SEC Reaches Settlement with Justin Sun Over Crypto Allegations

The US Securities and Exchange Commission (SEC) has reached a settlement with Chinese cryptocurrency entrepreneur Justin Sun, requiring one of his companies to pay $10 million in penalties.

The settlement resolves allegations that Sun and his companies sold unregistered securities and manipulated the market for the TRX token through wash trading. The SEC will dismiss its remaining claims against Sun and affiliated entities.

Sun's company, Rainberry Inc., agreed to the settlement without admitting or denying wrongdoing. The proposed judgment must still be approved by a federal judge in the Southern District of New York.