SEC Cracks Down Hard on Pro-Crypto UK Audit Firm in Jurisdictional Flex

The US Securities and Exchange Commission (SEC) is extending its reach beyond US shores, cracking down on a London-based audit firm and its executives. The latest enforcement action is not crypto-related, but the UK firm has advocated for wider adoption of digital assets, so it could be an alternative motive.

Timeline of Flex

CoinFLEX co-founder and CEO Mark Lamb said Roger Ver chose to betray CoinFLEX associates and users. Lamb posted a video recounting his thoughts on CoinFLEX being driven to near bankruptcy by Ver, adding that brutal lessons have been learned.

Su Zhu and Kyle Davies, the two founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new OPNX exchange and will acquire remaining assets from the troubled exchange CoinFLEX.

CoinFlex, a cryptocurrency investment platform, stated on March 7 that Seychelles courts had approved its restructuring plan. The blog post further stated that the order should be published by the courts the same week.

A Seychelles court approved the restructuring plan submitted by embattled crypto exchange CoinFLEX.Trading for locked assets like LUSD and LETH remain halted until 24 hours after the court issues a written order expected later this week a CoinFLEX statement said.According to a source familiar with the matter, the company recently finalized funding for a new crypto exchange called OPNX.  Embattled digital asset exchange CoinFLEX received the green light for a restructuring plan filed with a Seychelles court where the company is domiciled.