ENFORCEMENT

Enforcement

Kakao Founder’s Office Searched Over Stock Manipulation Allegations

By Sanday Chongo Kabange | 11/08/2023

The FSS raided the office of Kakao founder Kim Beom-su and confiscated materials related to allegations of market manipulation.

Crypto / Digital Assets

US SEC to Settle Case Against Crypto Firm Bittrex for $24m

By Editors | 11/08/2023

Bittrex and its co-founder and former CEO agreed to settle the SEC case for $24mn. The firm previously said it was exiting the US market due to a lack of regulatory clarity.

Enforcement

ASIC Sues Debt Management Firm for Causing Consumer Harm 

By Sanday Chongo Kabange | 10/08/2023

The debt management firm offered to help borrowers solve their financial burdens but instead caused them more harm, ASIC alleges.

Enforcement

Korean Regulators Discover Insider Trades at Securities Firm

By Sanday Chongo Kabange | 10/08/2023

Employees at the securities unit of an unnamed bank used nonpublic information about bonus issues by listed companies to generate billions of won in profits.

Capital / Liquidity

APRA Removes Liquidity Add-on for Bendigo and Adelaide Bank

By Editors | 10/08/2023

APRA applied a ten percent add-on to the net cash outflow component of Bendigo’s LCR calculation in October 2020.

Enforcement

Indian Police Busts Crypto-Ponzi Scheme Worth Over $120m

By Mark Johnston | 09/08/2023

The scheme targeted individuals across various regions of India, encouraging them to invest in a fraudulent crypto token known as STA.

Crypto / Digital Assets

Crypto CEO Charged in South Korea for Fraud, Embezzlement

By Editors | 09/08/2023

Bitsonic CEO Jinwook Shin manipulated computer records to inflate prices and trading volumes, and defraud investors.

Enforcement

SEC, CFTC Penalise Firms $555m for Use of Unapproved Messaging Apps

By Manesh Samtani | 09/08/2023

The use of “off-channel” communications was “pervasive and longstanding”. Wells Fargo was penalised $200mn, while BNP Paribas and SocGen were each fined $110mn.

Enforcement

SFC to Gain Powers to Tackle Insider Dealing with Cross-Border Element

By Manesh Samtani | 08/08/2023

The SFC will be better able to address insider dealing perpetrated in Hong Kong involving overseas-listed securities, and insider dealing perpetrated overseas involving HK-listed securities.