News & Analysis as of

Cryptocurrency Enforcement Actions Settlement

Orrick, Herrington & Sutcliffe LLP

DFPI settles with crypto kiosk operator for $350K+

On June 25, the California DFPI announced it had entered into a consent order with a crypto kiosk operator for violations of the Digital Financial Assets Law (DFAL). Under the consent order, the operator agreed to pay a...more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: July 3, 2025

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It’s been an eventful stretch in crypto law and regulation. The Senate passed the GENIUS Act — the first major federal crypto bill to clear the chamber’s 60-vote threshold needed to overcome a filibuster — which would...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for May 2025

On May 14, 2025, Deputy Enforcement Director Antonia Apps told those gathered at an anti‑money laundering conference in Washington, D.C. to expect a more measured approach from SEC Enforcement. That may include, she...more

Morgan Lewis

Securities Enforcement Roundup – May 2025

Morgan Lewis on

In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments and cases from May 2025. In May 2025: More ongoing developments in the crypto enforcement area at the US...more

Sheppard Mullin Richter & Hampton LLP

FTC Imposed $9.6 Million Judgement Against Debt Collector for Alleged Threats and Phantom Debt

On April 30, 2025, the FTC filed an amended complaint and final order in the U.S. District Court for the Northern District of Georgia against a debt collection company in connection with allegations that the company engaged...more

Cozen O'Connor

Oregon AG Sues Coinbase for Alleged Role in Crypto Scams

Cozen O'Connor on

Oregon AG Dan Rayfield has filed a lawsuit against cryptocurrency trading platform Coinbase, alleging that the company failed to protect consumers from unregistered and high-risk cryptocurrencies in violation of Oregon...more

Troutman Pepper Locke

Crypto Investment Firm Agrees to Pay New York AG $200M to Resolve Market Manipulation Allegations Regarding Sale of Failed Token

Troutman Pepper Locke on

On March 24, cryptocurrency investment firm Galaxy Digital Holdings (Galaxy) entered into an assurance of discontinuance (AOD) with New York Attorney General (AG) Letitia James to resolve allegations that Galaxy engaged in...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Reaches Settlement with Lender Over Crypto-Backed Loans

On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more

Baker Botts L.L.P.

FERC Approves First Enforcement Settlement Involving Power Plant Operations by Bitcoin Mining Company.

Baker Botts L.L.P. on

Bitcoin mining company pays $1.42 million for violating PJM’s tariff in relation to its power plant operations. On January 30, 2025, the Federal Energy Regulatory Commission (“FERC”) approved a settlement agreement...more

Ropes & Gray LLP

Crypto Quarterly Digital Assets, Blockchain and Related Technologies Update

Ropes & Gray LLP on

The landscape of government enforcement, private litigation and federal and state regulation of digital assets, blockchain and related technologies is constantly evolving. Each quarter, Ropes & Gray attorneys analyze...more

The Volkov Law Group

BIT Mining FCPA Settlement and Lessons Learned (Part III of III)

The Volkov Law Group on

Bit Mining, formerly 500.com, was a doomed company from the beginning, When a CEO orchestrates a bribery scheme with the assistance of other senior executives, shareholders and the public have little chance of ensuring a...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - July 2024 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates the stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Cornerstone Research

SEC Enforcement of Cryptocurrency Reaches a New High

Cornerstone Research on

More than 50% increase in SEC cryptocurrency-related enforcement actions in 2023 over 2022. The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46...more

The Volkov Law Group

Lessons Learned from Binance’s Criminal Settlement (III of III)

The Volkov Law Group on

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

The Volkov Law Group

Binance Intentionally Avoided Compliance with U.S. Laws Under CEO Changpeng Zhao (II of III)

The Volkov Law Group on

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

The Volkov Law Group

DOJ Reaches Groundbreaking Criminal Settlement with Cryptocurrency Exchange Binance and CEO Changpeng Zhao (Part I of III)

The Volkov Law Group on

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

Troutman Pepper Locke

Understanding the DOJ’s Groundbreaking $4.3B Settlement with Foreign Cryptocurrency Exchange Binance.com

Troutman Pepper Locke on

On November 21, the U.S. Department of Justice (DOJ) unsealed its criminal indictment against Binance.com (Binance), the world’s largest cryptocurrency exchange, and its CEO, Changpeng “CZ” Zhao (CZ). The indictment against...more

Sheppard Mullin Richter & Hampton LLP

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

Cornerstone Research

Trends in CFTC Virtual Currency Enforcement Action

Cornerstone Research on

The U.S. Commodity Futures Commission (CFTC) is one of the main regulators engaged in the cryptocurrency space. Between the first quarter of 2015 and the second quarter of 2023, the CFTC brought 100 actions against virtual...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Charges DeFi Developers With Facilitating Off-Exchange Trading

On September 7, 2023, the Commodity Futures Trading Commission (CFTC) issued three enforcement settlement orders against developers of decentralized finance (DeFi) protocols. The orders charge Opyn, Inc., Deridex, Inc., and...more

McDermott Will & Emery

SEC Cracks Down on NFTs With First-Of-Its-Kind Enforcement Action

On August 28, 2023, the US Securities and Exchange Commission (SEC) announced an enforcement action against Impact Theory, LLC, alleging that Impact Theory’s public sale of approximately $30 million in crypto assets violated...more

Davis Wright Tremaine LLP

CFTC Issues Staff Advisory Letters on DCO Regulation: Prime Brokerage Arrangements and Digital Assets

In May 2023, the Division of Clearing and Risk ("DCR") of the Commodity Futures Trading Commission ("CFTC") issued two Staff Advisory letters addressing areas of regulatory focus related to Derivatives Clearing Organizations...more

Sheppard Mullin Richter & Hampton LLP

New York Settles with Crypto Company, Proposes Crypto Legislation

On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more

UB Greensfelder LLP

The SEC’s Krackdown On Staking-As-A-Service

UB Greensfelder LLP on

Over the years, this blog has not shied away from calling out FINRA or the SEC for regulating via enforcement actions rather than providing formal guidance. Well, the SEC did it again last Thursday with a complaint filed...more

Sheppard Mullin Richter & Hampton LLP

Recent Crypto Settlements Signal State and Federal Enforcement Trends

On January 26, the California DFPI announced its participation in a $22.5MM multi-state into a settlement with a with a Cayman Islands digital asset firm to resolve a securities enforcement action in connection with the...more

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