On Tuesday, the Securities and Exchange Commission of the United States announced that it is expanding the number of employees dedicated to protecting crypto investors against scams and cybercrime in the renamed Crypto Assets and Cyber Unit, which was first established in 2017. The division will soon have 50 roles focused on cryptocurrency and combating crypto crimes.
"Crypto markets have exploded in recent years, with retail investors reporting to these organizations. Despite the dangers, cyber threats continue to pose serious threat to our financial markets and participants," said Gurbir S. Grewal, the head of the SECs Division of Enforcement. "The strengthened Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these difficult challenges."
The Crypto Assets and Cyber Unit has recovered more than 80 instances of crypto fraud or unregistered cryptocurrency platforms, which claims to have raised over $2 billion in monetary relief.
As more investors gain access to crypto markets, it is becoming more important to dedicate more time to protecting them, according to SEC chairman Gary Gensler. "The Division of Enforcements Crypto Assets and Cyber Unit has successfully brought dozens of cases against those seeking to profit from crypto investors. By nearly double the size of this key unit, the SEC will be better equipped to handle disclosure and controls issues relating to cybersecurity.
The Crypto Assets and Cyber Unit will continue to deal with the omnipresent cyber threats to the international markets, according to the SEC.
In April, Chairman of the Securities and Exchange Commission, Gary Gensler, said cryptocurrency investors should also benefit from protections, and has exhorted crypto businesses to register with the government.