SEC Strikes Again: Cumberland DRW Charged For ‘Unregistered Crypto Operations’
The US Securities and Exchange Commission (SEC) has charged Cumberland DRW LLC with operating as an “unregistered dealer” for trading over $2 billion in crypto assets classified as “securities” without proper registration. The SEC alleges that Cumberland has engaged in these activities since March 2018, violating federal registration requirements aimed at investor protection. Cumberland DRW, based in Chicago, claims to be a leading liquidity provider in the digital asset market, offering services for various cryptocurrencies, including spot liquidity and options trading. The SEC's complaint, filed in the Northern District of Illinois, seeks permanent injunctive relief, recovery of ill-gotten gains, prejudgment interest, and civil penalties against Cumberland for violating the Securities Exchange Act of 1934.
