On March 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a corresponding cease-and-desist order (the “Order”) with ShapeShift AG, a cryptocurrency exchange registered in Switzerland that...more
Binance’s $4.3 billion fine is one of the largest penalties the DOJ has ever obtained from a corporate defendant. Furthermore, its founder and CEO Changpeng Zhao (“CZ”) was also personally subject to a fine, amounting to...more
12/14/2023
/ BSA/AML ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Money Transmitter ,
Settlement ,
Statutory Violations
Binance’s settlement with the DOJ represents one of the largest criminal corporate enforcement actions ever. A review of the facts reveals that the penalty is likely warranted, as the misconduct was driven from the very...more
12/13/2023
/ BSA/AML ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Know Your Customers ,
Money Transmitter ,
Settlement ,
Statutory Violations
On November 21, 2023, The U.S. Department of Justice (“DOJ”) announced settlement agreements with Binance Holdings Limited (“Binance”), the world’s largest cryptocurrency exchange, and Changpeng Zhao (affectionally known as...more
12/12/2023
/ BSA/AML ,
CFTC ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Guilty Pleas ,
International Emergency Economic Powers Act (IEEPA) ,
Money Transmitter ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Settlement ,
Statutory Violations
On November 1, 2023, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) brought charges against cryptocurrency project SafeMoon LLC and its U.S. subsidiary SafeMoon US LLC, along with...more
11/17/2023
/ Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Financial Fraud ,
Financial Services Industry ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Unregistered Securities
On June 6, 2023, the U.S. Securities and Exchange Commission (“SEC”) officially filed suit against Coinbase, Inc. (“Coinbase”) alleging the company operated as an unregistered securities exchange, broker, and clearing...more
In a complaint filed June 5, 2023, the U.S. Securities and Exchange Commission (“SEC”) is suing the world’s larged cryptocurrency exchange – Binance Holdings Ltd. (“Binance”), BAM Trading Services Inc. (“BAM Trading”), BAM...more
On Wednesday, January 18, 2013, the U.S. Department of Justice (“DOJ”) unsealed a criminal complaint in the Eastern District of New York charging Russian-national Anatoly Legkodymov, a senior executive at Bitzlato Ltd....more
On October 11, 2022, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) announced settlement agreements with Bittrex, Inc. (“Bittrex”), a cryptocurrency exchange based in...more