Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
Publishing timestamp: 2023-01-12 22:00:44
Summary
The SEC has charged crypto firms Gemini and Genesis with allegedly selling unregistered securities in connection with a high-yield product offered to depositors. The SEC is seeking permanent injunctive relief, disgorgement, and civil penalties against both companies, and more than 340,000 investors have been affected by the freeze. Gemini and Genesis are in a battle over $900 million in customer assets, and the SEC has been ramping up its enforcement actions in the crypto industry since the collapse of FTX in November.
Sentiment: NEGATIVE
Tickers: COIN, FTT.CM=, BTC.CM=,
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