Because of the “TON” digital currency…. Telegram will pay a fine of $18.5 million
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Answer Because of the “TON” digital currency…. Telegram will pay a fine of $18.5 million
It appears that the legal battle between the US Securities Commission (SEC) and Telegram over the “TON” cryptocurrency is over.
In light of a proposed final ruling under which Telegram will pay a fine of $18.5 million as a settlement in the TON coin case. And it is the currency that was abandoned earlier than this previous one.
pointed The proposed ruling indicates that Telegram will have until July 11 to pay the penalty.
The ruling also contains an obligation for Telegram to return the investors’ sums, which means that the company will pay the investors $1.19 billion.
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Telegram will be given three years to return investors’ money, with the possibility of an additional one-year extension.
The Telegram dispute and the SEC
The dispute began last October, when the US Securities and Exchange Commission (SEC) sued Telegram for illegally selling TON tokens, which we mentioned in a previous article on the Bitcoin Arab website:
- Telegram stops the “GRAM” currency and the “TON” network, under pressure from the American court
This subsequently prompted Telegram to shut down Project TON last May, citing the influence of the US Securities and Exchange Commission (SEC) in its decision.
The founder of Telegram commented on the matter and stated: “Unfortunately… we were unable to launch the TON platform on time due to the court order, and therefore we had to return the money to the shareholders.” “We welcome the settlement of the case without admitting or denying responsibility,” he added.
The Telegram founder said: “The proposed ruling confirms our commitment to pay the remaining funds to shareholders under the purchase agreements. We have already repaid more than $1.2 billion either directly or in loans.”
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