Securities and Exchange Commission (SEC) has sued Titan GCM over its crypto dealings. Titan GCM (Global Capital Management) is the largest crypto firm that is now at stake as the SEC has taken notice of its crypto dealings. Over the last couple of months, SEC has gone through almost all cryptocurrency platforms. And now SEC has sued the United States-based largest crypto firm named Titan GCM best known for investment management.
Different crypto platforms like Gemini, Coinbase, Binance and now Titan GCM has been taken into consideration by the SEC for following the set of rules and regulation set by SEC. Moreover, they have been accused of fudging the digits along with a few other allegations.
SEC released a press release in which Titan GCM clearly shows misleading behaviour. Titan GCM shows an annual hypothetical performance of 2700% gains in the last few couple of months. But SEC disclosed that the performance was forged as it was recorded based on three weeks that could boost any shit coin to the moon level. This could fascinate the inexperienced trader and can mislead him by making his mind consider it a sustainable endeavour.
Secondly, SEC accused Titan GCM of using investors from regular people but forging them by the names of prominent names. This could mislead the clients about how their digital assets are kept and in which scenario in a veil of high hedge clauses. Interestingly, this mistake was even pointed out by SEC in the data submitted by Titan GCM itself.
Titan GCM Settles with SEC
Chief of Enforcements of SEC, Osman Nawaz went through the details of the case and commented on it. He warned the Titan GCM and other companies to comply with the rules and regulations set by the SEC. He said that all investment advisers should make sure that their disclosures and perspective are crystal clear. And, investment advisers should avoid presenting misleading factors. Titan GCM neither accepted nor refused the allegations and accepted to pay the penalty of $850k to affected clients.
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