The National Futures Association (NFA) has permanently banned Bit5ive Mining Fund Advisor, LLC, an NFA member commodity pool operator (CPO) based in Doral, Florida, from becoming an NFA member and from acting as or being listed as a principal of an NFA member.。

The NFA's Business Conduct Committee (BCC) ruled in absentia based on complaints issued by the BCC and Bit5ive Advisor's failure to file a statement of defense。

BCC found that Bit5ive Advisor knowingly submitted material false or misleading information to the NFA about the company and its commodity pool operations, failed to comply with CPO reporting requirements, and did not cooperate with the NFA in a timely manner during the inspection.。

As reported by FNG, in September 2023, the NFA took urgent enforcement action against Bit5ive Advisor, suspending the company's NFA membership and imposing restrictions on the company's operations (e.g., prohibiting the company from raising or receiving any funds).。As Bit5ive Advisor failed to work with the NFA during the inspection, this action was taken to protect customers, the derivatives industry and other NFA members.。