The crypto industry has faced two of the biggest penalties ever. For the first time, the Securities of Exchange Commission fined it about $ 1.69 billion, after which the Commodity Futures Trading Commission fined it about $ 624 million.
Bitcoin
Apart from Corona this year, the name of cryptocurrency has also been included in the things that have been discussed a lot, especially bitcoin, but do you know that the crypto industry has violated the rules not once but twice. For this, this industry has also had to face heavy fines. The US has fined about $ 2.5 billion (about 2 billion 500 million) on different types of crypto. Let’s know what is the whole matter and how all this happened
According to a Bloomberg report, US regulators have imposed fines of about 2 billion 500 million on this industry since 2009. In fact, since the year 2009, when bitcoin came into play, many types of rules have been ignored. In return for which it has also been punished from time to time by the regulators.
Highest two penalties ever
The crypto industry has faced two of the biggest penalties ever. For the first time, the Securities of Exchange Commission fined it about $ 1.69 billion, after which the Commodity Futures Trading Commission fined it about $ 624 million. In both cases, the crypto industry has been found guilty of ignoring the rules. In most of the cases, it was seen that most of the cases have been linked to fraud.
currency | fine |
CFTC | 624 million dollars |
FinCen | $183 million |
I DO IT | 0.6 million dollars |
In what cases how much fine
unregistered security | 1380 million dollars |
fraud cases | 928 million dollars |
violation of rules | $183 million |
Section Violation Cases | 0.6 million dollars |
other other matters | $8.5 million |
why are the prices falling
The cryptocurrency market has been in a continuous downtrend since the past week. Many big reasons are being told behind this. There is also big news coming from all over the world to rein in one of these cryptocurrencies. Some countries are in favor of moving forward with the future of cryptocurrency, while some want to rein in it. Given the increasing uncertainty in cryptocurrencies, investors are now exiting this risk and withdrawing their money.
There are restrictions in these countries including China
Mining of cryptocurrencies is banned in countries like China and Thailand. More recently, China banned more than 90 percent of crypto mining. After that it has now been banned in Thailand as well. The Thai Securities and Exchange Commission (SEC) has banned cryptocurrencies and non-fungible tokens (NFTs) amid concerns about excessive betting.
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