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Home Markets Fixed Income Securities

Telegram agrees to settle with SEC over $1.7 billion ‘unlawful’ digital coins 

Olumide Adesina by Olumide Adesina
June 27, 2020
in Securities
Telegram
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The world’s top social messaging app, Telegram has agreed to settle with the U.S. Securities and Exchange Commission (SEC) amounting to $18.5 million over its $1.7 billion “unlawful” token sale.

As part of the agreement, Telegram must also inform the SEC should it choose to issue another digital coin within the next three years. 

READ MORE: Facebook to pay $550 million over privacy violations lawsuit 

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 The settlement between Telegram and the U.S. SEC effectively ends the months-long legal battle between the two parties, which began when the SEC sued Telegram back in Oct. 2019  

 Telegram now has “30 days to pay SEC’s penalty and up to four years to pay back investors.” 

READ ALSO: CBN warns SMEs not to pay any fee to access its N50 billion stimulus package

 Why it matters: Telegram has already stopped the TON project. Therefore, the settlement will not have an immediate effect on Telegram’s futuristic projects. While the official TON chain is inactive, community developers and validators launched a fork of TON (called Free TON) last month. 

As we’ve previously covered, this case and settlement could have more significant implications for other SAFT raises, especially for those projects that have yet to launch. 

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Tags: Business NewsTelegramU.S. Securities and Exchange Commission
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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