The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Wall Street brokerages and many of the biggest players in the crypto industry.
SEC Filed More than 700 Cases in 2023
The SEC said enforcement actions will result in almost $5 billion in fines and refunds to investors through fiscal 2023.
The total penalties earned between October 2022 and September 30 were the second highest on record, the SEC said in a statement.
The regulator highlighted its actions regarding digital assets, cybersecurity and Wall Street brokerage employees using unapproved communication platforms to conduct business.
“The investing public benefits from the enforcement division operating like a police officer on patrol,” SEC Chairman Gary Gensler said in a statement. The agency said it opened 784 enforcement cases, representing a 3% increase compared to 2022.
SEC, Binance Holdings Ltd. in fiscal year 2023. and Chief Executive Officer Changpeng Zhao, as well as Coinbase Global Inc. It has also filed lawsuits against other major crypto players, including .
Binance, Zhao and Coinbase denied the allegations and asked for the regulator's lawsuits to be dismissed.
The agency said enforcement actions resulted in a record $6.4 billion in fiscal 2022 and $3.9 billion in 2021.
*This is not investment advice.
