US SEC fines fraudulent crypto platform NanoBit over $5M

The U.S. Securities and Exchange Commission (SEC) has ordered cryptocurrency platform NanoBit to pay more than $5 million in fines. According to The Block, the lawsuit was originally filed in 2024. The SEC explained that individuals involved in the NanoBit fraud posed as financial experts in WhatsApp groups from September 2023 to June 2024 to gain the trust of investors. They also falsely claimed that a NanoBit affiliate was a broker registered with the SEC.