The U.S. Commodity Futures Trading Commission (CFTC) has accused cryptocurrency exchange Mosaic Exchange of implementing a "fraudulent digital asset commodity scheme," including falsely reporting the amount of assets it owns and its profit record. CFTC stated that Mosaic founder Sean Michael falsely claimed that Mosaic is a cryptocurrency trading platform that manages tens of millions of dollars in assets and also provides an algorithm with a profit rate of up to 60% per month. The platform and Michael also claimed that they have "collaborative relationships" with BitMEX and Binance, which are all false statements.