SEC | FinTelegram News

Category: SEC

October 9, 2024

Crypto Exchange Crypto.com Sues US SEC Over Regulatory Overreach!

Crypto.com, the Singapore-based crypto exchange with more than 100 million users, has filed a lawsuit against the SEC, challenging the regulator’s authority over crypto assets and accusing it of overstepping its jurisdiction. The lawsuit comes after a Wells notice was issued to the platform, signaling the SEC’s intent to take enforcement action.

October 7, 2024

Gurbir Grewal’s Departure from the SEC: His New Position and Potential Impact on Crypto Regulation!

Gurbir S. Grewal, the former Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has left his position to join Milbank LLP, one of the most innovative and prestigious law firms globally. This transition from his high-profile regulatory role to private practice is likely to have lasting implications, particularly on the SEC’s enforcement strategy in the crypto sector.

October 3, 2024

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.

October 1, 2024

Accounting Fraud: SEC Charges Chartered Accountants with Facilitating a Massive Securities Fraud Scheme!

The U.S. Securities and Exchange Commission (SEC) has taken decisive action against Olayinka Oyebola and his PCAOB-registered accounting firm, Olayinka Oyebola & Co., for their alleged role in a massive securities fraud scheme. The SEC's complaint accuses Oyebola and his firm of aiding and abetting fraud perpetrated by Mmobuosi Odogwu Banye and three U.S. companies under his control, collectively known as the Tingo entities.

October 1, 2024

EC Prioritizes Pre-IPO Fraud Enforcement: $120 Million Scheme in New York Latest Case in Series of Actions!

The U.S. SEC charged John LoPinto, Robert Wilkos, and Laren Pisciotti with fraud in a scheme involving investments in pre-IPO private companies. The SEC also charged several companies owned and/or controlled by the defendants. The SEC alleges that between Oct. 2019 and Dec. 2022, the scheme raise

October 1, 2024

The U.S. SEC Charged TD Securities Over Spoofing Scheme and Failure to Supervise!

TD Securities’ involvement in a spoofing scheme is a wake-up call for firms to take compliance seriously. The lack of effective supervision allowed illegal trading activities to continue for over a year. With penalties from the SEC, DOJ, and FINRA totaling over $15 million, this case reinforces the financial and reputational risks of non-compliance.

September 29, 2024

SEC Charges Advisory Firm GQG Partners With Violating Whistleblower Protection Rule!

The U.S. regulator SEC sees itself as an advocate for whistleblowers and takes radical action against companies that whistleblowers want to prevent or hinder. Even agreements that contain carve-out language allowing people to report to the SEC voluntarily can be violative if restrictive language in a separate provision impedes voluntary reporting, the SEC argues in the GQC Partners case.

September 28, 2024

SEC Charges Crypto Asset Trading Platform Mango Markets for Unregistered Offers and Sales of the Platform’s “MNGO” Governance Tokens!

Labeling an entity as a ‘DAO’ doesn’t exempt it from U.S. securities laws. The SEC’s crackdown on Mango DAO and Blockworks Foundation highlights that all intermediaries of securities—whether automated or decentralized—must comply with registration requirements. The crypto industry must heed this warning, as the enforcement heat continues to rise.

September 27, 2024

SEC Charges Sports Betting Provider DraftKings for Selective Disclosure of Nonpublic Information via CEO’s Social Media

Since Elon Musk's infamous tweets in 2018 in connection with Tesla shares and the subsequent fraud suit filed by the SEC, it is clear that private social media channels are also subject to regulatory monitoring. The SEC now fined the U.S. company DraftKings $200,000 for selectively disclosing nonpublic information via the CEO’s social media accounts. This case highlights the importance of ensuring equal access to material information for all investors.

September 25, 2024

SEC Charges Stablecoin Issuers TrustToken and TrueCoin With Investor Fraud Over Stablecoin TUSD

The U.S. Securities and Exchange Commission (SEC) has charged TrustToken and TrueCoin with defrauding investors over their stablecoin, TUSD, which they falsely claimed was fully backed by U.S. dollars. The companies secretly invested over half a billion dollars in risky offshore funds, exposing investors to hidden risks. This case highlights the urgent need for regulatory scrutiny in crypto-asset markets.

September 25, 2024

SEC Charges Former SKAEL CEO Over $30 Million Accounting Fraud and Misappropriation of Investor Funds!

The SEC has charged Baba Nadimpalli, the CEO of SKAEL Inc. This San Francisco-based private technology company developed business automation software, with defrauding investors out of $30 million by falsifying revenue data and customer relations. He allegedly forged bank statements to show nonexistent payments and spent hundreds of thousands of dollars of SKAEL’s money on his own personal expenses.

September 24, 2024

Coinbase and its Fight Against the SEC Continues with A Small Win!

The U.S. SEC filed a lawsuit against Coinbase, one of the largest crypto exchanges in the U.S., in June 2023. The core issue of this lawsuit revolves around whether certain crypto assets traded on Coinbase's platform should be classified as securities. On Monday, members of a Third Circuit panel pressed the regulator on its brief denial of crypto exchange Coinbase's request for rulemaking around digital assets.

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.

Prison Update: Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles!

Sam Bankman-Fried (SBF), the founder of the now-defunct cryptocurrency exchange FTX, has been transferred to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California. This low-security facility is known for housing non-violent offenders and has previously held notable inmates such as Ramesh "Sunny" Balwani, former COO of Theranos.

Startup on Trial: Celsius Network and Alex Mashinsky – When Deception Dressed Up as DeFi Innovation!

Celsius Network promised financial freedom through crypto, only to collapse into one of the most catastrophic failures in the DeFi sector. Founder Alex Mashinsky portrayed himself as the champion of the unbanked—yet behind the scenes, Celsius engaged in reckless trading strategies, misled customers, and operated more like a hedge fund than a lending platform.