ChainCatcher report: The U.S. Securities and Exchange Commission (SEC) has filed civil charges against 38 entities for making material misrepresentations in their Form ADV filings between 2025 and 2026, falsely presenting themselves as legitimate U.S. investment advisers to attract retail investors. The defendants include multiple crypto-related entities such as CryptoOrbit, Ftaexchange, Pinnacle Crypto Exchange, Quantum Financial Institute, and RBH Infinity Exchange. The SEC has removed the ERA filings of these 38 entities from its website and is seeking a permanent injunction and civil penalties.
The U.S. SEC Sues 38 Entities for Falsifying ADV Forms to Impersonate Legitimate Advisors
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Summary
The U.S. Securities and Exchange Commission (SEC) filed civil lawsuits against 38 entities for falsifying Form ADV filings between 2025 and 2026. CryptoOrbit, Ftaexchange, and Pinnacle Crypto Exchange are among those accused of misleading investors to appear as legitimate U.S. advisors. The SEC is seeking injunctions and penalties, and has revoked their CFT-related filings. Amid growing concerns over BTC as a hedge against inflation, this action signals heightened regulatory oversight.
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