1 / 1 Relevant items tagged with #Penalties

Posts

SEC nets record $8.2B from enforcement, mostly from Terraform Labs

[Nov 25 1:10 AM] Terraform Labs’ near $4.5 billion settlement with the SEC has contributed to a record year for the agency’s financial penalties.

SEC Charges Cumberland DRW for Unregistered $2 Billion Crypto Securities Dealings

[Oct 10 11:30 PM] The U.S. Securities and Exchange Commission (SEC) has charged Cumberland DRW LLC, a Chicago-based firm, for operating as an unregistered dealer in over $2 billion of crypto assets classified as securities. The SEC claims that Cumberland violated…

Senator Warren Slams Citibank’s Ongoing Failures — Suggests Breaking up Citi

[Oct 5 3:30 AM] Senator Elizabeth Warren has called for bold action from regulators, urging the acting head of the Office of the Comptroller of the Currency (OCC) to address Citibank’s persistent operational failures. Warren stated that Citibank may be…

SEC’s Enforcement Chief Steps Down After Leading Over 100 Crypto Enforcement Actions

[Oct 2 8:15 PM] Gurbir S. Grewal, Director of the U.S. Securities and Exchange Commission (SEC)’s Division of Enforcement, will leave the agency next week. During his tenure, he led several high-profile enforcement actions, particularly in the crypto sector…

CFTC Sues Over $3.6M Digital Asset Fraud Targeting Asian Americans

[Sep 29 11:30 AM] The U.S. Commodity Futures Trading Commission (CFTC) has initiated legal action against a fake trading platform and its associates for defrauding investors out of $3.6 million. The scheme, which targeted Asian Americans, involved soliciting funds…

SEC Takes Action Against Fake Crypto Platforms Using Social Media to Deceive Investors

[Sep 17 11:40 PM] The U.S. Securities and Exchange Commission (SEC) has cracked down on two crypto investment scams, targeting platforms Nanobit and Coinw6. Involving fake relationships to deceive victims via social media, these schemes siphoned millions from…

SEC Fines Prager Metis $1.95M Over Negligent FTX Audits

[Sep 17 7:30 PM] The U.S. Securities and Exchange Commission (SEC) has reached a $1.95 million settlement with Prager Metis CPAs LLC and its affiliate over serious allegations related to their audits of crypto exchange FTX. The case highlights critical oversights…

SEC Freezes Assets of Crypto Trading Bot Operators in Alleged Ponzi Scheme

[Aug 28 3:30 AM] The U.S. Securities and Exchange Commission (SEC) has frozen the assets of Jonathan and Tanner Adam, alleging they ran a $60 million Ponzi scheme under the guise of a crypto trading bot. Over 80 investors were defrauded by promises of high returns…

Better Markets CEO Says SEC Has 90% Chance of Winning in Ripple Appeal — Criticizes Judge’s XRP Ruling

[Aug 18 11:35 PM] Dennis Kelleher, CEO of Better Markets, says the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning an appeal in the Ripple lawsuit over XRP. He criticized the court ruling as flawed, arguing that the judge in the Ripple case…

Federal Reserve Fines Citigroup $60.6 Million for Ongoing Risk Management Deficiencies

[Jul 10 3:31 PM] The U.S. Federal Reserve has imposed a $60.6 million fine on Citigroup for continued failures in its risk management and data quality practices. The enforcement action follows Citigroup’s insufficient progress in addressing deficiencies…

Taiwan proposes tougher AML measures for crypto service providers

[May 9 6:19 AM] Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

CFTC Cracks Down on 3 Defi Platforms for Offering Illegal Derivatives

[Sep 9, 2023 4:30 AM] The U.S. Commodity Futures Trading Commission (CFTC) has issued orders against the operators of three decentralized finance (defi) protocols. The regulator accused them of committing various violations of commodity laws including illegal trading of…

SEC Charges Impact Theory in First NFT-Related Lawsuit Over Unregistered Token Sales 

[Aug 28, 2023 1:30 PM] The Securities and Exchange Commission (SEC) has charged Los Angeles-based media company Impact Theory with offering and selling unregistered securities in the form of crypto asset tokens. Notably, this marks the SEC’s first lawsuit targeting…

Kuwait Capital Markets Authority Reaffirms Comprehensive Crypto Asset Ban

[Jul 20, 2023 3:30 PM] In a circular released by the Capital Markets Authority of Kuwait, the regulator reaffirmed its position that Kuwait strictly prohibits the use of virtual currencies and bans mining activities within the Gulf state. The authority also emphasized…

Coinex Settles With NY Attorney General, Pays $1.7M in Penalties; Announces Exit from US Market

[Jun 16, 2023 8:30 AM] According to a press release issued on June 15 by the Office of the New York State Attorney General, the cryptocurrency exchange Coinex has reached a settlement with Letitia James, the chief law enforcement officer. The attorney general stated that…

Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations

[Mar 29, 2023 2:00 PM] On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the…

Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates

[Mar 29, 2023 12:00 PM] Cryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to…

What are the Howey test and its implications for cryptocurrency?

[Mar 18, 2023 8:07 AM] The Howey test’s impact on cryptocurrency, explained — legal implications, compliance requirements and more.

Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners

[Mar 17, 2023 10:30 PM] The organization representing Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to…

Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation

[Mar 12, 2023 2:30 AM] A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of…

NBA Hall of Famer Paul Pierce Charged by SEC for Touting EMAX Tokens

[Feb 17, 2023 11:31 AM] The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle…

Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum’s Shanghai Hard Fork

[Jan 25, 2023 6:30 PM] While the Ethereum community prepares for the upcoming Shanghai hard fork in March, the development team for the liquid staking project Lido revealed plans to create an in-protocol withdrawal feature. Lido’s team is seeking community feedback…