On January 17, 2025, the SEC instituted settled cease-and-desist proceedings against Singularity Future Technology, Ltd., stating: "This matter involves financial reporting, accounting, books and records, and controls violations by Singularity, a shipping and logistics company that has also sought to expand its operations into digital assets. In each of its past eight fiscal years, Singularity has disclosed that its internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DCP”) were ineffective and reported multiple material weaknesses. These ineffective controls and material weaknesses, as well as its failure to maintain required books and records, contributed to Singularity needing to restate, in March 2023, certain prior period financials (the “March 2023 Restatement”) due to improperly accounting for a series of related party transactions and improper revenue recognition."

On January 17, 2024, the SEC "announced settled charges against Singularity Future Technology, Ltd., a publicly traded shipping and logistics company, for internal control and disclosure controls violations, as well as financial reporting violations and books and records failures."