The U.S. Securities and Change Fee (SEC) has charged Chicago-based Cumberland DRW LLC with working as an unregistered vendor within the crypto asset market.
The SEC alleges that the corporate traded greater than $2 billion in crypto belongings, which had been supplied and offered as securities, with out correct registration. The grievance claims that Cumberland violated federal securities legal guidelines designed to guard traders.
US SEC Fees Cumberland DRW
Based on the US SEC’s grievance, Cumberland has been performing as an unregistered vendor since at the very least March 2018. The corporate is accused of shopping for and promoting crypto belongings categorized as securities for its personal accounts, as a part of its common enterprise operations.
The SEC additional alleges that Cumberland publicly presents itself as “one of many world’s main liquidity suppliers” in crypto markets, conducting buying and selling 24/7 via phone and its proprietary on-line buying and selling platform, Marea.
The SEC states that Cumberland frequently trades crypto belongings, that are thought of funding contracts, on third-party exchanges. This exercise, the grievance alleges, falls throughout the definition of a securities vendor, and Cumberland’s failure to register as such violates Part 15(a) of the Securities Change Act of 1934.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Recognized for his incisive evaluation and insightful content material, he possesses a robust command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
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