Crypto Charges Take Center Stage

In 2023, the focus on crypto in the financial markets was not due to rising prices, but rather due to the increasing number of crypto-related charges. According to a report from the Commodities and Futures Trading Commission (CFTC), more than half of the agency’s enforcement actions were related to crypto.

Enforcement Actions

The CFTC’s 2023 enforcement results report revealed that they brought 47 actions involving digital asset commodities, making up over 49% of all actions during the period. These actions resulted in a total of $4.3 billion in penalties, restitution, and disgorgement.

The CFTC filed high-profile complaints addressing frauds by major exchanges, individual Ponzi-schemers, and others.

One major action involved charges against FTX, Alameda Research, and their executives for a multi-billion dollar fraud against the defunct exchange’s customers. Another included charges against Binance and its founder, Changpeng Zhao. The agency also won orders requiring a $1.7 billion civil monetary penalty from a South African crypto exec – the largest in the agency’s history.

Chairman’s Statement

“I am proud of the Division of Enforcement’s groundbreaking work in the digital asset space,” said Chairman Rostin Behnam on this year’s charges.

The Securities and Exchange Commission (SEC) has also launched over 50 separate enforcement actions against crypto firms this year – including against FTX, Binance, and Coinbase.

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By Team