The charges against Xue 'Sam' Lee, accusing him of orchestrating the scheme that took $1.89 billion from its 'investors' between June 2020 and November 2022, were originally filed on January 25.
More than a year into the ‘crypto crackdown,’ have the activities of the U.S. Securities and Exchange Commission and others had the desired effect? Gurbir Grewal, the director of the SEC’s enforcement division, says that it has.
The U.S. Securities and Exchange Commission has charged Kraken and Coinbase with selling unregistered securities, revealing asset risks and regulatory challenges, as industry leaders grapple with compliance issues and fiscal discrepancies.
The charges against Bittrex stemmed from the SEC alleging that the exchange offered and sold digital assets to customers in the U.S. as an unregistered broker, exchange, and clearing agency.
While the new filings may be seen as a hopeful sign of a spot BTC ETF possibly gaining an approval, a start remark from the SEC says otherwise.
At least $1.3 billion in revenue were allegedly collected by Bittrex entities acting as broker-dealers, exchanges, and clearing agencies since 2014 without prior registration with the U.S. securities regulator.
The charges on Nexo come with an announcement that it has agreed to settle: they will pay a $22.5 million penalty and cease offering EIP to U.S. investors, and another $22.5 million penalty to state regulators.
A top official at the Securities and Exchange Commission said that while it may be more lenient on companies that self-report, they will still be liable to face penalties and other punitive measures.
