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Home Latest News Market The SEC collected $1.26 billion from unregistered ICOs in 2020

The SEC collected $1.26 billion from unregistered ICOs in 2020

The SEC has confiscated $4.68 billion in a record-breaking year.

The Enforcement Division of the U.S. Securities and Exchange Commission (SEC) has so far received more than $4.68 billion in illegal revenue and fines this year. The SEC has received a total sum of around $1.26 billion from unregistered initial coin offerings (ICOs).

The annual report for the 2020 fiscal year released earlier this month offers a detailed summary of the Agency’s activities, including eight ICO enforcement actions. The majority of the ICO money received came from Telegram by far. In 2019, the SEC also filed a lawsuit against Kik for its unregistered sale of securities. The corporation is going to pay the SEC $5 million.

Around $40 million in seizures were obtained from the other six lawsuits against Bitclave, Shopin, NAC Foundation, Unikrn, Boon Tech, and Bitcoiin2Gen. According to Cointelegraph.com, the case against the NAC Foundation is yet to be resolved with the foundation filing for San Francisco Superior Court to throw the case out due the SEC allegedly misleading the court. Over all, the SEC took action in 715 cases, including 405 independent actions in a wide variety of categories, including securities offerings, insider trading, market manipulation and the Foreign Corrupt Practices Act. Of the $4.68 million raised by the SEC, $600 million was returned to investor victims. In fact, the SEC’s whistleblower program was revealed as a “critical component of the Commission’s efforts to detect wrongdoing and protect investors in the marketplace,” with 39 individuals receiving a total of $175 million in awards. Three weeks ago, the SEC awarded $114 million to a single whistleblower.

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