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Analysis

Cryptocurrencies are not exactly “the wild – no rules” for the US financial world

June 22, 2021 - Around 2 mins mins to read

Unregistered securities grants account for over half the crypto penalties imposed by U.S. authorities, according to a report by blockchain analytics company Elliptic. Tom Robinson this US authorities have fined $ 2.5 billion for crypto-related offenses since 2014.

Of the $ 2.5 billion overall, unregistered securities grants accounted for $ 1.38 billion in fines, or 55.19percent of the total penalties issued.

The biggest known crypto breach thus far has been the SEC’s conclusion in 2020 on Telegram’s ICO supplying, together with the crypto messaging program being accused of violating securities laws via an unregistered ICO from 2018 in relationship with civil law sanctions.

The biggest scam penalized by the CFTC has been Control Finance Ltd. ‘s Ponzi application, operator Benjamin Reynolds utilized AWOL last year until it had been found and billed in March 2021. The fraud caused a civil penalty of $429 million and $143 million in compensation.

With most effective enforcement activities taken over the years, Dr. Robinson this the cryptocurrency industry is not the “wild west” of fund that’s frequently clarified in mainstream circles. :

“Our evaluation of enforcement activities associated with crypto resources in the United States reveals that crypto is nowhere close the’wild west’ of the financial world. Regulators have used existing laws to punish and prevent illegal actions which have mined cryptocurrencies.”

The US Securities Exchange Commission (SEC) imposed the largest number of fines for crypto violations, making up $ 1.69 billion, or 67% of the total.

Following the SEC is the Commodity Futures Trading Commission (CFTC), that has decreased its own penalties of $624 million by 25 percent, the Financial Crimes Enforcement Network (FinCEN) with 7 percent, or $183 million, and the Office Foreign Assets Control (OFAC) in 2.4percent or $606,000.

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CoinX

Analysis

Cryptocurrencies are not exactly “the wild – no rules” for the US financial world

Unregistered securities grants account for over half the crypto penalties imposed by U.S. authorities, according to a report by blockchain analytics company Elliptic. Tom Robinson this US authorities have fined $ 2.5 billion for crypto-related offenses since 2014.

Of the $ 2.5 billion overall, unregistered securities grants accounted for $ 1.38 billion in fines, or 55.19percent of the total penalties issued.

The biggest known crypto breach thus far has been the SEC’s conclusion in 2020 on Telegram’s ICO supplying, together with the crypto messaging program being accused of violating securities laws via an unregistered ICO from 2018 in relationship with civil law sanctions.

The biggest scam penalized by the CFTC has been Control Finance Ltd. ‘s Ponzi application, operator Benjamin Reynolds utilized AWOL last year until it had been found and billed in March 2021. The fraud caused a civil penalty of $429 million and $143 million in compensation.

With most effective enforcement activities taken over the years, Dr. Robinson this the cryptocurrency industry is not the “wild west” of fund that’s frequently clarified in mainstream circles. :

“Our evaluation of enforcement activities associated with crypto resources in the United States reveals that crypto is nowhere close the’wild west’ of the financial world. Regulators have used existing laws to punish and prevent illegal actions which have mined cryptocurrencies.”

The US Securities Exchange Commission (SEC) imposed the largest number of fines for crypto violations, making up $ 1.69 billion, or 67% of the total.

Following the SEC is the Commodity Futures Trading Commission (CFTC), that has decreased its own penalties of $624 million by 25 percent, the Financial Crimes Enforcement Network (FinCEN) with 7 percent, or $183 million, and the Office Foreign Assets Control (OFAC) in 2.4percent or $606,000.

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