United States:

BitConnect Enforcement Actions Demonstrate SEC And DOJ’s Regulatory Authority In Cryptocurrency Arena

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On September 1, 2021, the US Securities and Exchange Commission
filed suit against several individuals and entities associated with
the now-shuttered cryptocurrency exchange platform BitConnect,
including its founder, Satish Kumbhani, and its chief promoter in
the United States, Glen Arcaro. The lawsuit alleges that Kumbhani
and his associates defrauded thousands of investors of nearly $2
billion in cryptocurrency in what the SEC calls a
“Ponzi-like” scheme. This…

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