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February 8, 2024
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NFA permanently bars Florida-based commodity pool operator Bit5ive Mining Fund Advisor, LLC from membership
February 8, 2024, Chicago—NFA has permanently barred Bit5ive Mining Fund Advisor, LLC (Bit5ive Advisor), an NFA Member commodity pool operator (CPO) located in Doral, Florida, from NFA membership and from acting or being listed as a principal of an NFA Member.
The default Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and Bit5ive Advisor's failure to file an Answer. Among other findings, the BCC found that Bit5ive Advisor willfully submitted materially false or misleading information to NFA about the operations of the firm and its commodity pool, failed to comply with CPO reporting requirements, and failed to cooperate promptly with NFA during an examination.
In September 2023, NFA issued an emergency enforcement action against Bit5ive Advisor, which suspended the firm from NFA membership and imposed restrictions on the firm's operations (e.g., prohibited the firm from soliciting or accepting any funds). This action was taken to protect customers, the derivatives industry and other NFA Members due to Bit5ive Advisor's failure to cooperate with NFA during an examination.