The post SEC Announced the Money It Has Taken From Cryptocurrency Companies Through Penalties So Far: Jaw-dropping Amount appeared on BitcoinEthereumNews.com.

Total fines and penalties imposed against the cryptocurrency industry have exceeded $7.4 billion, according to a study published today by digital asset analytics firm Social Capital Markets. The milestone comes after Terraform Labs agreed to pay a record-breaking $4.47 billion earlier this year, bringing the total penalties for 2024 to $4.7 billion, making it the largest fine on record. The report showed a significant shift in the SEC’s approach, with the total number of fines dropping from 30 last year to 11 in 2024, while the total amount of fines has increased. The SEC imposed $150 million in fines on the crypto sector in 2023. This year’s large fines reflect a move toward fewer but more impactful cases. “The overall increase in fines indicates a strategic shift toward fewer, high-impact cases,” Social Capital Markets said in its report. “This shift highlights the need for crypto firms to prioritize compliance as the financial risks associated with violations increase.” The SEC has issued a total of 148 fines targeting both firms and individuals in the crypto sector since 2013. According to the research, 63 of these fines were specifically aimed at companies and individuals in the sector. Alongside the historic Terraform Labs fine, the largest in SEC history, the next largest fine was imposed against Telegram, which was ordered to pay $1.2 billion in penalties and return over $1 billion to investors for conducting “unregistered digital token sales” through its TON blockchain project in 2020. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/sec-announced-the-money-it-has-taken-from-cryptocurrency-companies-through-penalties-so-far-jaw-dropping-amount/

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Filed under: News - @ September 10, 2024 8:18 pm