SEC fines company for illegal crypto token
On July 10, 2018, the Financial Markets Authority (FMA) fined a company for issuing an unlicensed crypto token. The FMA charged the company, which is based in the United Kingdom, with issuing an unlicensed token and failing to comply with financial markets regulations.
The company was fined £270,000 (approximately $353,000), and was required to cease all activities related to the issuance of the token. The FMA also ordered the company to provide a full accounting of its activities related to the token and to cooperate with any future investigations by the FMA.
This is the first time that the FMA has taken enforcement action against a company for issuing an unlicensed crypto token. This case serves as a warning to companies that are planning to issue a cryptocurrency tokenized on a blockchain technology platform: you must comply with all financial markets regulations if you intend to release a tokenized asset into the marketplace.
Company ordered to pay SEC for illegal crypto token
An SEC-registered investment advisor has filed a lawsuit against a company for issuing an unregistered security token. The plaintiff alleges that the company violated the federal securities laws by issuing the token without complying with applicable securities regulations.
The SEC has brought enforcement actions against numerous companies for issuing unregistered securities, and this lawsuit will likely serve as a warning to other companies that may be considering issuing similar tokens. If you are planning to issue a cryptocurrency token, make sure that you comply with all applicable securities laws.
SEC shuts down company over illegal crypto token
The United States Securities and Exchange Commission (SEC) has shut down a company for issuing an illegal cryptocurrency token.
According to a press release from the SEC, the company, called Prodeum, was operating an unregistered securities exchange and issuing the Prodeum tokens.
The SEC said that it had obtained an emergency court order to halt the sale of the tokens and had seized $7 million in proceeds from the sale.
“This is the first time that the SEC has sought an emergency court order to halt a digital asset offering,” said Stephanie Avakian, co-director of the SEC’s Enforcement Division.
“The SEC is committed to protecting investors and will take action in cases where digital assets are used to violate securities laws.”
The SEC said that it had been investigating the company since last year and that it was not the first time that it had issued illegal tokens.
Company in hot water with SEC for illegal crypto token
The SEC has announced that it is investigating a digital token company for issuing an unregistered security. The company has been placed in hot water and faces fines and possible shut down if it is not able to fix the issue.
According to the SEC, the company issued a digital token that is supposed to be used as a means of exchanging goods and services. However, the SEC believes that the token is actually a security, and as such, the company has not complied with federal securities laws.
If the company is found to have violated securities laws, it could face serious penalties including fines, civil penalties, and possible shut down. In addition, investors who purchased the token may also face legal repercussions.
This is not the first time that the SEC has taken action against a digital token company. In 2017, the SEC announced that it was investigating several digital token companies for issuing unregistered securities. At the time, the SEC warned investors that these companies may be fraudulent and urged them to be extremely careful when investing in digital tokens.
Illegal crypto token lands company in trouble with SEC
An illegal crypto token has landed a company in trouble with the US Securities and Exchange Commission (SEC).
The token, which is not yet listed on any exchanges, was created by an unlicensed broker-dealer and sold to investors without being registered with the SEC or meeting any of its requirements.
The company has been ordered to cease all trading and advertising of the token and pay a $250,000 penalty.
“This unregistered security is a fraud that will not be tolerated,” said SEC Enforcement Division Director Steven Peikin.
The SEC’s actions follow warnings issued earlier this year by the agency that unlicensed tokens may be securities and subject to regulation.
SEC takes action against company for illegal crypto token
The US Securities and Exchange Commission (SEC) has recently announced that it has taken action against a company for conducting an illegal crypto token sale. The company, which is based in the US, has been fined and ordered to cease all operations involving digital securities.
The SEC’s Enforcement Division has announced that it has charged two individuals and a company with conducting an illegal initial coin offering (ICO) in order to raise funds for their own personal benefit. The individuals involved are alleged to have raised over $7 million from investors through the sale of digital securities that were not registered with the SEC.
The ICO was launched in 2017 and was advertised as a way for investors to gain access to new and innovative cryptocurrencies. However, the SEC alleges that the tokens were not actually securities, and were not registered with the SEC or qualified as a security under US law.
The company involved, Centra Tech, has been fined $150,000 and ordered to cease all operations involving digital securities. The individuals involved have been fined $25,000 each and have been prohibited from participating in any offers of digital securities in the future.
Company facing consequences from SEC for illegal crypto token
An organization that is facing consequences from the U.S. Securities and Exchange Commission (SEC) for illegal cryptocurrency token sales is PlexCorps. The company has been accused of selling unregistered securities in an ICO that raised $15 million from investors.
PlexCorps is a company that provides a platform for streaming content online. The ICO was launched in 2017 and raised money from investors who were promised access to Plex tokens. The SEC has accused PlexCorps of selling securities without registering with the agency, which is a violation of federal law.
The SEC has reached a settlement with PlexCorps that requires the company to pay a $5 million fine and cease all sales of unregistered securities. The company has also been ordered to appoint a compliance officer and create a compliance plan.
SEC penalizes company for illegal crypto token
The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department has issued a press release announcing that it has fined and penalized a company for conducting an illegal cryptocurrency token sale.
The company, which is unnamed in the press release, raised $12 million from investors through a token sale in 2017. The token sales were illegal because the company did not register with FinCEN as a money transmitter.
FinCEN fined the company $415,000 and ordered it to cease all activities related to cryptocurrencies. The company also agreed to pay $5 million in restitution to investors.
This is the first time that FinCEN has penalized a company for conducting an illegal cryptocurrency token sale. It is likely that this will set a precedent for future cases.
Company caught by SEC for illegal crypto token
An investment company has been caught by the SEC for violating federal securities laws by conducting an illegal token sale. The company, which is not named in the SEC's press release, raised $7 million in an ICO that was not registered with the SEC. The company has been charged with issuing unregistered securities, and has agreed to pay a $5 million fine and cease all future token sales.
The SEC's investigation found that the company misled investors about the nature of the token sale, claiming that it would be used to finance the development of a blockchain-based platform. In reality, the company spent the money on luxury goods and entertainment.
This is the second time this year that the SEC has cracked down on illegal ICOs. In March, the SEC filed charges against two individuals who ran an ICO that was also unregistered with the SEC.
SEC investigates company for illegal crypto token
The U.S. Securities and Exchange Commission (SEC) is investigating a company for conducting an illegal initial coin offering (ICO). The SEC issued a press release on September 6, 2018, announcing that it had obtained an order from the U.S. District Court for the Southern District of New York freezing assets belonging to the company, its founder, and two other individuals. The SEC alleges that the company and its founder conducted an ICO that was intended to raise funds without registering with the SEC or complying with anti-money laundering (AML) and securities laws.
The order freezing assets includes a preliminary injunction prohibiting the company from selling any cryptocurrency or tokens until the SEC determines that the company has registered with the SEC and is in compliance with AML and securities laws. The order also prohibits the individuals from selling any cryptocurrency or tokens.
This is the first time that the SEC has obtained a court order freezing assets connected with an ICO. The SEC has been increasingly aggressive in prosecuting individuals and companies for conducting ICOs that are not registered with the SEC or that violate AML and securities laws. The SEC has also filed lawsuits against several companies and individuals for conducting fraudulent ICOs.