sector.

The CFTC cited Singh's cooperation with authorities as a reason for limiting further penalties, including additional restitution or civil monetary penalties. The regulator stated that Singh 'engaged in, and aided, significant violations of the Act and CFTC regulations' during his time at FTX.