Sec Charges Financial News

Crypto investors pulled $791.6 million from the crypto exchange Binance in 24 hours, crypto research firm Nansen said Tuesday, after U.S. regulators unveiled 13 securities charges against the company and its founder Changpeng Zhao.

Binance said the US Securities and Exchange Commission’s 13 charges against it and its CEO Changpeng Zhao are “just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance,” to the crypto industry. 

The world’s largest crypto exchange, Binance, saw outflows of more than $700 million on the Ethereum network alone on Monday after news broke that the exchange is being sued by the US Securities and Exchange Commission (SEC).

Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the District of Delaware.

Court documents were filed indicating that Do Kwon, co-founder and CEO of Terraform Labs, has asked for the dismissal of charges leveled against him by the Securities and Exchange Commission (SEC). 

The United States Securities and Exchange Commission (SEC) has charged the crypto asset trading platform Bittrex and its cofounder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The agency filed a separate charge against Bittrex Global.

The US Securities and Exchange Commission has filed civil charges against eight celebrities, alleging they illegally promoted two cryptocurrencies without disclosing that they were paid to do so.

The FTX controversy and the Terraform catastrophe rocked the entire crypto sector to its foundations. The SEC recently disclosed that it was suing Terraform Labs and Do Kwon.

The United States Securities and Exchanges Commission continues to take action against celebrities promoting crypto-projects. In its latest move, the SEC has laid charges against former NBA player – Paul Pierce. The NBA Hall of Famer was pulled up for his role in promoting EMAX tokens, sold by EthereumMax. The commission has also labeled the token as a security.

The Securities and Exchange Commission charged Terraform Labs and its CEO, Do Kwon, with fraud, alleging that they orchestrated a multibillion dollar «crypto asset securities fraud,» the SEC said Thursday.

The United States Securities and Exchanges Commission (SEC) has joined other federal agencies in charging Avraham Eisenberg – a crypto trader. The crypto trader has come under the scrutiny of the regulators for his activity on Mango Markets, a crypto trading platform. In a blog post released today, the securities commission has accused Eisenberg of “orchestrating an attack” on the trading platform by manipulating the platform’s native token. In addition, the commission is investigating whether Eisenberg violated other securities laws.

The United States Securities and Exchange Commission has followed the Commodity Futures Trading Commission and others in filing parallel charges against the crypto user allegedly behind a multimillion dollar exploit of decentralized exchange Mango Markets.

The SEC’s filed complaint alleges that Gemini and Genesis’ crypto asset lending program, Gemini Earn, facilitated the offer and sale of unregistered securities to retail investors, allowing both firms to raise billions of dollars’ worth of crypto assets. The enforcement action outlines how the crypto asset-lending scheme allowed its customers to tender their crypto tokens to Genesis in exchange for an attractive interest rate. Gemini charged agent fees on these transactions (up to 4.29%). In November 2022, Genesis announced it would not allow Gemini Earn customers to withdraw their crypto assets as it lacked sufficient liquidity to meet withdrawal requests. At the time of this statement Genesis held approximately $900 million in investor assets from over 300,000 Gemini Earn investors. Genesis’ parent company Digital Currency Group (DCG) is considering selling assets to raise money to pay off the more than $3 billion it owes to creditors. Earlier this month, Gemini ended the Gemini Earn program, with retail investors still unable to withdraw their assets. Tyler Winklevoss, Gemini CEO, took to Twitter to respond to the SEC’s Thursday filing, stating: "It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive […] It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.”

The United States Securities and Exchange Commission (SEC) has filed charges against Sam Bankman-Fried, the former CEO of now-bankrupt crypto exchange FTX. 

The US Securities and Exchange Commission (SEC) has filed charges against the founder and three promoters of Trade Coin Club, arguing that they duped investors into sinking money in a fraudulent crypto trading bot.

The settlement reached with the SEC by Kardashian includes a $260,000 payment that represents that original amount, plus interest, as well as $1 million in penalties. Kardashian has also agreed to cooperate with an "ongoing investigation" by the Commission.SEC chair Gary Gensler immediately took to Twitter, warning investors not to make investment decisions based solely on the recommendations of a celebrity or influencer.

Barclays PLC agreed to pay a $200m fine to settle Securities and Exchange Commission charges stemming from a flubbed debt sale earlier this year.

 

The United States Securities and Exchange Commission (SEC) has charged 11 individuals for creating and promoting a fraudulent crypto pyramid scheme and Ponzi scheme. The authority published a press release on August 1, saying that the $300 million crypto pyramid scheme involved perpetrators from several countries. The complaint was filed in the United States District Court in the Northern District of Illinois.

The US Securities and Exchange Commission (SEC) has charged 11 individuals for their roles in an alleged crypto pyramid and Ponzi scheme that raised over USD 300m from millions of investors worldwide, including in the United States.

The Securities and Exchange Commission (SEC) has charged 11 individuals for their alleged role in the creation of a "fraudulent crypto pyramid scheme" platform Forsage.