Telegram Cannot Narrow SEC's Injunction, Judge Rules

Law360 (April 1, 2020, 7:36 PM EDT) -- A New York federal judge has ruled that Telegram cannot narrow a preliminary injunction prohibiting the messaging company from distributing its Gram digital tokens, saying the injunction applies to all purchasers, even those outside the United States.

On Friday, Telegram Group Inc. asked U.S. District Judge P. Kevin Castel of the Southern District of New York for clarification on the scope of a preliminary injunction obtained by the U.S. Securities and Exchange Commission on March 24 blocking the messaging service from distributing Gram tokens to 175 private purchasers from around the world.

Telegram argued in a letter that non-U.S. parties that...

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