[U.S. SEC Issues Final Ruling on NanoBit Crypto Fraud Case, Fines Exceed $5 Million] According to The Block, the U.S. Securities and Exchange Commission (SEC) has issued a final ruling on the crypto platform NanoBit, ordering the parties involved to pay fines exceeding $5 million. The case was initially filed in September 2024 during the Biden administration. The SEC accused NanoBit and related individuals of impersonating financial professionals in WhatsApp groups between September 2023 and June 2024 to gain investors' trust and persuade them to invest in NanoBit, falsely claiming that its affiliated company was an SEC-registered broker-dealer. The SEC stated that the so-called financial professionals promoted a fraudulent initial coin offering, but no transactions actually occurred on the NanoBit platform. Instead, investor funds were funneled to the fraud participants—over $2 million was transferred to Hong Kong bank accounts, and additional hundreds of thousands of dollars in crypto assets were misappropriated.