SEC Actions
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KuCoin’s $300M Guilty Plea: Key Implications for Crypto Compliance
Read More: KuCoin’s $300M Guilty Plea: Key Implications for Crypto CompliancePEKEN Global Limited, operator of KuCoin, pleaded guilty to running an unlicensed money transmitting business in the U.S., leading to nearly $300 million in fines. This reflects significant violations of U.S. AML and KYC regulations. KuCoin’s failure to implement proper protocols allowed illicit transactions, causing it to cease U.S. operations for two years.
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SEC Crypto Litigation Releases: November 2024
Read More: SEC Crypto Litigation Releases: November 2024In November, the SEC charged Eng Taing and Touzi Capital with a $115 million securities fraud, misleading investors about crypto mining and debt rehabilitation investments. Funds were misused for personal gains while false profitability claims were made. The SEC seeks penalties and a ban on Taing, reinforcing the need for compliance in crypto markets.
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SEC Crypto Litigation Releases – October 2024
Read More: SEC Crypto Litigation Releases – October 2024SEC Charges So-Called Market Maker and Two Employees in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26158 In a sting operation emblematic of a John Grisham novel, the SEC charged ZM Quant Investment Ltd.—a British Virgin Islands entity—with manipulating markets and offering unregistered securities. Acting as a self-proclaimed market maker, ZM…