{"id":17649,"date":"2024-10-09T18:18:14","date_gmt":"2024-10-09T15:18:14","guid":{"rendered":"https:\/\/forklog.com\/en\/cryptocurrency-firms-pay-32-billion-to-us-regulators\/"},"modified":"2024-10-09T18:18:14","modified_gmt":"2024-10-09T15:18:14","slug":"cryptocurrency-firms-pay-32-billion-to-us-regulators","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cryptocurrency-firms-pay-32-billion-to-us-regulators\/","title":{"rendered":"Cryptocurrency Firms Pay $32 Billion to US Regulators"},"content":{"rendered":"<p>US authorities have extracted $32 billion from cryptocurrency companies in settlements over compliance issues, according to a report by CoinGecko.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Top Crypto Settlements by US Regulators ?\u200d\u2696\ufe0f <\/p>\n<p>1. FTX &#038; <a href=\"https:\/\/twitter.com\/AlamedaResearch?ref_src=twsrc%5Etfw\">@AlamedaResearch<\/a> \u2014 $12.70B<br \/>2. Celcius \u2014 $4.70B<br \/>3. Terraform Labs \u2014 $4.50B<br \/>4. <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> \u2014 $4.30B<br \/>5. Genesis \u2014 $2.00B<br \/>6. Voyager \u2014 $1.65B<br \/>7. <a href=\"https:\/\/twitter.com\/telegram?ref_src=twsrc%5Etfw\">@telegram<\/a> \u2014 $1.24B<br \/>8. <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@coinbase<\/a> \u2014 $100M<br \/>9. <a href=\"https:\/\/twitter.com\/BlockFi?ref_src=twsrc%5Etfw\">@BlockFi<\/a> \u2014 $100M<br \/>10. <a href=\"https:\/\/twitter.com\/BitMEX?ref_src=twsrc%5Etfw\">@BitMEX<\/a> \u2014 $100M<\/p>\n<p>\u2014 CoinGecko (@coingecko) <a href=\"https:\/\/twitter.com\/coingecko\/status\/1843984825029710268?ref_src=twsrc%5Etfw\">October 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The report excludes several personal fines imposed by the Commodity Futures Trading Commission on individual top executives.<\/p>\n<p>Of the total, a record $19.45 billion was collected in 2024, largely due to a <a href=\"https:\/\/forklog.com\/en\/news\/ftx-and-cftc-reach-12-7-billion-settlement-agreement\">$12.7 billion payment<\/a> from FTX and Alameda. These funds are intended to settle $11.2 billion in creditor claims.<\/p>\n<p>Additionally, regulators received $4.5 billion from a settlement with <a href=\"https:\/\/forklog.com\/en\/news\/terraform-labs-fined-4-47-billion-by-sec\">Terraform Labs<\/a> during the same period.<\/p>\n<p>Among the largest fines were $4.3 billion from Binance and $4.7 billion from Celsius, both in 2023.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kriptokompanii-zarabotali-32-mlrd-na-uregulirovanii-sporov-s-regulyatorami-SSHA-CoinGecko-Google-Chrome.webp\" alt=\"Kriptokompanii-zarabotali-32-mlrd-na-uregulirovanii-sporov-s-regulyatorami-SSHA-CoinGecko-Google-Chrome\" class=\"wp-image-242905\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>CoinGecko experts noted that the collapse of the Terra ecosystem in May 2022 triggered a bear market, followed by the bankruptcy of Celsius, culminating in the FTX collapse in November.<\/p>\n<p>Of the listed crypto platforms, only Binance continues to operate, remaining the largest centralized exchange by trading volume.<\/p>\n<p>Analysts highlighted that a sharp increase in settlement amounts occurred in 2023, with US government agencies collecting $10.87 billion from eight cases.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Crypto-Companies-Rack-Up-32B-in-US-Regulator-Settlements-CoinGecko1-Google-Chrome.webp\" alt=\"Crypto-Companies-Rack-Up-32B-in-US-Regulator-Settlements-CoinGecko1-Google-Chrome\" class=\"wp-image-242906\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>A similar number of cases have been recorded this year.<\/p>\n<p>Historically, in 2019, the <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> fined Block.one, the company behind the EOS blockchain, $24 million for an unregistered securities sale during its ICO. A year later, the agency imposed a $1.24 billion penalty on Telegram for a similar violation regarding the Gram token offering through its subsidiary TON Issuer. However, approximately $1.22 billion was a return of illegally obtained income, with only $18.5 million as a civil penalty.<\/p>\n<p>In September 2024, the SEC imposed financial sanctions of $700,000 on Mango DAO and Blockworks Foundation, the organizations managing the DeFi platform Mango Markets.<\/p>\n<p>In October 2022, a group led by Avraham Eisenberg attacked Mango Markets, manipulating a price oracle to extract about $116 million in digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US authorities have extracted $32 billion from cryptocurrency companies in settlements over compliance issues, according to a report by CoinGecko. Top Crypto Settlements by US Regulators ?\u200d\u2696\ufe0f 1. FTX &#038; @AlamedaResearch \u2014 $12.70B2. Celcius \u2014 $4.70B3. Terraform Labs \u2014 $4.50B4. @binance \u2014 $4.30B5. Genesis \u2014 $2.00B6. Voyager \u2014 $1.65B7. @telegram \u2014 $1.24B8. @coinbase \u2014 $100M9. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1304,36,26],"class_list":["post-17649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fines","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17649"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17648"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}