Law360 (September 30, 2019, 10:12 PM EDT) — A blockchain developer agreed Monday to pay a $24 million penalty to the U.S. Securities and Exchange Commission to settle claims that it sold several billion dollars’ worth of cryptocurrency in an unregistered initial coin offering.
The SEC said in an order that Block.one sold roughly 900 million digital tokens to raise money for the development of its EOSIO blockchain platform but never registered the sale with the agency as a securities offering and sold millions of tokens to U.S. investors without being clear enough on the terms of the deal. Block.one accepted the deal without admitting or denying the allegations….
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