SEC hits BlockFi with a $100 million penalty, gives 60 days to comply with a 1940 law
On Feb. 14, the Securities and Exchange Commission, or SEC, announced actions against crypto lending company BlockFi over its failure to register high-yield interest accounts that the agency deems to be securities. New Jersey-based BlockFi will pay $50 million in settlement to the SEC and another $50 million to 32 U.S. states that brought similar […]
Binance Turkey fined 8M lira for non-compliance against money laundering
India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail
On Tuesday, BloombergQuint (Bloomberg India) reported that the penalty for non-compliance with the Indian government’s crypto policies could range from a maximum fine of 20 crore rupees ($2.7 million dollars) or 1.5 years in jail. Prime Minister Narendra Modi will likely give cryptocurrency investors a deadline to comply with new rules and declare their assets. […]
Banks vs. exchanges — regulators overwhelmingly penalize fiat, not crypto
While regulators have often targeted projects in and out of the crypto space, the fines levied against digital asset exchanges are a fraction of those against traditional financial institutions. According to data from Good Jobs First’s violation tracker, the platform analyzed 50 of the biggest fines regulators levied against major banks, investment firms, and brokers […]
Korean crypto exchanges could soon face fines for gaps in due diligence measures
South Korean crypto exchanges that don’t take extensive data collection and identity verification measures could soon be subject to heavy fines. According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs. The proposal introduces new VASP penalty […]