Crypto Firms In The US Have Paid Over $3 Billion In Fines With The SEC Being The Largest Collector

BlockFi was slammed with the largest fine after it paid $100 million early in the year. The bulk of fines revolves around unregistered securities offerings, fraud, and anti-money laundering violations. In 2020, the figure stood at barely $2 billion but 18 months later, it nearly doubled in size thanks to increased regulatory attempts to rein the industry. Analysts argue that the fines are an indicator of improving regulation over the crypto space. The industry has been criticized for having an unclear regulatory framework to guide it and has earned the title of the ‘Wild West’ for lack of regulation. For an industry that is barely 13 years old, a $3.3 billion fine is pretty worrisome but analysts argue that it is a sign of growth. Source