The KROPS Initial Coin Offering has received a Cease & Desist (C&D) from the Philippines Securities and Exchange Commission. The C&D, embedded below, demands the immediate halt to the sale of KROPS Tokens or KropCoins. The SEC states the company has not filed the necessary registration forms to sell securities, as the law requires.
KROPS is described as the “World’s First Agriculture Marketplace Crypto Equity ICO;”
“Krops has the potential of becoming the largest food hub in the world without even owning a single farm.”
The actual incorporated name of the company is Black Sands Capital Inc. This company was founded by Joseph H. Calata who was permanently banned by the Philippines Stock Exchange from being a Director or Officer of any listed company. He was previously CEO of Calata Corporation, a company that was delisted from the Philippines Stock Exchange for non-disclosure of materiel information.
At the time of the delisting, it was reported that Calata was seeking to move the company to a cryptocurrency trading platform by usind “Calcoins.” Apparently, a group of shareholders were opposed to the proposal.
According to the KROP ICO site the pre-sale round has sold 4,848,508.303535 tokens out of 6,400,000 available. Each token is currently going for 0.0015 ETH less 10% Pre-sale discount : 0.00135 ETH.
The Philippines SEC mentions that it is duty bound to exercise caution with regards to ICOs and references the recent statement by IOSCO on ICOs. The Philippines SEC has previously issued guidance on ICOs.
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