The landscape of cryptocurrency in the US has been shaped by a series of high-profile enforcement actions, with regulators aggressively pursuing companies that have breached financial rules.
The largest action to date was against FTX and its affiliate, Alameda Research, spearheaded by the Commodity Futures Trading Commission (CFTC).
In August 2024, a monumental $12.7 billion settlement was reached, cementing the FTX collapse as a turning point for regulatory intervention in the crypto space.
Following closely behind are significant settlements involving Celsius Network and Terra (LUNA). Both companies faced substantial legal consequences after their collapses in mid-2022, which marked the beginning of a bear market.
Celsius Network reached a $4.7 billion settlement with regulators, while Terra was penalized $4.5 billion. These events set the stage for the eventual fall of FTX and triggered a wave of increased scrutiny from US regulatory bodies.
What are the top crypto enforcement actions in the US? ⚖️
The US regulators' largest crypto enforcement action was against @FTX_Official & its affiliate, @AlamedaResearch, led by the CFTC. The $12.7B settlement was announced in Aug 2024.
Read the study: https://t.co/HMfNl204vz pic.twitter.com/RB2L3g6mDb
— CoinGecko (@coingecko) October 10, 2024
Binance Exchange And US Regulatory Affairs
Binance, the world’s largest cryptocurrency exchange, is another key player in this enforcement wave. In November 2023, Binance agreed to a $4.3 billion settlement after pleading guilty to multiple lawsuits involving the Department of Justice (DOJ), the Treasury Department, and the CFTC. This marked a landmark victory for US regulators and is currently the only billion-dollar settlement involving a crypto company still in operation.
In total, US regulators have reached 25 crypto-related enforcement settlements exceeding $10 million. Collectively, these actions amount to $31.92 billion in fines and penalties. As regulatory pressure mounts, the crypto industry is being reshaped by these high-stakes legal battles, reflecting the need for stronger oversight in a space once dominated by rapid, unchecked growth. The enforcement actions signal that regulators are now firmly in control, ensuring compliance and investor protection in the evolving digital asset landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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