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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCrypto giant Binance’s US affiliate halts direct dollar withdrawals | Reuters
The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets. “In the event that customers wish to withdraw […]
2023 Fiscal Year in Review: SEC Enforcement Actions Against Investment Advisers to Private Funds, Registered Funds, and Retail Clients | Sidley Austin LLP
In its 2023 fiscal year that ended on September 30, the U.S. Securities and Exchange Commission (SEC or Commission) brought over 150 enforcement actions against investment advisers and their representatives. A review of notable actions under the Investment Advisers Act of 1940 reveals a number of trends likely to continue into FY2024, including aggressive enforcement […]
EU securities watchdog warns investors over crypto market protections | Reuters
Investors will not be protected under European Union cryptoasset market rules until at least the end of 2024, and even then they should still be ready to lose all their money, the bloc’s securities watchdog said on Tuesday. The EU was the first jurisdiction in the world to approve a comprehensive set of rules to […]
Lawmakers Press Biden on Preventing Use of Crypto in ‘Financing of Terrorism’ – Bloomberg
Eighty-six members of Congress representing both Democrats and Republicans pressed the Biden administration for details on how it plans to prevent militant organizations from using crypto in the “financing of terrorism.” In an Oct. 17 letter, led by senators Elizabeth Warren and Roger Marshall, along with representative Sean Casten, to the US Treasury Department and […]
U.S. Derivatives Regulator Plans Tougher Enforcement Approach – WSJ
Commodity Futures Trading Commission enforcers intend to push for heavier fines, particularly on repeat offenders, and will increasingly eschew settlements that allow firms to avoid admitting fault, the financial regulator’s enforcement unit said Tuesday. The CFTC, which polices derivatives markets, will crack down in particular on repeat offenders, it said in a memo to enforcement staff. […]
WhatsApp clampdown highlights video call compliance threat for finance firms | Reuters
With text messages and emails under tightened surveillance, financial firms may now have to screen staff video calls for possible rule-breaking, amid concern regulators are poised to scrutinise such calls for compliance breaches. So far, a sector-wide crackdown led by the U.S. Securities and Exchange Commission (SEC) has focused on business-related text messages over unauthorised […]
The Sam Bankman-Fried Trial Is Revealing Crypto’s Amateur-Hour Ways
Paradigm, BlockFi, Genesis and other companies did not have access to audited financial statements prior to investing or loaning billions to FTX, FTX.US. and Alameda Research, according to testimonies given in the trial of Sam Bankman-Fried. Rather, these investors and lenders looked at unaudited financial statements and spoke with the executives at these companies to […]
SEC Charges Illinois Resident with Insider Trading
The Securities and Exchange Commission today announced charges against Brian Marc Rubin of Deerfield, Illinois, for insider trading in stock options of Array BioPharma Inc. in advance of an announcement that Pfizer, Inc. was acquiring Array via a tender offer. The SEC’s complaint, filed in federal court in Illinois, alleges that Rubin unlawfully traded Array […]
Why Binance, Coinbase, Ripple and Other Crypto Firms Cite the ‘Major Questions’ Doctrine During Legal Imbroglios
Coinbase, the largest U.S. crypto business, is arguing along the same lines. Like Binance, Coinbase argued that the SEC doesn’t have explicit permission to say whether it is an unlicensed securities exchange, and cited the “major questions” doctrine in a brief meant to quickly expel the SEC’s lawsuit. Last week, the SEC fired back against […]