In an Apparent First, U.S. SEC Penalizes Crypto Hedge Fund

The U.S. Securities and Exchange Commission (SEC) has issued a cease and desist order and a $200,000 fine to Crypto Asset Management (CAM) and its founder Timothy Enneking, according to a document published on the commission’s website Tuesday, September 11. According to CNBC, this is the first SEC disciplinary action against a digital asset management fund. The SEC order says that CAM “misrepresented” itself as the “first regulated crypto asset fund in the United States,” and raised $3.6 million from 44 investors in late 2017, bringing its net asset value…

Japan Toughens Oversight, Penalizes Cryptocurrency Exchanges

In its most sweeping crackdown yet, a Japanese regulator has penalized seven cryptocurrency exchanges, requiring two to halt operations for one month. Japan’s Financial Services Agency (FSA) announced today, March 8, 2018, that it came down on the exchanges due to their failure to provide proper internal-control systems. All of the exchanges were ordered to step up efforts to improve security and prevent money laundering. Business suspension orders were issued for FSHO and Bit Station, effective today. The FSA said FSHO was not properly monitoring trades and employees at the…