The US Securities and Exchange Commission (SEC) forces (ICO) to return investors’ money
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Answer The US Securities and Exchange Commission (SEC) forces (ICO) to return investors’ money
Two new settlement projects with the US Securities and Exchange Commission (SEC) have agreed to re-register their cryptocurrencies that were sold in an initial coin offering (ICO) as Utility Tokens and re-register them as Security Tokens.
Today, an announcement was issued by two companies, namely: CarrierEQ Inc. known as AirToken and Paragon Coin Inc. as Paragon.
It is worth noting that the two companies conducted an initial coin offering (ICO) last year, with AirToken raising $15 million and Paragon raising $12 million.
A representative of the US Securities and Exchange Commission (SEC) accused the two companies that they did not register as securities, in addition to that they were not eligible to register.Read:The total market value of Cardano “ADA” coin rises to $ 27 billion in two weeks
The two companies will return the money to investors, file periodic reports with the Securities and Exchange Commission (SEC) about their business, and pay a $250,000 fine to each company.
The SEC statement indicated that these two cases are the first cases imposed by a ban on ICO projects.
The announcement comes after the US Securities and Exchange Commission (SEC) imposed Sanctions against the founder of the decentralized platform EtherDelta Being an unregistered platform.Read:How is Ethereum shaping up to be the next digital financial power?
Thus, it is expected that we will witness more penalties for violating projects and platforms in the coming days, with the aim of raising the level of regulation and protecting investor funds in the cryptocurrency world.
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