- The US Securities and Exchange Commission (SEC) collected over $4.68 billion in penalties, $1.26 billion of which are from illegal ICOs.
- The SEC division released its 2020 annual report.
- The report explained eight ICO enforcements.
The US Securities and Exchange Commission (SEC) $4.68 billion from which more than $1.26 billion was from illegal ICOs. These were ICOs that did not register with the appropriate regulators.
SEC Enforcement Division Director Stephanie Avakian said,
SEC obtained judgments and orders totaling approximately $4.68 billion in disgorgement and penalties, which is the highest amount on record.
SEC Collected $1.26 billion from Unregistered ICOs
The SEC has collected in penalties over $1.26 billion from illegal ICOs this year alone. Earlier this month, the said regulatory body released a 2020 annual report. In detail, the report gives an overview of the agency’s actions including eight ICO enforcements.
Most of the ICO penalty is collected from messaging giant Telegram. Specifically, it returned up to $1.2 billion to investors and paid an $18.5 million fine on a lawsuit filed by SEC. However, the other seven cases include Kik, Bitclave, Shopin, NAC Foundation, Unikrn, Boon Tech, and Bitcoiin2Gen collected over $45 million.
Also, the SEC took action in 715 cases in total, including 405 independent actions. The actions over a variety of categories comprising securities offerings, insider trading, market manipulation, and the Foreign Corrupt Practices Act. Moreover, $600 million was returned to investor victims out of $4.68 billion.