Tag: SEC Enforcement

What Happens to ICO Issuers Who Can’t Pay SEC Penalties?
Opinions

What Happens to ICO Issuers Who Can’t Pay SEC Penalties?

A growing number of companies which — over the last three years — leveraged the ICO to raise funds have been hit with securities violations from the U.S. Securities and Exchange Commission (SEC). With a crashed cryptocurrency market, some companies that have settled with the SEC are starting to miss previously agreed upon refund deadlines…

Telegram Doesn’t Budge, Requests Court to Throw Out Case
Blockchain

Telegram Doesn’t Budge, Requests Court to Throw Out Case

On November 12th 2019, Telegram filed a response with a United States District Court. The firm has maintained the stance that its Grams tokens do not constitute securities and requested the court to dismiss the SEC’s claims and deny any relief sought by the SEC. The Story of Telegram’s ICO in Detail  Popular messaging app…

The SEC Received Over $4.3 Billion from Penalties in 2019
Blockchain, Business

The SEC Received Over $4.3 Billion from Penalties in 2019

According to the U.S. Securities and Exchange Commission’s (SEC) Annual Report for the fiscal year 2019, more than $4.3 billion were collected due to disgorgement and penalties. Out of the funds collected, approximately $1.2 billion were returned to harmed investors. The SEC’s 2019 Annual Report Explained 2019 was a busy year for the SEC. The…

SEC Halts Telegram’s ICO, says Issuers “Cannot Avoid Federal Securities Laws”
Tokenization 101

SEC Halts Telegram’s ICO, says Issuers “Cannot Avoid Federal Securities Laws”

On October 11th 2019, the U.S. Securities and Exchange Commission (SEC) has been granted a temporary restraining order which resulted in the halting of Telegram’s ICO. The offering went on to raise nearly $2 billion but constitutes an illegal, unregistered securities offering, according to the SEC. The SEC and Telegram’s ICO Explained Telegram Group Inc.,…

PlexCoin Ordered to Pay Almost $7 Million After Fraudulent ICO
Blockchain

PlexCoin Ordered to Pay Almost $7 Million After Fraudulent ICO

Announced October 2nd 2019, the US Securities and Exchange Commission (SEC) has obtained a final judgement regarding PlexCoin’s 2017 Initial Coin Offering (ICO). According to the judgement, of which PlexCoin consented, the offering was fraudulent on multiple accounts resulting in PlexCoin being ordered to pay nearly $7 million. PlexCoin’s ICO Fraud Explained Back in 2017,…

Kik Shuts Down Messenger App in Prep to Fight SEC
Blockchain

Kik Shuts Down Messenger App in Prep to Fight SEC

According to Kik CEO Ted Livingston, Kik is closing down its popular messenger app to focus on ‘Kin’, its cryptocurrency. Kin tokens were sold to raise $100 million through an ICO which the Securities and Exchange Commission (SEC) claimed was an illegal securities offering. Kik Shutting Down its Messenger App Explained In June of 2019,…

SEC Sues ICOBox After $14 Million ICO, Claims Asset is “Virtually Worthless”
Blockchain, Business

SEC Sues ICOBox After $14 Million ICO, Claims Asset is “Virtually Worthless”

Announced September 18th 2019, the U.S. Securities and Exchange Commission (SEC) has charged ICOBox and its founder, Nikolay Evdokimov, with conducting an unregistered securities offering and acting as an unregistered broker. The SEC and ICOBox Explained The SEC has enforced its regulations in the digital asset realm once again, this time charging ICOBox and its…

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