UNITED STATES OF AMERICA

Before the

COMMODITY FUTURES TRADING COMMISSION

In the Matter of

ProCryptoMinners, 

Respondent. 

CFTC Docket No. 21-28

COMPLAINT AND NOTICE OF HEARING PURSUANT TO SECTION 6(d) OF THE 

COMMODITY EXCHANGE ACT

The Commodity Futures Trading Commission (“Commission”) has received 

information from its staff that tends to show, and the Commission’s Division of Enforcement 

(“Division”) alleges that:

I. 

SUMMARY 

1. From at least May 2021 and through the present (the “relevant period”),

ProCryptoMinners (“Respondent”), has operated a website with a URL address of www.

procryptominners.com (the “website”). On the website, Respondent offers services to the 

general public, including soliciting or accepting orders for binary options that are based off the 

value of a variety of assets including commodities such as foreign currencies and 

cryptocurrencies including Bitcoin, and accepting and holding customer money in connection 

with those purchases of binary options. Respondent further advertises that it is regulated by the 

CFTC. However, Respondent is not registered with the Commission. Thus, Respondent has 

violated and is violating Section 4d(1) of the Act, 7 U.S.C. § 4d(1) (2018). 
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II.

RESPONDENT

2. ProCryptoMinners is a person that operates a website viewable at the URL 

address procryptominners.com. Respondent claims to be based in New York, and also lists an 

address at 751 Grasslands Road, Valhalla, NY 10595. Respondent also claims on the website 

that the email address support@procryptominners.com may be used to contact it. 

III. 

FACTS

3. On the website, Respondent offers to the general public, including to persons in 

the United States, the opportunity to purchase binary options that are based off the value of a 

variety of assets, including commodities such as foreign currencies and cryptocurrencies, 

including Bitcoin. 

4. On the website, Respondent claims that it “is one of the leading platforms in the 

United States offering binary options, Forex and spreads.” 

5. On the website, Respondent touts its ability to handle customer funds, and claims 

that its “first priority is the security of our client funds,” for which it has received awards.

6. On the website, Respondent claims that it is regulated by the CFTC.

IV. 

VIOLATIONS OF THE ACT 

(SECTION 4d(1) OF THE ACT) 

7. Paragraphs 1 through 6 are realleged and incorporated herein by reference.

8. Section 1a(28)(A) of the Act, 7 USC § 1a(28)(A) (2018), defined a Futures 

Commission Merchant (“FCM”) as any “individual, association, partnership, or trust that is 

engaged in soliciting or accepting orders for,” among other things, a swap or a commodity 

options, and, “in connection with soliciting or accepting such orders, accepts any money, 
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securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any 

trades that result or may result therefrom.” Binary options that are based on the price of an 

underlying commodity like forex or cryptocurrency are swaps and commodity options as used in 

the definition of an FCM. 

9. Section 4d(1) of the Act, 7 U.S.C. § 6d(1) (2018) makes it unlawful for any 

person to act as an FCM unless such person is registered as such with the Commission. 

10. Respondent is a person engaged in soliciting or in accepting orders for a swap, or 

any commodity option, and in or in connection with soliciting or accepting such orders accepts 

money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure 

any trades or contracts that result or may result therefrom.

11. Respondent violated Section 4d(1) of the Act by acting as an FCM without 

registering as such with the Commission. 

V. 

By reason of the forgoing allegations, the Commission deems it necessary and 

appropriate, pursuant to its responsibilities under the Act, to institute a public administrative 

proceeding to determine whether the allegations set forth in Parts I, II, III, and IV above are true, 

and if so, whether an appropriate order should be entered in accordance with Section 6(d) of the 

Act, 7 U.S.C. § 13b (2018), imposing the following sanctions: 

A. Directing Respondent to cease and desist from violating the provisions of 

the Act set forth herein. 

VI.

Upon consideration of the information received from its staff and of the 

allegations of the Division of Enforcement contained in paragraphs 1 through 11 above, the 

Commission finds and determines that:
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(A) the issues framed by paragraphs 1 through 11 of the pleadings of this matter 

are clear, narrow and capable of speedy resolution; 

(B) Respondent is alleged to have acted as a futures commission merchant 

without registering; 

(C) the public is entitled to be protected against persons who act as futures 

commission merchants without registering; 

(D) Respondent and the public are entitled to a prompt decision on the question of 

whether Respondent acted as a futures commission merchant without registering; and

(E) this proceeding shall be conducted before a Presiding Officer other than an 

Administrative Law Judge. 

WHEREAS the Commission has determined that no party to this proceeding will 

be prejudiced and that the ends of justice will be served by the adoption of expedited procedures

in this matter, IT IS HEREBY ORDERED that a public hearing on the allegations contained in 

paragraphs 1 through 11 of this Complaint be held for the purpose of taking evidence on the 

question set forth in Section V above. 

IT IS FURTHER ORDERED that in order to expedite this matter, pursuant to the 

Commission’s Rule of Practice under the Act (“Rules”) 10.3(b), 17 C.F.R. § 10.3(b) (2020), the 

Commission is waiving the following rules: (i) Rule 10.12(a)(2)(v) (third sentence) and (a)(3), 

17 C.F.R. § 10.12(a)(2)(v)(third sentence) and (a)(3) (2020); (ii) Rule 10.22(b)(second sentence), 

17 C.F.R. § 10.22(b)(second sentence) (2020); and (iii) Rule 10.92(a)(first sentence), 17 C.F.R. 

§ 10.92(a)(first sentence) (2020), and implementing the following rules: 

Rule regarding service by fax or email. Service by email shall be permitted to 

the email addresses as follows: (a) for the Division of Enforcement, service by email shall be 
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permitted to the email address ktomer@cftc.gov or doakland@cftc.gov; (b) for Respondent, 

service by email shall be permitted to the email addresses used by Respondent to conduct 

business as reflected in the website at URL procryptominners.com, including but not limited to

support@procryptominners.com; and (c) for both parties, service by fax or email shall be 

permitted to any number or address that Respondent identifies to the other party as the preferred 

number or address. All documents served by email must be in PDF or other non-alterable form.

Rule regarding service of the complaint and notice of hearing. Service by the 

Proceedings Clerk may be made in person, by confirmed telegraphic notice, by registered mail or 

certified mail, addressed to the last known business or residence address of the person to be 

served or the address of his duly authorized agent for service, by fax to any number identified by 

Respondent, or by email to any email address used by Respondent to conduct business as 

reflected in the website at the URL address procryptominners.com, including but not limited to 

support@procryptominners.com . If none of the methods result in delivery of the complaint and 

notice of hearing, the Division may apply to the Presiding Officer for an order directing service 

by publishing the complaint in a newspaper or periodical likely to be accessible by Respondent, 

or if no such periodical is identifiable, by publishing the complaint and notice of hearing in the 

Federal Register and on the Commission’s website. 

Rule regarding shortened procedures. In lieu of a full oral hearing, the 

Presiding Officer shall order a shortened procedure as to the submission of direct evidence unless 

a party otherwise moves and the Presiding Officer finds that a shortened procedure will not 

adequately protect the rights of the parties and the public interest. 

IT IS FURTHER ORDERED that, pursuant to Rule 10.8, 17 C.F.R. § 10.8 

(2020), this proceeding shall be conducted before the Commission Judgment Officer, as the 
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Presiding Officer, and all provisions of the Rules or of Part 3 of the Commission Regulations 

that refer to and grant authority to or impose obligations upon an Administrative Law Judge shall 

be read as referring to and granting authority to and imposing obligations upon the Commission 

Judgment Officer as the designated Presiding Officer;

IT IS FURTHER ORDERED that a public hearing for the purpose of taking 

evidence on the allegations set forth in Sections I to IV above be held before the Presiding 

Officer in accordance with the Rules, 17 C.F.R. §§ 10.1-10.107 (2020), except as where 

specifically ordered herein or by the Presiding Officer pursuant to the Rules, at a time and place 

to set as provided by Section 10.61 or 10.92 of the Rules, 17 C.F.R. §§ 10.61, 10.92 (2020), and 

that all post-hearing procedures shall be conducted pursuant to Section 10.81 through 10.107 of 

the Rules, 17 C.F.R. §§ 10.81-10.107 (2020). 

IT IS FURTHER ORDERED that the Respondent shall serve and file an Answer 

to the allegations made against such respondent in paragraphs 1 through 11 of this complaint 

within twenty (20) days after service, pursuant to Section 10.23 of the Rules, 17 C.F.R. § 10.23 

(2020), and pursuant to Section 10.12(a) of the Rules, 17 C.F.R. § 10.12(a) (2020), and shall 

serve two copies of such Answer and any documents filed in this proceeding upon David 

Oakland, Trial Attorney, Division of Enforcement, Commodity Futures Trading Commission, 

140 Broadway, 19th Floor, New York, New York 10005, doakland@cftc.gov. If the Respondent 

fails to file the required Answer or fails to appear at a hearing after being duly notified, such 

party shall be deemed in default and the proceeding may be determined against the respondent 

upon consideration of the Complaint, the allegations of which may be deemed true. 

IT IS FURTHER ORDERED that this Complaint and Notice of Hearing shall be 

served on respondent personally or by registered or certified mail, pursuant to Section 10.22 of 
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the Commission Rule, 17 C.F.R. § 10.22 (2020), or by fax or e-mail or other means as ordered 

herein. In the absence of an appropriate waiver no officer or employee of the Commission 

engaged in the performance of investigative or prosecutorial functions in this or any factually 

related proceedings will be permitted to participate or advise in the decision of this matter except 

as a witness or counsel in proceedings held pursuant to this notice. 

_____________________________________ 

Robert N. Sidman 

Deputy Secretary of the Commission

Commodity Futures Trading Commission

Dated: September 29, 2021