Latest in Tomorrow

Image credit:

SEC fines Block.one $24 million for unregistered ICO worth billions

The company neither admitted nor denied any wrongdoing.
Share
Tweet
Share

Sponsored Links

ablokhin via Getty Images

Blockchain technology company Block.one has been fined $24 million by the Securities and Exchange Commission (SEC) for running an unregistered ICO (initial coin offering). According to the SEC, the company conducted the ICO between June 2017 and June 2018, raising several billion dollars' worth of digital assets, but did not register it as a securities offerings as stipulated by federal securities law. The SEC says this meant investors were not given the information they needed to make informed decisions.

Block.one has agreed to pay the fine, but has neither admitted nor denied the SEC's findings. The company has also been granted a waiver which means it won't be subject to any ongoing restrictions that would usually apply to a settlement of this kind. It's not the first such penalty to be levied by the SEC, however. Earlier this year it announced it was suing messaging service Kik for failing to register its ICO -- part of its ongoing investigation into the way cryptocurrency companies conduct their fundraising activities.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

The 2020 Engadget Holiday Gift Guide

The 2020 Engadget Holiday Gift Guide

View
The 'lost' Superman PlayStation game has been made public

The 'lost' Superman PlayStation game has been made public

View
Amazon Sidewalk will be enabled by default on Echo devices

Amazon Sidewalk will be enabled by default on Echo devices

View
The best laptop deals we found for Cyber Monday

The best laptop deals we found for Cyber Monday

View
Disney+ is the best app of the year, according to Google Play users

Disney+ is the best app of the year, according to Google Play users

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr