Prosecutors give a stark warning to other crypto platforms in the wake of the SBF indictment and call it ‘one of the biggest financial frauds in American history’

Williams was joined by a host of U.S. officials in outlining the charges against Bankman-Fried, including Gurbir Grewal, director of the SEC Enforcement Division. The SEC brought a separate set of civil charges against Bankman-Fried on Tuesday, and Grewal warned other unregulated and rogue cryptocurrency trading platforms to register with the SEC soon, or risk falling afoul of federal prosecutors.

“One immediate takeaway from today’s announcement should be that noncompliant trading platforms pose dramatic risks to both their investors and to their customers,” he said. “It’s imperative that noncompliant platforms come into compliance.”

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“As Chair Gensler has made clear, the runway is getting shorter for them to come in to register with us. And for those who do not, the Enforcement Division stands ready to take action,” he said.

Source: Prosecutors give a stark warning to other crypto platforms in the wake of the SBF indictment and call it ‘one of the biggest financial frauds in American history’