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Hot news: SEC orders to pay $24M penalty for unregistered ICO

Hot news: SEC orders to pay $24M penalty for unregistered ICO
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Dear Benchers!

Hot news! September 30, 2019, SEC ordered to pay a $24M penalty for unregistered ICO. Block.one, the biggest ICO of them all in history,  has been charged for conducting an unregistered ICO which raised several billion USD over one year. 

«According to the SEC’s order, Block.one, which has operations in Virginia and Hong Kong, conducted an ICO between June 2017 and June 2018. The order finds that Block.one stated it would use the capital raised in the ICO for general expenses, and also to develop software and promote blockchains based on that software. Block.one’s offer and sale of 900 million tokens began shortly before the SEC released the DAO Report of Investigation and continued for nearly a year after the report’s publication, eventually raising several billion dollars worth of digital assets globally, including a portion from US investors. Block.one did not register its ICO as a securities offering pursuant to the federal securities laws, nor did it qualify for or seek an exemption from the registration requirements.» — sais Press Release on official SEC site.

The investigation was conducted and the order required to pay a $24 million civil monetary penalty. Block.one has reached a civil settlement with SEC and issued the following statement regarding the announcement: «We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policymakers as the world continues to develop more clarity around compliance frameworks for digital assets».

Stay tuned!

01 Oct 2019 icoEOS



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