(Bloomberg) — Cryptocurrency platform Kraken must face a US Securities and Exchange Commission lawsuit accusing it of operating an unregistered securities exchange, a judge ruled. Most Read from Bloomberg “The SEC has plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and
Binance Holdings is hiring 1,000 people this year, with many earmarked for compliance roles, as the cryptocurrency exchange’s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops US$200 million. Chief executive Richard Teng, who is visiting the US to talk to monitors and officials, outlined the employment goals for the
The Securities and Exchange Commission (SEC) has announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping
The Securities and Exchange Commission (SEC) charged NovaTech Ltd, its operators, Cynthia and Eddy Petion, and the company’s top promoters with running a fraudulent scheme centered on crypto assets. The defendants are charged with running a multi-level marketing company that claimed it would invest victims’ funds in crypto assets but did so with only a fraction of
The U.S. Securities and Exchange Commission (SEC) is suing a crypto startup, NovaTech, for allegedly fraudulently raising more than $650 million from over 200,000 investors, many in the Haitian-American community. The SEC frames NovaTech, founded in 2019 by husband-and-wife duo Cynthia and Eddy Petion, as a multi-level marketing (MLM) scheme — one that lured investors
The U.S. Securities and Exchange Commission (SEC) has reportedly subpoenaed at least three crypto venture capital firms in 2024. Citing a source familiar with the matter who wished to remain anonymous, DL News reports that three crypto VC firms received identical subpoenas from the SEC requesting any contract of token deals with investors. “The staff
One of the longest running legal cases impacting crypto’s regulatory future is potentially nearing resolution. The case, between cryptocurrency company Ripple Labs and the U.S. Securities and Exchange Commission (SEC), centers around whether Ripple’s XRP token is a security and has gone through several iterations since its 2020 start. On Wednesday (Aug. 7), the scales of justice fell
DL News viewed the first page of a subpoena. The SEC issued similar subpoenas to at least two other crypto VCs. “It’s a natural additional enforcement area,” said a securities attorney. The US Securities and Exchange Commission has subpoenaed at least three crypto venture capital firms this year, according to a source familiar with the
Robinhood Markets reportedly submitted a response to a Securities and Exchange Commission (SEC) Wells Notice that it received in May, which warned the company of impending enforcement action related to its cryptocurrency business. Vlad Tenev, CEO of Robinhood, told Bloomberg Television about this move in a Thursday (Aug. 8) interview, while adding that he had
Blockchain solutions provider Ripple Labs was ordered by a federal judge to pay a civil penalty of $125 million in a case brought by the Securities and Exchange Commission (SEC) and centered on the company’s sale of its XRP token to institutional investors. The SEC had sought a total of $2 billion in civil penalties,