Regulatory bodies across the globe are intensifying their scrutiny and enforcement actions on cryptocurrency firms and investment programs. The Hong Kong Securities and Futures Commission (SFC) has issued public alerts regarding the risks associated with staking programs, specifically naming the Floki protocol as a concern. Concurrently, the U.S. Securities and Exchange Commission (SEC) has seen a significant surge in crypto-related enforcement actions, with a reported increase of over 50% in 2023 compared to the previous year. In Europe, the European Securities and Markets Authority is setting stringent limits for crypto firms based outside the EU, allowing them to serve EU customers directly only under very limited conditions. This move aims to prevent unfair competition and prioritize EU-based crypto firms. Additionally, the Financial Industry Regulatory Authority (FINRA) has found potential violations in 70% of broker-dealer communications related to crypto-assets, indicating widespread non-compliance within the industry.
SFC Warns Against Unregulated Floki and TokenFi Crypto Staking Programs https://t.co/e2rTrr5oTq
ANALYSIS: The Financial Stability Oversight Council could impose a number of regulatory compliance rules on crypto companies it deems systemically important – and it's warning it may do so. https://t.co/Tk9YcImkUZ
Reports Provide Data on Crypto Market Growth, Bitcoin Mining, FINRA Rule Violations, SEC Crypto Enforcement; DOJ Targets Crypto Fraud; Hacks... https://t.co/lYkTWcuzfC | by @BakerHostetler
Hong Kong's SFC Issues Warning on Floki’s ‘Highly Risky’ Staking Programs https://t.co/e2rTrr5oTq
FINRA Crypto Sweep Finds Potential Violations in 70% of Communications https://t.co/uK8mBRMoOS
European Securities and Markets Authority drafted guidelines to prioritize EU crypto firms https://t.co/csJXVu2b8u
FINRA report finds 70 percent of broker-dealer communications potentially violate crypto-asset rule. https://t.co/v0FHcrxUpR | by @Orrick
FINRA Crypto Sweep Finds Potential Violations in 70% of Communications https://t.co/0mrbOdTNGc | by @Sewkis
SEC Cryptocurrency Enforcement Activity https://t.co/7CVX4XQXQE | by @Cornerstone_Res
ANALYSIS: The Financial Stability Oversight Council could impose a number of regulatory compliance rules on crypto companies it deems systemically important – and it's warning it may do so. @jesseahamilton reports https://t.co/CKV2diwynZ
EU reinforces tight limits on crypto firms from outside bloc https://t.co/I6VkMORJ5Z https://t.co/cfooQidc55
👾 The latest EU proposals on how crypto firms and regulators should apply the law in practice cover crypto asset firms from outside the EU that want to offer services to EU customers directly, rather than from a physical base inside the bloc. https://t.co/iN0PJmayt8
⚠️ EU REINFORCES TIGHT LIMITS ON CRYPTO FIRMS FROM OUTSIDE BLOC (Reuters) Crypto companies based outside the EU will only be able to directly serve customers within the bloc under very limited conditions to avoid unfair competition, the European Securities and Markets… https://t.co/DAZNSbpk1y
Hong Kong regulators issued a cautionary statement, alerting the public to be wary of high-yield crypto investment schemes, including the "Floki Staking Program" https://t.co/Ccwj1zOrZC
#SEC #crypto enforcement skyrocketed in 2023, with more than a 50% increase in crypto-related enforcement actions compared to 2022. https://t.co/JxS4kriQ2u
Hong Kong SFC alerts public on risks of Floki protocol’s staking programs. https://t.co/SAyuZRsRgv