Tag: Sanctions

SEC Blasted by Judge for ‘Abuse of Power’ in Crypto Case Against DEBT Box – Bloomberg

A federal judge in Utah took the extremely unusual step of sanctioning the Securities and Exchange Commission, saying that the regulator abused its authority in a case against crypto platform Digital Licensing Inc., known as DEBT Box. The SEC’s conduct “constitutes a gross abuse of the power entrusted to it by Congress and substantially undermined the integrity of these proceedings…

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SEC Admits Errors in Enforcement Proceedings, Staff Training Made Mandatory

In a notable admission of procedural missteps, the U.S. Securities and Exchange Commission (SEC) has expressed “serious and deep regret” over errors made during a recent enforcement proceeding. This rare acknowledgment from the regulatory body came via a new filing, highlighting a commitment to rectify these inaccuracies and prevent future occurrences. *** In response, the SEC has launched a comprehensive…

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U.S. Crypto Exchange Kraken Settles With Treasury Dept. – The New York Times

Kraken, a U.S. cryptocurrency exchange, agreed on Monday to pay more than $360,000 to the Treasury Department to settle accusations of sanctions violations involving virtual currency transactions by users in Iran. The Treasury Department’s Office of Foreign Assets Control said Kraken, the second-largest crypto exchange by volume in the United States, had agreed to a settlement for enabling nearly $1.7…

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Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions – WSJ

A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department’s sanctions against cryptocurrency mixer Tornado Cash. Coin Center, a Washington, D.C.-based crypto-focused think-tank, along with three individuals, filed suit against the Treasury Department Wednesday in federal court in the Northern District of Florida, asking it to remove Tornado Cash from the sanctions list. The suit…

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Bittrex Fined $24 Million for Breaking U.S. Sanctions – The New York Times

The cryptocurrency exchange Bittrex was fined $24 million for breaking U.S. sanctions, the Treasury Department announced on Tuesday, the largest penalty the government has imposed on a crypto business for violating sanctions. Between 2014 and 2017, Bittrex allowed customers in Cuba, Iran, Sudan, Syria and the Crimea region of Ukraine to make virtual currency transactions worth more than $263 million,…

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U.S. issues criminal charges in first cryptocurrency sanctions case – The Washington Post

In the ruling, the judge called cryptocurrency’s reputation for providing anonymity to users a myth. He added that while some legal experts argue that virtual moneys such as bitcoin, ethereum or Tether are not subject to U.S. sanctions laws because they are created and move outside the traditional financial system, recent action taken by the Treasury Department’s Office of Foreign…

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