Court Prohibits Top Managers of Collapsed FTX Exchange from Trading

cryptonews.ruPublished on 2026-08-20Last updated on 2026-08-20

Abstract

A US court has banned former top executives of the collapsed cryptocurrency exchange FTX, Nishad Singh and Gary Wang, from trading. The order also requires them to cooperate with the US Commodity Futures Trading Commission (CFTC) and prohibits them from obtaining licenses from the regulator for ten and eight years, respectively. This concludes a lengthy CFTC proceeding against the former leaders of FTX, which collapsed in 2022. Singh was sentenced to two years in prison in September 2024 and was released in January 2026. Wang received a three-year probation sentence without imprisonment. The CFTC cited their cooperation with the investigation as a reason for the reduced penalties, which allowed them to avoid harsher sentences. FTX founder Sam Bankman-Fried continues to serve a prison sentence and will not be released until 2044. His recent attempts to appeal the sentence and seek a pardon were rejected by an appeals court, and the US Senate has recommended against granting him a presidential pardon. Separately, since July 31, FTX has been distributing approximately $900 million to affected creditors as part of its reorganization plan. Payments are being made to accounts at BitGo, Kraken, and Payoneer, but are only available to clients who have completed KYC verification and provided tax forms.

A court order requires Allison and Wang to continue cooperating with the US Commodity Futures Trading Commission (CFTC), but prohibits them from obtaining licenses from the agency for ten and eight years, respectively. These measures are the result of a lengthy CFTC proceeding against the former executives of the cryptocurrency exchange FTX, which collapsed in 2022, Sam Bankman-Fried.

In September 2024, Allison was sentenced to two years in prison and released from custody in January 2026. Wang did not receive a prison sentence and was given three years of probation. The CFTC explained the mitigation of the punishment by the assistance that both individuals provided to the investigation during the FTX case. Their agreement to cooperate with the authorities allowed Wang and Allison to avoid a harsher sentence.

The founder of FTX, Bankman-Fried, continues to serve his prison sentence and will not be released until 2044. In June, he filed a petition for clemency, but the appeals court rejected his attempt to appeal the conviction. Additionally, the US Senate recommended against granting Bankman-Fried a presidential pardon.

Since July 31, FTX has been distributing $900 million to affected creditors as part of the company's reorganization plan. The funds are to be deposited into creditors' accounts at BitGo, Kraken, and Payoneer. Payments are only provided for creditors who have completed the identification procedure (KYC) and submitted tax forms.

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