A former investment banker has been slapped with a fine and a suspension by self-regulatory body Financial Industry Regulatory Authority (FINRA) for mining Bitcoin.
According to the regulator, Kyung Soo Kim pursued outside business activity in December 2017 without giving his former employer a written notice. Kim is an ex-employee of Bank of America-owned broker-dealer Merrill Lynch, Pierce, Fenner & Smith Inc.
FINRA claims Kim’s bitcoin mining venture was a violation of its rules. The rules prohibit members from serving as an ‘employee, independent contractor, sole proprietor, officer, director or partner of another person’ outside of their employer.