$2.5 Billion Worth of Penalties Imposed by U.S. Authorities on Crypto Firms and Individuals

$2.5 Billion Worth of Penalties Imposed by U.S. Authorities on Crypto Firms and Individuals

A report has indicated that US regulators have been on a rampage against crypto activities. So far around $2.5 billion worth of fines have been imposed by them. Also, the fines were imposed by different US regulators. With the most fines coming from the SEC. 

The report was released by a blockchain analytics firm Elliptic on Monday. Moreover, The report explained that:

“Contrary to the widely-held belief that the crypto asset industry is unregulated. US regulators are increasingly imposing significant financial penalties on crypto businesses. For fraud, breaches of AML regulations. And Offering unregistered securities and sanctions violations”

The report analysed the regulators fines since 2009. That is the year of launch of bitcoin. The fines going above $2.5 billion have been mostly towards crypto firms. 

The Necessary Details 

SEC was the one that imposed almost 50% of the fines. The Commodity  Futures Trading Commission (CFTC) imposed 20% of the fines. While the rest were imposed by FinCEN and OFAC.

The report suggests that most of the fines were levied on crypto firms that had unregistered securities offerings. Almost Half of the amount was fined to firms for this. Moreover, around a billion dollars was fined to individuals as well. Almost $200 million were fined in the way of Anti Money Laundering Charges. 

The single biggest holding was against Telegram Group. Which was asked to give $18.5 million penalty. Moreover, the company also had to return $1.2 billion that they raised. 

The crypto scene in U.S. is improving. And it will improve more.

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