{"id":30817,"date":"2024-10-11T17:00:04","date_gmt":"2024-10-11T14:00:04","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30817"},"modified":"2024-10-11T12:53:39","modified_gmt":"2024-10-11T09:53:39","slug":"sec-names-cumberland-drw-llc-an-unregistered-dealer","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sec-names-cumberland-drw-llc-an-unregistered-dealer\/","title":{"rendered":"SEC Names Cumberland DRW LLC an Unregistered Dealer"},"content":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) has accused Cumberland DRW LLC of operating as an unregistered dealer. The accusation comes as part of the SEC\u2019s crackdown on the crypto industry.<\/p>\n

The SEC said Cumberland acted as an unregistered dealer in trading $2 billion in crypto assets. The Chicago-based company describes itself as a \u201cliquidity provider and risk-taking trading firm.\u201d However, the SEC alleged that Cumberland\u2019s profits from these activities were made without providing the necessary protections to investors and the market.<\/p>\n

Jorge G. Tenreiro, interim head of the SEC\u2019s Crypto Assets and Cyber \u200b\u200bUnit, said Cumberland and investors treated these crypto assets as securities and that Cumberland made significant unregistered profits by acting as a dealer in these assets. According to the complaint, Cumberland bought and sold at least $2 billion worth of cryptocurrencies starting in March 2018. It was also stated that Cumberland traded through an online trading platform called Marea, which he launched in 2019.<\/p>\n

Might interest you: What is BabyDoge?<\/a><\/em><\/p>\n

The SEC defined cryptocurrencies such as POL, SOL, ATOM, ALGO and FIL as securities during this process. Cumberland allegedly failed to comply with federal securities laws and did not provide adequate protection to investors when trading these assets.<\/p>\n

In response to this accusation, Cumberland stated in a statement on its X account that it had been negotiating with the SEC for five years and had shared the necessary documents. The company also stated that it would not make any changes to its operations and that it was confident in its ability to comply with the regulations.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) has accused Cumberland DRW LLC of operating as an unregistered dealer. The accusation comes as part of the SEC\u2019s crackdown on the crypto industry. The SEC said Cumberland acted as an unregistered dealer in trading $2 billion in crypto assets. The Chicago-based company describes itself as a \u201cliquidity<\/p>\n","protected":false},"author":6,"featured_media":29122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[8983,39,8982,8981],"class_list":["post-30817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-cumberland-drw-llc","tag-sec","tag-sec-cumberland","tag-sec-drw-llc"],"yoast_head":"\nSEC Names Cumberland DRW LLC an Unregistered Dealer - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/sec-names-cumberland-drw-llc-an-unregistered-dealer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Names Cumberland DRW LLC an Unregistered Dealer - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The U.S. Securities and Exchange Commission (SEC) has accused Cumberland DRW LLC of operating as an unregistered dealer. 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