SEC | FinTelegram News

Category: SEC

Crypto
SEC

March 26, 2023

Embattled U.S. Crypto Market: SEC Warns Investors About Crypto Securities!

This week the U.S. SEC warned Coinbase about enforcement actions and filed a lawsuit against BitTorrent by Justin Sun for violating U.S. securities laws. Moreover, the regulator has warned investors about crypto securities. The SEC urges investors to be cautious with crypto asset securities. They would be exceptionally volatile and speculative. Crypto platforms may lack essential protections for investors. The wording crypto asset securities implies a regulatory obligation.

March 25, 2023

Arrested Terra-Luna Founder Do Kwon Is A Most Wanted Man Indeed!

Federal prosecutors in New York indicted the South Korean national Do Kwon, 31, on fraud charges Kwon faces eight counts, including conspiracy to defraud and engage in market manipulation, conspiracy to defraud, wire fraud, commodities fraud, and securities fraud. South Korea issued an arrest warrant for the former crypto CEO in September. The country's officials also asked Interpol to circulate a "red notice" Kwon. Law enforcement in Singapore also said they were investigating Kwon.

Crypto
SEC

March 23, 2023

Coinbase Share Price Crashed After SEC Warning; Bitcoin And Ether Unimpressed!

The announcement of an enforcement action by the U.S. Securities and Exchange Commission (SEC) against Coinbase today sent the stock price down by nearly 20% at the start of trading. Coinbase management had tried to explain and reassure on Twitter. However, that didn't help for the time being. The possible qualification of certain assets and offerings as securities could actually shatter the Coinbase business and revenue model (report here).

Crypto
SEC

March 23, 2023

U.S. Crypto Exchange Coinbase Faces Existential Regulatory Issues!

Coinbase, a public-listed U.S. crypto exchange, has troubles with the U.S. Securities and Exchange Commission (SEC), which has threatened to sue Coinbase over some of the crypto exchange's products. The regulator gave Coinbase a Wells notice, typically one of the final steps before the SEC formally issues charges. The SEC qualifies some of the company's assets and services as securities, including its staking services.

March 23, 2023

SEC Charges BitTorrent Founder And Celebrities For Security Violations!

The U.S. Securities and Exchange Commission (SEC) announced charges against crypto asset entrepreneur Justin Sun and three of his companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The SEC also charged them with secondary market manipulation through extensive washing. Lindsay Lohan and other celebrities have been charged for touting TRX and BTT.

March 7, 2023

Crypto Fraud: SEC Announced Emergency Action Against $100 Million BKCoin Scheme!

The U.S. Securities and Exchange Commission (SEC) announced an emergency action against the operators of the crypto fraud scheme BKCoin. The regulator successfully obtained an asset freeze, appointment of a receiver, and other emergency relief against Miami-based investment adviser BKCoin Management LLC and one of its principals, Min Woo Kang a/k/a Kevin Kang, in connection with the BKCoin crypto asset fraud scheme, which raised $100 million.

March 7, 2023

Corruption Is the Name Of The Legacy Game! SEC Order Against Rio Tinto!

In our cyberfinance environment, we are prone to navel-gazing and focusing on the dark side of cryptocurrencies, i.e., money-laundering or scam facilitation. In doing so, we forget that the legacy economy and finance is genetically driven by corruption and money laundering. One example? The U.S. SEC's latest order against Rio Tinto. The company has agreed to pay a $15 million civil penalty to settle the SEC’s corruption charges.

March 1, 2023

U.S. Prosecutors And Regulators Charge FTX Executive With Fraud!

Nishad Singh, 27, co-founder of collapsed crypto exchange FTX and close confident to founder Sam Bankman-Fried (SBF) pleaded guilty to six criminal counts, including conspiring to commit securities and commodities fraud. Moreover, the U.S. regulators SEC and CFTC announced fraud complaints against Singh. The FTX scheme was founded by Singh along with Samuel Bankman-Fried (SBF) and Gary Wang. U.S. Prosecutors allege that SBF stole billions of dollars of FTX customer funds.

January 25, 2023

U.S. Regulator Awards $28 Million To Joint Whistleblowers!

The U.S. Securities and Exchange Commission (SEC) announced an award of more than $28 million to joint whistleblowers who provided critical information and assistance in an SEC enforcement action. Their detailed information prompted the opening of the SEC investigation and significantly contributed to the success of the action. They provided substantial analysis and ongoing assistance resulting in the return of millions of dollars to harmed investors.

January 13, 2023

SEC Awards More Than $5 Million to Whistleblower

The U.S. Securities and Exchange Commission (SEC) announced an award of more than $5 million to a whistleblower whose information led to a successful SEC enforcement action. The whistleblower provided a tip and additional information that helped SEC staff shape its investigative strategy, identify witnesses, and draft documents and information requests. The whistleblower also internally reported concerns before submitting information to the SEC.

December 22, 2022

U.S. Regulators & Prosecutors Charge FTX Executives Caroline Ellison And Gary Wang!

The U.S Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ) charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX), for their roles in fraudulent FTX crypt scheme co-founded by Sam Bankman-Fried (SBF) and Wang. Ellison and Wang pleaded guilty to the criminal charges and cooperate with the authorities.

December 18, 2022

What About Regulatory Actions Against Financial Social Media Influencers?

The U.S. SEC recently filed charges against eight social media influencers in a $100 million securities fraud scheme. They used Twitter to build followers and direct them to their podcasts or Discord, which they used as a virtual boiler room to pump securities. They are seasoned stock manipulators. Twitter, TikTok, and Instagram are full of crypto influencers who recently also massively promoted the FTX scam. When will action be taken against them?