Crypto firms have paid over $3 billion in fines to US authorities since Satoshi Nakamoto launched Bitcoin.
BlockFi was slammed with the largest fine after it paid $100 million early in the year.
Payment of fines suggests that the cryptocurrency industry is not as unregulated as critics paint it to be.
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are enjoying the larger share of fines paid by crypto firms. Since the industry was created in 2009, firms shelled more than $3 billion.
A recent report from Elliptic, a blockchain analytics firm revealed that US financial regulators have imposed $3.3 billion worth of fines on firms in the cryptocurrency industry. In 2020, the figure stood at barely $2 billion but 18 months later, it nearly doubled in size thanks to increased regulatory attempts to rein the industry.
The report noted that the SEC was the largest enforcer with 70% of all fines going to the agency. The SEC famously hit...
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