The U.S. Securities and Exchange Commission (SEC) imposed cease-and-desist orders and fines upon three parties involved in UpToken on April 28.
SEC names parties involved in UpToken ICO
The SEC said that Up Global and Coinme — as well as Neil Bergquist, founder and CEO of both companies — were involved in a cryptocurrency securities offering.
That offering involved the ICO sale of an Ethereum-based cryptocurrency called UpToken, which was intended to fund the deployment of new Coinme ATMs.
The three parties successfully raised about $3.65 million of cryptocurrency from the ICO, and Coinme partially spent those funds on new ATMs. Users who purchased UpToken received discounts and rewards when they used the token with Coinme ATMs.
However, the SEC complained that the participants sold securities without registering and without obtaining an exemption from registration.
Furthermore, the SEC said that Up Global and Bergquist falsely claimed that Up Global would limit the supply of UpTok
We współpracy z: https://cryptoslate.com/sec-fines-up-global-coinme-3-9m-issues-cd/
