US government charges four crypto companies and 14 people for fraud: Reuters

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The Block2024/10/08 16:00

By:The Block

Quick Take Boston federal prosecutors charged Gotbit, ZM Quant, CLS Global and MyTrade as well as their leadership and employees, Reuters reported on Wednesday. The U.S. Justice Department has cracked down on crypto firms over the past year, including notably against crypto exchange Binance.

US government charges four crypto companies and 14 people for fraud: Reuters image 0

U.S. prosecutors charged four crypto companies and 14 people on Wednesday, according to reporting from Reuters.

Boston federal prosecutors charged Gotbit, ZM Quant, CLS Global and MyTrade as well as their leadership and employees, which also involved a few arrests internationally, Reuters reported.

The U.S. Justice Department has cracked down on crypto firms over the past year, including notably against crypto exchange Binance. Wednesday's action marks what prosecutors said is the "first criminal prosecution of financial services firms" related to market manipulation and sham trading in the crypto industry, according to Reuters.

This is a developing story.

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