ICO and Token Placement

Crypto Regulation – U.S. SEC Obtains Final Judgment Against Kik and settles case with $5 Mio fine

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The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. (“Kik”) to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.

ICO Reckoning – SEC sues ICO Promotor ICOBox and its founder Nikolay Evdokimov

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The evolving crypto scam scene Parallel to the hype of binary options, a broker scene specialized in crypto scams developed since 2016. This development was fuelled by the Initial Coin Offerings (ICO), with which a lot of fraud was committed against retail investors. Mostly worthless projects and/or companies have received an estimated $30 billion from …

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Regulatory Complaint – SEC charges Kik with conducting $100 million unregistered ICO

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The U.S. Securities and Exchange Commission (SEC) sued Kik Interactive Inc. for illegally raising $100 million through its Initial Coin Offering (ICO) in 2017. The regulator charges that Kik sold the tokens to U.S. investors without registering their offer and sale as required by the U.S. securities laws. The Complaint was filed on June 4, …

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Defend Crypto Crowdfunding Campaign – Messaging Service Kik fights SEC’s ‘Innovation Tax’

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During the ICO hype in 2017, Canadian messaging app Kik raised about $100 million in an ICO with the issuance of their Kin token. Only a few days after the closing of the ICO, the U.S. SEC reached out to Kik. The U.S. watchdog notified Kik last fall that it intended to pursue an enforcement action …

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Swiss FOREX Bank Dukacopy Receives FINMA Approval for ICO

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The Swiss Financial Market Supervisory Authority FINMA has approved the scheduled Initial Coin Offering (ICO) of the Geneva-based Dukascopy Bank. The issue of the so-called Dukascoin will thus become the first ICO of a Swiss bank. Dukascopy is a FOREX bank and broker registered in Switzerland. With Dukascoin, the bank intends to finance the expansion …

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Crypto Hedge Fund Pantera Capital Discloses ICO Refunding Challenges

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According to Bloomberg, the Menlo Park, California-based hedge fund Pantera Capital Management disclosed that about 25 percent of the crypto projects that its ICO fund invested in could be found in violation of U.S. securities laws. Hence, the fund may have to refund money to their investors. These projects may be at risk after the …

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THE CONSEQUENCES OF UNREGISTERED PUBLIC SECURITY TOKEN SALES

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On July 25 2018 the U.S. SEC issued a so-called Section 21(a) report of its investigation into an offering of cryptographic blockchain tokens by “The DAO,” the acronym of “Distributed Autonomous Organization. Even though the SEC did not take any enforcement action against The DAO people, the agency warned others engaged in similar activities that …

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MISLEADING ICO COMMUNICATION MAY BE SECURITIES FRAUD

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After the collapse of the ICO-Hype, the great awakening of regulators and investors takes place. It is becoming increasingly clear that most of the ICOs were carried out either negligently or even fraudulently. Nevertheless, investors happily paid many billions of dollars for questionable tokens issued in those ICOs. According to CoinSchedule, between 2016 and 2018 …

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SECURITY TOKENS: U.S. SEC SETTLES REGISTRATION CHARGES WITH TWO ICO ISSUERS

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The U.S. Securities and Exchange Commission (SEC) settled charges against two companies that sold digital tokens in initial coin offerings (ICOs). These are the Commission’s first cases imposing civil penalties solely for ICO securities offering registration violations. Both issuers have agreed to return funds to investors, register the tokens as securities, file periodic reports with …

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BLOCKVEST: SEC STOPS FRAUDULENT ICO FALSELY CLAIMING SEC APPROVAL

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Another day, another crypto-fraud. The U.S. Securities and Exchange Commission (SEC) today announced that it has obtained an emergency court order halting a planned Initial Coin Offering (ICO). The promoters of this ICO falsely claimed that it was approved by the agency. The order also halts ongoing pre-ICO sales by the company, Blockvest LLC and …

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