Tagged: enforcement

December 27, 2019 @ 3:49 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) of the Philippines has stripped Robocash Finance Corp.’s authority to operate as a financing company for running several branches without the necessary license. According to the SEC, the Corporate Governance and Finance Department (CGFD) issued the order of revocation… Read More

December 18, 2019 @ 2:48 pm By JD Alois  |  

The Securities and Exchange Commission reports that it has settled charges against Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO). The order requires BCOT to cease and desist from committing or causing any violations of the registration provisions of the… Read More

December 11, 2019 @ 9:09 pm By Cali Haan  |  

The US Securities and Exchange Commission (SEC) has charged Shopin founder Eran Eyal with violating antifraud and registration provisions of federal securities laws in an ICO (initial coin offering) sale. The SEC says Eyal raised $42.5 million USD selling Shopin cryptographic or “blockchain” tokens to… Read More

December 10, 2019 @ 1:51 am By Cali Haan  |  

The SEC is seeking to depose UK citizen John Hyman, whom Telegram CEO Pavel Durov has identified as “Telegram’s chief investment advisor.” The SEC believes Hyman brokered many of the private deals that helped Telegram raise $1.7 billion USD from 171 investors in two sales of GRAM… Read More

November 25, 2019 @ 11:34 am By Omar Faridi  |  

Gladius, a “distributed” cybersecurity firm, has reportedly dissolved its operations without complying with the orders from the US Securities and Exchange Commission (SEC) to reimburse the project’s investors. Alex Godwin, the company’s co-founder and CTO, confirmed the dissolution of the firm through a message sent… Read More

November 15, 2019 @ 8:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced the final judgment in regards to the Veri initial coin offering (ICO) which was deemed to be sales of unregistered securities. Veritaseum, Inc. and Veritaseum, LLC  along with Reginald Middleton have been ordered to pay a $9.5… Read More

November 14, 2019 @ 8:19 am By JD Alois  |  

Some cryptocurrency firms that were the target of the Securities and Exchange Commission Division of Enforcement may not be able to adhere to the agreed-upon settlements, according to WSJ.com. Paragon and Airfox are both mentioned in the report. The two companies were deemed to have… Read More

November 6, 2019 @ 8:44 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Division of Enforcement, has published its annual report on enforcement. The Division of Enforcement is the largest division at the SEC. The report states that, during the fiscal year, the SEC brought “a diverse mix of 862 enforcement actions,… Read More

November 3, 2019 @ 4:47 pm By JD Alois  |  

An ongoing enforcement action brought by the Commodity Futures Trading Commission (CFTC) pertaining to a cryptocurrency called ATM Coin has been resolved with a federal court ordering defendants to pay over $4.25 million in penalties. The US District Court of Eastern District of New York… Read More

November 1, 2019 @ 2:36 pm By Cali Haan  |  

A Switzerland-based securities dealer called XBT Corp/First Global Credit has been charged and fined by the American SEC and CFTC for, “selling unregistered security-based swaps to U.S. investors using bitcoins and for failing to transact its swaps on a registered national exchange.” The company’s website has… Read More

October 29, 2019 @ 3:16 pm By JD Alois  |  

Filed with the US District Court for the Southern District of New York this week, Kik Interactive opened up the big guns by issuing multiple subpoenas to the Securities and Exchange Commission (SEC). Kik is the target of an SEC enforcement action alleging the sales… Read More

October 20, 2019 @ 3:18 pm By Omar Faridi  |  

The US District Court for the Southern District of New York postponed the hearing regarding the Securities and Exchange Commission’s (SEC) injunction filing against London-based encrypted messaging service provider Telegram.  The hearing has been scheduled to take place on February 18–19, 2020. Telegram’s management had… Read More

October 18, 2019 @ 12:08 pm By JD Alois  |  

Telegram has responded to the Securities and Exchange Commission’s enforcement action revealed last week. On October 11, the SEC filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted an alleged unregistered, ongoing digital token offering in the U.S. and… Read More

October 17, 2019 @ 8:32 pm By Cali Haan  |  

Telegram, makers of the popular mobile messaging app Telegram, have sent an email to GRAM token investors asking for a six-month extension on the launch of TON, a blockchain network financed by the company’s $1.7 billion USD 2018 token sale. The request for an extension… Read More

October 16, 2019 @ 8:24 pm By JD Alois  |  

The U.S. Commodity Futures Trading Commission has filed a civil enforcement action against David Gilbert Saffron and Circle Society Corporation, based in Nevada. The CFTC alleges fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme Saffron operated through Circle Society…. Read More

October 15, 2019 @ 12:53 am By JD Alois  |  

Last week, Crowdfund Insider reported on the Securities and Exchange Commission (SEC) enforcement action against Telegram and the issuance of Gram tokens. The move by the SEC is a doozy and telling. First, Telegram sold about $1.7 billion in a SAFT (simple agreement for future… Read More

October 14, 2019 @ 3:46 pm By Cali Haan  |  

A letter from a spokesperson for Telegram regarding the SEC’s emergency action to halt the sale of GRAM tokens to US investors has been making the rounds in the crypto media and on forums. In the the letter, “Shyam” states that Telegram, maker of a… Read More

October 11, 2019 @ 5:33 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion… Read More

October 5, 2019 @ 11:13 am By Omar Faridi  |  

Florida’s regulatory authorities are investigating Karatbars, a German firm that’s been promoting a crypto token linked to a Miami “crypto bank,” which does not have a banking license. Karatbars previously launched a cryptocurrency that the company claimed was backed by gold. In addition to developing… Read More

October 3, 2019 @ 7:20 pm By Cali Haan  |  

The Missouri Securities Division under Secretary of State Jay Ashcroft has issued cease and desist orders against an entity called Mavixbtc, which allegedly, “offers (cryptocurrency) brokerage and investment advisory services when it is not registered…” According to a release from the Secretary of State’s Office:… Read More