The United States regulatory body, the Financial Industry Regulatory Authority (FINRA), has charged one of Merrill Lynch’s staff $5,000 for mining cryptocurrency. According to the “letter of acceptance, waiver and consent” signed by the employee, Kyung Soo Kim, FINRA took action when it appeared the activities did not comply with its rules associated staff.
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Kim, who previously had no disciplinary record, should have informed FINRA in writing when he set up a separate outfit for mining, S Corporation, while still employed in December 2017. Merrill Lynch had raised the issue in March 2018 when it dismissed Kim for the same reporting failure.