U.S. self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), has fined and suspended an investment adviser over undeclared cryptocurrency mining activities. According to a letter of acceptance, waiver and consent published by FINRA on June 10, Kyung Soo Kim had been working at Merrill Lynch and was registered with the watchdog as a general securities representative through the firm from March 2014.
Read in Full
CoinMarkets is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties.
However, in December 2017 – the month bitcoin reached its all-time high of $20,000 – Kim formed a company called S Corporation to engage in crypto mining activities. However, Kim failed to provide written notice of the mining venture to his employer at the time, Merrill Lynch, thus breaking two of FINRA’s rules, numbered 3270 and 2010.