US SEC has fined cryptocurrency industry $7.4bn since 2013
The US Securities and Exchange Commission (SEC) has fined the cryptocurrency industry $7.4bn since 2013, according to a study published by Social Capital Markets. With Terraform Labs agreeing to pay $4.47bn earlier this year, the total fines for 2024 have already surpassed previous years, reaching $4.7bn, the report said. However, the report also said that the total number of fines issued dropped to 11 from 30 last year, when the SEC imposed fines totalling $150 million on the crypto industry. Social Capital Markets said in its report, ‘The overall increase in fines suggests a shift in firms’ strategies towards fewer, higher impact cases. This change underscores the need for cryptocurrency firms to prioritise regulatory compliance as the financial risks associated with breaches have escalated.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget's global user count surpasses 45 million
Data: A certain whale has sold a total of 2364 ETH in the past 35 hours
FalconX transferred 150 BTC to Bitwise Bitcoin ETF 21 hours ago
The trading volume of 6 Hong Kong virtual asset ETFs today is 2.87 million Hong Kong dollars