This year has been quite a roller coaster ride for the whole cryptocurrency market and there has been some major crypto adoption across the globe. Also, there have been similar increases in illegal activities as well. This is quite evident from the annual report published by the Enforcement Division of the U.S. Securities and Exchange Commission (SEC). Also, the U.S. SEC Enforcement Division has collected more than $4.68 billion in illegal income and fines, mostly from crypto-related firms. U.S. SEC Enforcement Division Published 2020 Fiscal Year’s Annual Report The U.S. SEC Enforcement Division has published its annual report for the fiscal year 2020. Moreover, this report reveals that the SEC received around $1.26 billion from the unregistered initial coin offerings (ICOs). Stephanie Avakian, the Director of U.S. SEC Enforcement Division, has said: “The Commission obtained judgments and orders totaling approximately $4.68 billion in disgorgement and penalties – the highest amount on record.” Moreover, this report gives a complete overview of all the actions taken by the department this year. Above all, it has collected a huge amount of money from the ICO. Back in 2019, the U.S. SEC has filed a lawsuit against Telegram to which the firm has agreed to pay an $18.5 million fine to the agency. Similarly, there was another firm named Kik against which the SEC had also filed the lawsuit. Securities and Exchange Commission Took Total Action Against 715 Cases In the report, it is stated that the U.S. SEC has taken action against a total of 715 cases. However, the SEC has obtained a total of $4.68 billion out of which, $600 million has been returned to the investors from different cases. As per the records, this has been the highest fine that the U.S. SEC Enforcement Department has ever obtained.
The post U.S. SEC Enforcement Division Collects $4.68B in Illegal Income and Fines appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
