# EDGAR Filing Document

**Accession Number:** 0001806524
**File Stem:** 0000000000-23-001578
**Filing Date:** 2023-2
**Character Count:** 19974
**Document Hash:** 063987cdb251f6fee8e8c830485160b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001578.hdr.sgml**: 20230609

**ACCESSION NUMBER**: 0000000000-23-001578

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230216

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lion Group Holding Ltd
- **CENTRAL INDEX KEY:** 0001806524
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 3 PHILLIP STREET
- **STREET 2:** #15-04 ROYAL GROUP BUILDING
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 048693
- **BUSINESS PHONE:** 65 8877 3871

**MAIL ADDRESS:**
- **STREET 1:** 3 PHILLIP STREET
- **STREET 2:** #15-04 ROYAL GROUP BUILDING
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 048693
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-23-004129

## Text-Extract

```

United States securities and exchange commission logo

                             February 16, 2023

       Jian Wang
       Chairman of the Board
       Lion Group Holding Ltd
       3 Phillip Street, #15-04
       Royal Group Building
       Singapore 048693

                                                        Re: Lion Group Holding
Ltd
                                                            Registration
Statement on Form F-3
                                                            Filed January 20,
2023
                                                            File No. 333-269333

       Dear Jian Wang:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-3 filed January 20, 2023

       General

   1.                                                   Please include or
incorporate by reference interim financial statements.
   2.                                                   Please included updated
disclosure on the current status of your cryptocurrency mining
                                                        activities.
   3.                                                   Please provide a
description of your internal processes for how you determine, or will
                                                        determine as you expand
your business, whether particular crypto assets (including NFTs)
                                                        are securities within
the meaning of the U.S. federal securities laws. Please also clarify
                                                        that such processes are
risk-based assessments made by the company and are not a legal
                                                        standard or binding on
any regulatory body or court. Further, please include a risk factor
 Jian Wang
FirstName
Lion GroupLastNameJian
           Holding Ltd Wang
Comapany16,
February  NameLion
            2023    Group Holding Ltd
February
Page 2 16, 2023 Page 2
FirstName LastName
         addressing the uncertainty of such assessments and the consequences of
making an
         incorrect assessment or a regulatory body or court disagreeing with
the company   s
         assessment. Finally, please address the potential regulatory risks
under the U.S. federal
         securities laws if such crypto assets are determined to be securities,
such as compliance
         with Section 5 of the Securities Act or whether the company could
become subject to
         regulation as a national securities exchange or as a broker-dealer
under the Securities
         Exchange Act of 1934.
4.       Please disclose any significant crypto asset market developments
material to
         understanding or assessing your business, financial condition and
results of operations, or
         share price since your last reporting period, including any material
impact from the price
         volatility of crypto assets.
5.       To the extent material, please discuss how the bankruptcies of certain
crypto asset market
         participants, and the downstream effects of those bankruptcies have
impacted or may
         impact your business, financial condition, customers, and
counterparties, either directly or
         indirectly. Clarify whether you have material assets that may not be
recovered because of
         the bankruptcies or may otherwise be lost or misappropriated.
6.       If material to an understanding of your business, please discuss any
steps you take to
         safeguard your customers    crypto assets and describe any policies
and procedures that are
         in place to prevent self-dealing and other potential conflicts of
interest. Describe any
         policies and procedures you have regarding the commingling of assets,
including
         customer assets, your assets, and those of affiliates or others.
Identify what material
         changes, if any, have been made to your processes in light of the
current crypto asset
         market disruption.
7.       We note that you own or have issued crypto assets and hold crypto
assets on behalf of
         third parties. To the extent material, please explain here or in your
incorporated
         Management   s Discussion and Analysis whether these crypto assets
serve as collateral for
         any loan, margin, rehypothecation, or other similar activities to
which you or your
         affiliates are a party. If so, identify and quantify the crypto assets
used in these financing
         arrangements and disclose the nature of your relationship for loans
with parties other than
         third-parties. State whether there are any encumbrances on the
collateral. Discuss
         whether the current crypto asset market disruption has affected the
value of the underlying
         collateral.
8.       To the extent material, please explain whether, to your knowledge,
crypto assets you have
         issued serve as collateral for any other person   s or entity   s
loan, margin, rehypothecation
         or similar activity. If so, discuss whether the current crypto asset
market disruption has
         impacted the value of the underlying collateral and explain any
material financing and
         liquidity risk this raises for your business.
Risk Factors, page 12

9.       Refer to your KYC procedures risk factor disclosure on pages 12-13.
This disclosure
 Jian Wang
Lion Group Holding Ltd
February 16, 2023
Page 3
         appears to focus on the activities of clients that could undermine the
effectiveness of such
         procedures. Please expand the disclosure to address the risks with
procedures themselves,
         including the limitations of using an IP blacklist.
10.      To the extent material, please discuss any reputational harm you may
face in light of the
         recent disruption in the crypto asset markets. For example, discuss
how market conditions
         have affected how your business is perceived by customers,
counterparties, and regulators,
         and whether there is a material impact on your operations or financial
condition.
11.      We note that you are not authorized or permitted to offer your
products and services to
         customers outside of the jurisdictions where you have obtained the
required governmental
         licenses and authorizations. Please describe any material risks you
face from
         unauthorized or impermissible customer access to your products and
services outside of
         those jurisdictions. Also describe any steps you take to restrict
access of U.S. persons to
         your products and services and any related material risks.
12.      Please describe any material risks to your business from the
possibility of regulatory
         developments related to crypto assets and crypto asset markets.
Identify material pending
         crypto legislation or regulation and describe any material effects it
may have on your
         business, financial condition, and results of operations.
13.      Please describe any material risks you face related to the assertion
of jurisdiction by U.S.
         and foreign regulators and other government entities over crypto
assets and crypto asset
         markets.
14.      Please describe any material risks related to safeguarding your, your
affiliates   , or your
         customers    crypto assets. Describe any material risks to your
business and financial
         condition if your policies and procedures surrounding the safeguarding
of crypto assets,
         conflicts of interest, or comingling of assets are not effective.
15.      To the extent material, please describe any gaps your board or
management have
         identified with respect to risk management processes and policies in
light of current crypto
         asset market conditions as well as any changes they have made to
address those gaps.
16.    To the extent material, please describe any of the following risks from
disruptions in the
       crypto asset markets:
           Risk from depreciation in your stock price.
           Risk of loss of customer demand for your products and services.
           Financing risk, including equity and debt financing.
           Risk of increased losses or impairments in your investments or other
assets.
FirstName
           LastNameJian      Wang
           Risks of legal proceedings  and government investigations, pending
or known to be
Comapany threatened,
           NameLion Group     HoldingStates
                       in the United   Ltd or in other jurisdictions against
you or your affiliates.
           16,
February   Risks
             2023from
                   Pageprice
                         3 declines or price volatility of crypto assets.
FirstName LastName
 Jian Wang
FirstName
Lion GroupLastNameJian
           Holding Ltd Wang
Comapany16,
February  NameLion
            2023    Group Holding Ltd
February
Page 4 16, 2023 Page 4
FirstName LastName
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

      Please contact Jessica Livingston at 202-551-3448 or J. Nolan McWilliams,
Acting Legal
Branch Chief, at 202-551-3217 with any questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Crypto
Assets
cc:      Lawrence Venick

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 16, 2023

Jian Wang
Chairman of the Board
Lion Group Holding Ltd
3 Phillip Street, #15-04
Royal Group Building
Singapore 048693

**Re: Lion Group Holding Ltd**
**Registration Statement on Form F-3**
**Filed January 20, 2023**
**File No. 333-269333**

Dear Jian Wang:

We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form F-3 filed January 20, 2023

General

1. Please include or incorporate by reference interim financial statements.
2. Please included updated disclosure on the current status of your cryptocurrency mining activities.
3. Please provide a description of your internal processes for how you determine, or will determine as you expand your business, whether particular crypto assets (including NFTs) are securities within the meaning of the U.S. federal securities laws. Please also clarify that such processes are risk-based assessments made by the company and are not a legal standard or binding on any regulatory body or court. Further, please include a risk factor

Jian Wang  
Lion Group Holding Ltd  
February 16, 2023  
Page 2

addressing the uncertainty of such assessments and the consequences of making an incorrect assessment or a regulatory body or court disagreeing with the company's assessment. Finally, please address the potential regulatory risks under the U.S. federal securities laws if such crypto assets are determined to be securities, such as compliance with Section 5 of the Securities Act or whether the company could become subject to regulation as a national securities exchange or as a broker-dealer under the Securities Exchange Act of 1934.

1. 4. Please disclose any significant crypto asset market developments material to understanding or assessing your business, financial condition and results of operations, or share price since your last reporting period, including any material impact from the price volatility of crypto assets.
2. 5. To the extent material, please discuss how the bankruptcies of certain crypto asset market participants, and the downstream effects of those bankruptcies have impacted or may impact your business, financial condition, customers, and counterparties, either directly or indirectly. Clarify whether you have material assets that may not be recovered because of the bankruptcies or may otherwise be lost or misappropriated.
3. 6. If material to an understanding of your business, please discuss any steps you take to safeguard your customers' crypto assets and describe any policies and procedures that are in place to prevent self-dealing and other potential conflicts of interest. Describe any policies and procedures you have regarding the commingling of assets, including customer assets, your assets, and those of affiliates or others. Identify what material changes, if any, have been made to your processes in light of the current crypto asset market disruption.
4. 7. We note that you own or have issued crypto assets and hold crypto assets on behalf of third parties. To the extent material, please explain here or in your incorporated Management's Discussion and Analysis whether these crypto assets serve as collateral for any loan, margin, rehypothecation, or other similar activities to which you or your affiliates are a party. If so, identify and quantify the crypto assets used in these financing arrangements and disclose the nature of your relationship for loans with parties other than third-parties. State whether there are any encumbrances on the collateral. Discuss whether the current crypto asset market disruption has affected the value of the underlying collateral.
5. 8. To the extent material, please explain whether, to your knowledge, crypto assets you have issued serve as collateral for any other person's or entity's loan, margin, rehypothecation or similar activity. If so, discuss whether the current crypto asset market disruption has impacted the value of the underlying collateral and explain any material financing and liquidity risk this raises for your business.

# Risk Factors, page 12

9. Refer to your KYC procedures risk factor disclosure on pages 12-13. This disclosure

Jian Wang  
Lion Group Holding Ltd  
February 16, 2023  
Page 3

appears to focus on the activities of clients that could undermine the effectiveness of such procedures. Please expand the disclosure to address the risks with procedures themselves, including the limitations of using an IP blacklist.

1. 10. To the extent material, please discuss any reputational harm you may face in light of the recent disruption in the crypto asset markets. For example, discuss how market conditions have affected how your business is perceived by customers, counterparties, and regulators, and whether there is a material impact on your operations or financial condition.
2. 11. We note that you are not authorized or permitted to offer your products and services to customers outside of the jurisdictions where you have obtained the required governmental licenses and authorizations. Please describe any material risks you face from unauthorized or impermissible customer access to your products and services outside of those jurisdictions. Also describe any steps you take to restrict access of U.S. persons to your products and services and any related material risks.
3. 12. Please describe any material risks to your business from the possibility of regulatory developments related to crypto assets and crypto asset markets. Identify material pending crypto legislation or regulation and describe any material effects it may have on your business, financial condition, and results of operations.
4. 13. Please describe any material risks you face related to the assertion of jurisdiction by U.S. and foreign regulators and other government entities over crypto assets and crypto asset markets.
5. 14. Please describe any material risks related to safeguarding your, your affiliates', or your customers' crypto assets. Describe any material risks to your business and financial condition if your policies and procedures surrounding the safeguarding of crypto assets, conflicts of interest, or comingling of assets are not effective.
6. 15. To the extent material, please describe any gaps your board or management have identified with respect to risk management processes and policies in light of current crypto asset market conditions as well as any changes they have made to address those gaps.
7. 16. To the extent material, please describe any of the following risks from disruptions in the crypto asset markets:
   - • Risk from depreciation in your stock price.
   - • Risk of loss of customer demand for your products and services.
   - • Financing risk, including equity and debt financing.
   - • Risk of increased losses or impairments in your investments or other assets.
   - • Risks of legal proceedings and government investigations, pending or known to be threatened, in the United States or in other jurisdictions against you or your affiliates.
   - • Risks from price declines or price volatility of crypto assets.

Jian Wang
Lion Group Holding Ltd
February 16, 2023
Page 4

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

Please contact Jessica Livingston at 202-551-3448 or J. Nolan McWilliams, Acting Legal Branch Chief, at 202-551-3217 with any questions.

Sincerely,

Division of Corporation Finance
Office of Crypto Assets

cc: Lawrence Venick