Elliptic, a blockchain-forensic company, has found out that $2.5 billion in penalties have been imposed against the cryptocurrency market by US regulators. According to a blog post, the SEC imposed a total of $1.69 billion in penalties, CFTC — $624 million, FinCEN — $183 million, and OFAC —$606,000.
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The company says the majority of the penalties were imposed over unregistered securities offerings ($1.38 billion), fraud ($928 million) and violations of anti-money laundering policies ($183 million).
Tom Robinson, Elliptic's Co-Founder, said that regulators have "successfully used existing laws" to penalize illicit activity. He also believes that the cryptocurrency market is far from being the "wild west" of finance due to regulatory tight pressure.
iHodl previously reported that Block.one, a blockchain-focused company & developer of the EOSIO network, reached a settlement to resolve the class action lawsuit initiated by the Crypto Assets Opportunity Fund. The company agreed to pay a fine of $27.5 million over its ICO dated between June 2017 and June 2018.
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