Blockchain Co. To Pay SEC $24M Over Unregistered ICO

By Jack Queen (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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!