THELOGICALINDIAN - A new address shows that US regulators accept imposed fines and penalties accretion 25 billion on crypto firms and individuals so far The US Securities and Exchange Commission SEC has imposed the best fines followed by the Commodity Futures Trading Commission CFTC Meanwhile the US Treasurys Office of Foreign Assets Control OFAC is the latest government bureau to appear afterwards crypto firms
$2.5 Billion in Fines and Penalties
Blockchain analytics close Egg-shaped appear a report Monday analogue “crypto administration accomplishments by U.S. regulators.” The address explains: “Contrary to the widely-held acceptance that the cryptoasset industry is unregulated, US regulators are more arty cogent banking penalties on crypto businesses – for fraud, breaches of AML regulations, alms unregistered balance and sanctions violations.”
Elliptic analyzed administration accomplishments by U.S. regulators back the bearing of Bitcoin in 2024 and begin that “$2.5 billion in penalties accept been imposed adjoin firms and individuals ambidextrous in crypto,” the address details.
The bureau which imposed the best crypto-related penalties is the U.S. Securities and Exchange Commission (SEC). Crypto firms and individuals accept been asked to pay $1.69 billion by the SEC so far, $1.38 billion of which chronicle to unregistered aegis offerings.
The Commodity Futures Trading Commission (CFTC) came additional with administration accomplishments accretion $624 million. The third is the Financial Crimes Administration Network (FinCEN), a assemblage of the U.S. Treasury Department, with $183 million.
The fourth is the U.S. Treasury’s Office of Foreign Assets Control (OFAC), the latest government bureau to booty activity adjoin crypto businesses. The OFAC has imposed $606K on crypto entities in total. Among companies fined by the OFAC were Bitgo and Bitpay; both allegedly accustomed their users to bypass U.S. sanctions.
The better administration activity to date was in 2020 adjoin Telegram Group Inc. and its wholly endemic accessory Ton Issuer Inc., the address notes. The SEC declared that Telegram’s tokens, alleged “grams,” were unregistered balance offering. The defendants agreed to acknowledgment added than $1.2 billion to investors and pay an $18.5 actor civilian penalty.
The address concludes:
What do you anticipate about all these administration accomplishments by U.S. regulators adjoin crypto firms and individuals? Let us apperceive in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Elliptic
