The SEC Fined EOS Creator Following Unregistered Token Sale
The crypto space has been filled with all kinds of successful moves this year, although the market has recently suffered a massive correction, which, according to more experts, will most likely continue.
The creator of the digital asset EOS, Block.one has been fined for running an unregistered token sale.
According to the latest reports, the fine is of $24 million for the unregistered ICO in 2017 and 2018, reveals the Daily Hodl online publication.
Block.one doesn’t admit or deny the SEC’s findings
According to the SEC, it has settled the civic penalty with the company and as a part of the settlement, Block.one will not admit to but will not deny either the SEC’s findings.
Stephanie Avakian, co-director of the SEC’s Division of Enforcement, stated the following:
“A number of US investors participated in Block.one’s ICO. Companies that offer or sell securities to US investors must comply with the securities laws, irrespective of the industry they operate in or the labels they place on the investment products they offer.”
The ICO raised $4 billion and it launched shortly before the SEC decided to release a statement on its investigation of the DAO which is an unincorporated organization that holds a token sale.
It stated that token sales are subject to federal securities regulations.
We suggest that you head over to the original article written by the online publication mentioned above in order to find out the complete details.
EOS in the news
EOS made headlines a couple of months ago when it has been reported that it’s been labeled as the third-most active platform with 224 average monthly developers in the H1 2019.
Electric Capital said the following back then: “A clear early signal for an emerging platform is engagement from developers. Developers build the applications that deliver value to end-users and customers, and set off a virtuous cycle attracting more developers.”
Electric Capital is a crypto management company.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.