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FTX Insiders Ellison and Wang Banned From Trading for Five Years
The CFTC imposed five-year trading bans on former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang via supplemental consent order in US District Court for the Southern District of New York. Both remain barred from CFTC registration for longer periods. The restrictions reflect what the CFTC called their material assistance in FTX-related investigations.
The Commodity Futures Trading Commission has imposed five-year trading bans on Caroline Ellison, former Alameda CEO, and Gary Wang, FTX co-founder, according to Protos reporting. The supplemental consent order was filed in US District Court for the Southern District of New York.
The restrictions follow the pair's criminal convictions and prior settlements with the CFTC. Ellison and Wang must also refrain from registering with the commission for 10 and 8 more years, respectively, extending their regulatory disability well beyond the trading prohibition window.
Per the CFTC, the supplemental consent order resolves the agency's enforcement actions against both. The order requires Ellison and Wang to continue cooperating with the CFTC in ongoing investigations. Protos reports the CFTC stated that the punishment reflects their material assistance in the commission's FTX-related investigations.
Ellison was sentenced to two years in prison in September 2024 and was released from custody in January 2026. Wang received no prison sentence and was handed three years of supervised release.
Sam Bankman-Fried, FTX founder, remains incarcerated and is not due for release until 2044. In June, according to Protos reporting, Bankman-Fried applied for a presidential pardon after months of efforts to court President Donald Trump. An appeals court rejected his attempt to overturn his conviction that same month. The US Senate has formally recommended that Bankman-Fried should not receive a presidential pardon.
Ellison and Wang face five-year trading bans plus extended CFTC registration bars (10 years for Ellison, 8 for Wang), closing the CFTC's civil enforcement actions against them.
The supplemental consent order closes the CFTC's civil case against Ellison and Wang but keeps both barred from the broader regulated market. Watch whether the cooperation framework and extended registration bars set a template for how regulators treat executives who assist in post-collapse investigations.
And that's the way it is.
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