Celsius

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<h4><strong>Recently, several prominent crypto companies have faced significant fines in the United States. Raising questions about compliance and the future of the industry.</strong></h4> 
<p>Let’s delve into the top five crypto companies that have recently been slapped with substantial fines.</p> 
<h5><strong>1) Celsius – $4.7 Billion</strong></h5> 
<p><a href="https://www.altcoinbuzz.io/?s=Celsius" target="_blank" rel="noopener">Celsius</a> found itself in the regulatory crosshairs, resulting in a whopping $4.7 billion fine. The penalty stemmed from allegations related to non-compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Celsius faced accusations of failing to adequately verify customer identities and allowing illicit activities to take place on its platform. More info <a href="https://twitter.com/BTCTN/status/1679604682669391872" target="_blank" rel="noopener">here</a>.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Top 10 Crypto Enforcement Actions in the US <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>1. Celsius – $4.7B<br>2. Binance – $4.3B<br>3. Voyager – $1.65B<br>4. Telegram – $1.24B<br>5. Coinbase – $100M<br>6. BlockFi – $100M<br>7. BitMEX – $100M<br>8. Nexo – $45M<br>9. Tether – $41M<br>10. Kraken – $30M</p> 
 <p>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1729000040772047341?ref_src=twsrc%5Etfw">November 27, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>2) Binance – $4.3 Billion</strong></h5> 
<p><a href="https://www.altcoinbuzz.io/?s=binance" target="_blank" rel="noopener">Binance</a> incurred a hefty $4.3 billion fine, marking a significant setback for the exchange giant. The fine was primarily associated with concerns over lax AML procedures and the facilitation of transactions involving prohibited jurisdictions. Binance, already under scrutiny in multiple jurisdictions, now faces the challenge of overhauling its compliance practices to meet regulatory expectations. More info <a href="https://twitter.com/ICODrops/status/1728706714231304597" target="_blank" rel="noopener">here</a>.</p> 
<h5><strong>3) Voyager – $1.65 Billion</strong></h5> 
<p><a href="https://www.altcoinbuzz.io/?s=Voyager" target="_blank" rel="noopener">Voyager</a>, a crypto brokerage platform, faced a substantial $1.65 billion fine. This is due to alleged shortcomings in its regulatory compliance framework. The company, which offers commission-free trading services, was accused of not implementing adequate controls to prevent market manipulation. And failing to provide accurate and timely information to its customers. So, the fine serves as a reminder of the importance of robust compliance measures in the crypto brokerage sector. More info <a href="https://twitter.com/crypto__mak/status/1712653539301114250" target="_blank" rel="noopener">here</a>.</p> 
<h5><strong>4) Telegram – $1.24 Billion</strong></h5> 
<p><a href="https://www.altcoinbuzz.io/?s=telegram" target="_blank" rel="noopener">Telegram</a> was slapped with a $1.24 billion fine. The penalty was a result of the SEC lawsuit. Which alleged that Telegram conducted an unregistered securities offering through its initial coin offering (ICO). So, the SEC argued that Telegram’s ICO violated federal securities laws by failing to register the offering and provide necessary disclosures to investors. More info <a href="https://twitter.com/ChrisHarveyEsq/status/1292366182113107970" target="_blank" rel="noopener">here</a>.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">What are the biggest crypto enforcement actions in the US? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>In the wake of the recent <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> settlement and the resignation of its CEO, let's dive into the numbers to examine the largest settlements based on monetary charges.</p> 
 <p>Read the full study: <a href="https://t.co/GOFnJuZcDg">https://t.co/GOFnJuZcDg</a> <a href="https://t.co/OpzJFYJjmd">pic.twitter.com/OpzJFYJjmd</a></p> 
 <p>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1729000042567241747?ref_src=twsrc%5Etfw">November 27, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>5) Coinbase – $100 Million</strong></h5> 
<p>While relatively smaller in comparison to others on this list, <a href="https://www.altcoinbuzz.io/?s=coinbase" target="_blank" rel="noopener">Coinbase</a> faced a $100 million fine. The penalty was related to allegations of misleading customers with inaccurate representations of its trading volumes. And providing false or misleading information about its exchange practices. So, the fine highlights the importance of transparency and accurate reporting in the crypto industry, even for established platforms like Coinbase.</p> 
<h5><strong>Conclusions</strong></h5> 
<p>While these fines may represent setbacks for the affected companies, they also signal a shift towards a more mature and regulated crypto landscape. Industry players are now compelled to prioritize compliance, implement robust internal controls, and work closely with regulators.</p> 
<p>Finally, as the crypto industry navigates these regulatory challenges, the hope is that these lessons will contribute to a more sustainable and trustworthy future for digital assets.</p> 
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<p>The post <a href="https://www.altcoinbuzz.io/spotlight/top-5-crypto-companies-fined-in-the-us/">Top 5 Crypto Companies Fined in the US</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Top 5 Crypto Companies Fined in the US

Altcoin Buzz

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