The U.S. Commodity Futures Trading Commission (CFTC) has finalized its case against Nishad Singh, the former head of engineering at FTX, with a $3.7 million fine and lengthy trading bans. The order continues a series of actions that regulators launched after the exchange collapsed in 2022.
What the CFTC Order Says
A federal judge in the Southern District of New York issued a supplemental consent order against Singh on April 1, 2026, which ended the CFTC’s enforcement case. The decision orders him to give up $3.7 million, which regulators allege he earned illegally while working at FTX.
The court also said that people couldn’t trade commodities in markets monitored by the CFTC for five years and couldn’t register with the agency for eight years. The court issued the first consent order in April 2023, and these rules have been in effect since then.
The CFTC didn’t seek an additional civil monetary penalty or restitution beyond the disgorgement because Singh worked with investigators. He must keep helping the agency with its continuing work on FTX and similar cases.
Singh’s Role in the FTX Fraud
Singh served as FTX’s director and later as its head of engineering, and was a co‑owner of the exchange before it failed. In 2023, he agreed to an initial consent order that found him liable for fraud by misappropriation and for aiding and abetting that fraud under the Commodity Exchange Act.
Regulators said Singh helped build and maintain code that allowed Alameda Research, FTX’s trading firm affiliate, to access and misuse customer assets. The broader FTX scheme allegedly led to more than $8 billion in customer losses, according to earlier CFTC filings against Sam Bankman‑Fried and other executives.
The initial order permanently barred Singh from violating the CEA’s antifraud rules or helping others do so. The new supplemental order completes the CFTC’s case against him on the civil side, though criminal and SEC matters were handled separately.
The CFTC has stressed that Singh’s cooperation played a major role in shaping the final outcome. Director of Enforcement David Miller said the injunctions, disgorgement, and bans demonstrate how serious the violations were, and how meaningful assistance can reduce additional penalties.
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