Although there have been recent reports of investigations of cryptocurrency projects by various state regulators, the fines imposed so far on digital currencies are far from comparable to those received by traditional banking institutions over the past 20 years.
In its weekend article, the Cointelegraph portal drew attention to data from Good Jobs First, according to which the 50 largest regulators have fined banks in the amount of $ 333 billion.
It got the most of them Bank of America – in connection with 251 different infringement cases, paid incredible fines in total $ 82 billion. In second place in this infamous ranking is JP Morgan Chase with fines of $ 35.9 billion. The third follows Citigroup with fines for $ 25.5 billion.
Most fines, about 29%, were related to the so-called “Toxic” securities – these were fines totaling USD 97 billion. The second most common cause of fines in the banking sector was breach of consumer protection rules ($ 68 billion). Bank of America received the largest one-off fine of $ 16.6 billion for selling toxic mortgages linked to the financial crisis in 2008.
Crypto market fines represent less than one percent
Current fines associated with cryptocurrencies, according to available data, represent an amount $ 2.5 billion, which is less than one percent compared to fines for the banking sector over the past 20 years.
The largest fine in the amount $ 1.2 billion will be awarded in 2020 by the American Securities and Exchange Commission (SEC) cryptoprojekt Telegram for his illegal ICO of 2018.
$ 100 million had to pay BitMEX, which was investigated by the CFTC and FinCEN for deliberately circumventing the anti – money laundering (AML) rules. As for BitMEX, its founders, led by Arthur Hayes, are still waiting for their destiny. This awaits the court, which will decide on his guilt or innocence in the first half of next year.
The SEC also had to pay a fine Block.One standing behind a cryptocurrency EOS – An amount of $ 24 million was negotiated in 2019 by an out-of-court settlement with the Commission. The company also paid less than $ 20 million under an out-of-court settlement with the New York State Attorney’s Office iFinex behind the stablecoin Tether and Bitfinex exchange. Well, the fate of the lawsuit between the company is still unclear Ripple and SEC – the US Commission considers that Ripple knowingly sold XRP tokens as unregistered securities, which its founders still deny