The SEC have just blocked Telegrams crypto ambitions
|The Securities and Exchange Commission have “filed an emergency action and obtained temporary restraining order” against Telegrams ICO.
They say that the GRM token constitutes as being unregistered digital token offering. The press release says the SEC has filed an emergency action and restraining order against Telegram and the Telegram Open Network (TON) in a complaint with Manhattan court.
The SEC’s co-director of Enforcement commented in the release that it is doing this to “prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.” Stephanie Avakian followed on saying that the company, in the eyes of the SEC, has “failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”
For those who dont know about them. Telegram is the massive messaging application that has become a home for the crypto community. The Russian firm raised some USD 1.7 billion over the past few years for a blockchain network and its native cryptocurrency, Grams.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.