ChainCatcher news, according to Jinshi reports, the EU warns that when calculating fines for the social media platform "X", revenue from Musk's other businesses, including SpaceX and Neuralink, may be taken into account. This approach would significantly increase the potential penalties for violating content moderation rules. Under the EU's Digital Services Act, if illegal content and misinformation issues are not addressed, or if transparency requirements are not met, the EU can impose fines of up to 6% of the platform's global annual revenue.Regulators are considering whether to include sales from SpaceX, Neuralink, xAI, and theBoringCompany, in addition to revenue generated by the social network, when determining potential fines for "X". One insider indicated that Tesla's sales would not be affected by this calculation, as it is a publicly traded company and not under Musk's complete control. The potential fine amounts are still under discussion. If "X" finds a way to address the regulators' concerns, it may avoid penalties.

ChainCatcher news, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) is one of the regulatory bodies for the cryptocurrency industry in the United Arab Emirates (UAE). The authority stated that it has fined seven "entities" for operating without the required licenses and violating marketing regulations.VARA did not disclose the names of these entities and stated that it is investigating them in collaboration with local authorities. The fines for each entity range from 50,000 dirhams (13,600 USD) to 100,000 dirhams. The statement said: "All relevant entities have been instructed to immediately cease all activities and stop any marketing or advertising of virtual asset services." VARA indicated that this move also serves as a public warning to everyone to avoid dealing with any unlicensed companies.

ChainCatcher news, according to a report by Xinhua News Agency's new media, the social media platform X, owned by American tech tycoon Elon Musk, announced on the 4th that it has paid all fines and applied to lift its operating ban in Brazil. However, the Brazilian Supreme Court responded the same day that the decision on whether to allow the X platform to resume operations would be delayed due to the fines being transferred to the "wrong" bank account.According to Reuters, earlier on the 4th, the X platform submitted an application to the Brazilian Supreme Court, stating that it has paid all previously owed fines and hopes to restore its operating services in Brazil. Reuters cited a related document reporting that X platform's lawyers stated the company has paid a fine of 28.6 million reais (approximately 5.24 million USD).

ChainCatcher news, according to Jinshi reports, Elon Musk's social media platform X has paid the fine imposed by the Brazilian Supreme Court, and the company will submit a new request to restore its services in the country.

ChainCatcher news, according to a report by Sina Finance, the Irish Data Protection Commission (DPC) has fined Meta Platforms (META.US), the parent company of Facebook, €91 million (approximately $102 million) following an investigation into password storage at its Irish subsidiary, according to a statement from the regulatory agency.The owner of Facebook had previously notified the Data Protection Commission that it had inadvertently stored certain passwords of some social media users in "plain text" within its internal systems, without encryption protection or measures, prompting the Commission to begin an investigation into the password leak incident in April 2019.Last year, the European Commission accused the tech giant of transferring user data to the United States and imposed fines of up to €1.2 billion (approximately $1.3 billion), and this fine can be seen as a supplement to the fines imposed by the European Commission last year.

ChainCatcher news, according to ZDNet Korea, the Personal Information Protection Commission (PIPC) of South Korea has fined the Worldcoin Foundation and Tools for Humanity (TFH) for violating personal data protection laws.The Worldcoin Foundation was fined 725 million won (approximately $546,000) for improperly handling sensitive information and transferring it abroad. Tools for Humanity (TFH) was fined 379 million won (approximately $285,000) for violating local regulations regarding the outbound transfer of personal data.The investigation began in February, triggered by complaints and reports that Worldcoin collected biometric data without permission to provide cryptocurrency services.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) Gary Gensler announced the full text of his testimony before the U.S. House Financial Services Committee.It disclosed that the work of the enforcement division is at the core of the SEC's investor protection responsibilities. In fiscal year 2023, the SEC took 784 enforcement actions, with fines and recoveries totaling $4.9 billion. Whenever possible, civil penalties and recoveries obtained by the SEC in civil enforcement actions will be returned to the harmed investors, with $930 million allocated to harmed investors in fiscal year 2023.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it has charged TrueCoin LLC and TrustToken Inc., the companies responsible for the TrueUSD (TUSD) stablecoin, for allegedly selling fraudulent and unregistered investment contracts.The regulator stated that TrueUSD is a "so-called stablecoin" and accused these companies of making false marketing claims regarding the security and backing of the crypto asset pegged to the dollar. The two companies have reached a settlement without admitting or denying the charges and will jointly pay approximately $700,000 in fines.Jorge G. Tenreiro, acting head of the SEC's Crypto Assets and Cyber Unit, stated in a release: "TrueCoin and TrustToken exposed investors to a significant amount of undisclosed risks through false statements about the safety of their investments for their own benefit. This case is a typical example of why registration is important, as investors still lack the key information needed to make fully informed decisions regarding such products."However, the SEC pointed out that TrueCoin and TrustToken made false statements regarding the backing of TUSD. These companies allocated a "significant portion" of TUSD's backing to a "speculative and high-risk offshore investment fund for additional returns."

ChainCatcher news, the U.S. CFTC has imposed a fine of $36 million on New York resident William Koo Ichioka for allegedly deceiving cryptocurrency investors through promises of high returns and using the funds for personal expenses.According to a statement on September 20, the CFTC ordered Ichioka to "pay $31 million in restitution" to victims and an additional $5 million in civil penalties for operating fraudulent forex and cryptocurrency schemes. The CFTC stated that Ichioka launched the scheme in 2018, accepting funds from investors and falsely promising "a 10% return every 30 business days." It further claimed that while Ichioka did invest "some funds" in foreign currencies and cryptocurrencies as promised to investors, he "mixed" investors' money with his own for personal expenses, including "rent for personal residences, jewelry including watches, and luxury cars."This decision came more than a year after a court's "preliminary consent order for a permanent injunction against Ichioka" in August 2023. At that time, the regulator prohibited him from "trading in any CFTC-regulated markets and also barred him from registering with the CFTC."

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has shown a significant increase in enforcement actions in the cryptocurrency industry in 2024. According to a report released by Social Capital Markets, the total fines imposed by the SEC on cryptocurrency companies and executives this year have surged to $4.7 billion, a staggering 3018% increase from $150.3 million in 2023.The report indicates that the SEC has carried out 11 enforcement actions this year, a decrease of 19 from the previous fiscal year, but the total fines have reached a historic high. Notably, the $4.47 billion settlement reached by the SEC in June 2024 with Terraform Labs and its former CEO Do Kwon constitutes the "largest single enforcement action to date."Data analysis shows that the SEC is shifting towards a strategic adjustment targeting high-impact cases. Since 2020, 46% of the total fines have been below $1 million, while 30% fall within the range of $1 million to $10 million. It is worth noting that the SEC's $1.24 billion enforcement action against Telegram in 2019 (which included a $18.5 million civil penalty and $1.2 billion in asset recovery) led to an almost 2000% year-on-year increase in the average fine amount for that year, exceeding $70 million.

ChainCatcher news, according to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) reported on Tuesday that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois has ordered Oregon resident Sam Ikkurty and several of his entities to pay a fine of $209.61 million.The entities involved include Jafia LLC, Ikkurty Capital LLC, Rose City Income Fund I LP, Rose City Income Fund II, and Seneca Ventures LLC. The court's decision was based on the CFTC's findings of fraudulent solicitation and misappropriation of funds, which the CFTC described as a Ponzi scheme disguised as cryptocurrency and carbon investment projects.The judgment requires Sam Ikkurty to pay $83.7 million in restitution to investors, offsetting $36.9 million in illegal proceeds forfeiture, in addition to a civil penalty of $110.9 million.

ChainCatcher news, according to Fortune, users of the platform X (formerly Twitter) owned by Elon Musk in Brazil may face a fine of 50,000 Brazilian Reais (approximately 8,910 USD) per day if they bypass the ban to access the site, which far exceeds the monthly or yearly income of an average Brazilian worker. Currently, any user found accessing X through a virtual private network (VPN) may be subject to this penalty.

ChainCatcher news, according to Bitcoin.com, Agustin Villa, a resident of Rhode Island, USA, pleaded guilty to his alleged involvement in cryptocurrency money laundering related to international drug trafficking, with an amount involved of 25 million dollars. Agustin Villa acted as a messenger for a drug crime organization and delivered over 75,000 dollars in cash to a cooperating witness on May 26, 2022.

ChainCatcher news, according to News.Bitcoin, the U.S. Commodity Futures Trading Commission (CFTC) announced on August 8 that it has paid a whistleblower a reward of $1 million for providing details of improper trading on a cryptocurrency asset platform.CFTC Enforcement Director Ian McGinley stated that as more and more Americans fall victim to cryptocurrency asset scams, the CFTC is increasingly relying on tips from whistleblowers to conduct investigations. Whistleblowers can receive 10% to 30% of the amount of the fines. These funds come entirely from the agency's customer protection fund.According to the Commodity Exchange Act (CEA), the CFTC did not disclose the identity of the whistleblower, specific enforcement actions, or the exact amount of the reward. "In the last fiscal year, cryptocurrency cases accounted for nearly 50% of the CFTC's case files, and most of the tips that year were related to cryptocurrency assets."

ChainCatcher news, the Federal Competition and Consumer Protection Commission of Nigeria (FCCPC) has imposed a fine of $220 million on Meta (formerly Facebook) for alleged data privacy violations. The investigation focuses on Whatsapp LLC and Meta's collection and use of user data without consent. The FCCPC stated that the fine was imposed under the 2018 Antitrust Act and the 2020 Federal Competition and Consumer Protection (Administrative Penalties) Regulations.Meta plans to appeal the fine, contest the FCCPC's claims, and emphasize its commitment to user data protection.

ChainCatcher news, Lithuania imposes a record fine of 9.3 million euros (approximately 10.1 million dollars) on the crypto company Payeer for sanctions and money laundering violations.The Lithuanian Financial Crime Investigation Service stated in a statement released on Tuesday that Payeer allowed Russian clients "to conduct ruble transactions by transferring funds from EU-sanctioned Russian banks." The statement noted that Russian individuals and legal entities were "given the opportunity to access cryptocurrency wallets, account management, or storage services."