The crypto industry has racked up $2.5 billion in fines since bitcoin was launched in 2009
Photo by Yuriko Nakao/Getty Images
cryptocurrencyindustry has racked up $2.5 billion in fines since bitcoinwas launched in 2009
- Data from
Ellipticfound that US regulators have fined both firms and individuals.
- The bulk of the penalties by dollar amount came in 2020.
The cryptocurrency industry has racked up $2.5 billion in fines since bitcoin's inception in 2009.
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Recent data by analytics firm Elliptic found that US regulators have imposed this sum against both firms and individuals dealing with cryptocurrencies, Bloomberg first reported.
The biggest penalties imposed came from the Securities and Exchange Commission at $1.69 billion, followed by the Commodity Futures Trading Commission at $624 million.
AdvertisementThe majority of these fines, around $2.3 billion, are related to unregistered securities offerings and fraud.
The bulk of the penalties came in 2020 when
The second biggest penalty was a $571 million penalty imposed this year by the
The rapid rise in the price of bitcoin and other cryptocurrencies in 2017 coincided with an uptick in "initial coin offerings," in which startup businesses and projects raised billions of dollars in crypto through crowdfunding. Many of these ICOs violated securities laws while some were outright fraudulent.
Digital currencies saw a boom in 2021 with many skyrocketing to all-time highs, though regulatory moves by US and foreign regulators have sparked a selloff in recent months. This week, crypto has been battered by China's deepening crackdown on the space.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive
There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation
Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon
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