SEC charges Cumberland for unregistered crypto dealing
- SEC charged Cumberland for operating as an unregistered dealer in the crypto market
- Action part of broader SEC efforts, following similar charges against firms like Coinbase
The U.S. Securities and Exchange Commission (SEC) has charged crypto market maker Cumberland with operating as an unregistered dealer.
SEC alleged that the company has been buying and selling crypto assets without proper registration since March 2018. According to the SEC, Cumberland has ignored regulatory requirements despite calls from SEC Chairman Gary Gensler urging cryptocurrency firms to “come in and register.”
The regulatory body claims that Cumberland was explicitly prohibited from using its registered broker-dealer status for crypto activities,…
