Crypto-Currency Firms Get Fines for Flattening and Injection Molding Defects

Fines have been handed down to four crypto-currency firms for failing to meet quality standards.

The firms, which include ShapeShift, Coinbase, and Circle, have been slapped with fines totalling $2.9 million after the Federal Communications Commission (FCC) determined that they were in breach of rules prohibiting the use of artificial intelligence to manipulate data.

The companies were ordered to pay $8.6 million in refunds and $2 million in punitive damages.

The US regulator said that the firms failed to comply with a rule barring artificial intelligence from manipulating data.

The rule applies to all data from which an artificial intelligence can be used.

ShapeShift, which was founded by Mark Karpeles and Evan Williams, was fined $1.3 million in 2015 for failing an FTC investigation into its sales practices.

In 2018, ShapeShift was ordered to repay $8 million in fines after it was found to be in violation of the FTC’s new anti-trust law.

Coinbase was ordered by the Federal Trade Commission (FTC) to pay a $5.5 million fine for misleading investors about its ability to process Bitcoin transactions.

In 2017, Coinbase was fined for failing the FTC investigation that led to its failure to report on a $2 billion bitcoin-based ICO.

Circle was fined by the FTC for misleading customers about its use of blockchain technology to facilitate online gambling and to conceal the extent of its role in the virtual currency.

Circumstances surrounding the ICO that raised $2,000,000 for the project led to the ICO being shut down by the SEC.

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