Robinhood pointed out that the SEC warning notice was received on 4 May and is what’s known as a Wells notice. It’s based on the fact that SEC staff have recommended that action be taken due to the company’s alleged violation of registrations, which was done after the agency made a preliminary determination. Don’t miss…
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Yet another cryptocurrency exchange has decided to exit the market, as Bittrex Global, originally hailing from Liechtenstein, has declared its intention to halt trading and operations involving US dollars from the start of December. ______________________________________________________________________ Don’t miss out the latest news, subscribe to LeapRate’s newsletter _______________________________________________________________________ The move follows a series of actions initiated by…
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According to Forbes, FTX is currently perched atop an approximate total of $3.3bn Solana, Bitcoin, and other cryptocurrencies. The company was granted judicial approval to begin liquidating its recovered crypto, which was lost when its former CEO and founder, Sam Bankman-fried, committed wire fraud, of which he was found guilty. John Reed Stark, former chief…
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During this meeting, the SEC will evaluate whether the lower transaction prices and rebates going to larger firms with higher trading volumes create an unfair competitive advantage. Reuters reported that before the start of the meeting, SEC officials indicated that the complexity of pricing levels between different exchanges can result in significant cost differences. They…
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In a press release this week, Co-founder of Ethereum, Joseph Lubin suggested that clear heads and clarity of thinking are the best way to proceed through the investigation. This comes after the cryptocurrency has been hit by waves of regulatory boards demanding the tightening and transparency of crypto commodities, tokens and intermediaries. Lubin stated: America…
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These charges follow in the wake of the Marcum $10m penalty for standards violations and systemic quality control failures regarding the audit of numerous special purpose acquisition companies (SPACs). As a leading auditor of SPACs, the company experienced an approximately six-fold increase in clients, who allegedly took advantage of the significant quality control gaps. Don’t…
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Putting SEC on the backfoot, the court instructed the regulator to take another look at Grayscale’s application. This authority has been opposing the idea of listed spot-market bitcoin investments, despite approving them for futures, for a long time. Don’t miss out the latest news, subscribe to LeapRate’s newsletter SEC argues it cannot approve a spot…
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As Fundrise did not require the influencers and newsletters to provide specific disclosures, the investment adviser went against US law. In its filing, the SEC specifically noted the lack of these disclosures in the Fundrise brochure. The company consented to pay a civil penalty of $250,000. In a statement, SEC commented: Fundrise consented to the…
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In acknowledging the oversights, these firms forked out a combined $289m to pay their respective penalties as per the outline below. $125m penalty payable by Wells Fargo Securities LLC, together with Wells Fargo Clearing Services LLC and Wells Fargo Financial Network LLC. BNP Paribas Securities Corp. and SG Americas Securities LLC each paying penalties of…
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Investment advisory firm Millennium Management LLC has agreed to pay more than $630,000 to settle charges that it shorted U.S. stocks in companies planning follow-on offerings and then illegally bought shares in the follow-on offerings, the U.S. Securities and Exchange Commission (SEC) informed earlier. An SEC investigation found that Millennium violated an anti-manipulation provision of…
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