For this reason… the company behind the EOS cryptocurrency was fined $24 million
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Answer For this reason… the company behind the EOS cryptocurrency was fined $24 million
Several news reports surfaced about a SEC fine imposed on Block.One, the company behind EOS, and the reason for bringing up the topic:
I said The US Securities and Exchange Commission (SEC) announced Monday evening that EOS maker Block.One must pay a $24 million fine for the company selling unregistered securities.
Also in the committee’s statement was that Block.One raised several billion dollars over the course of one year and offered an initial unregistered coin in the form of an ICO.
For information, Block.One has raised $4.1 billion for the EOS ICO.
Block.One has agreed to pay a settlement fee which appears to be nil against the total amount.
Read:EOS Founder: It’s Easy To Take Over Bitcoin And Ethereum
It is worth noting that the EOS coin and when it was offered in the form of an ICO in a short period, a report was issued against it by the SEC Committee, but it continued the selling process for about a year from the issuance of this report.
Block.One responded in its press release that the financial settlement with the SEC applies only to the sale of the original ERC-20 token that was sold.
The tokens were later swapped EOS Ethereum-based with EOS tokens based on its main network when the network first went live, and most importantly, its ERC-20 token is no longer in circulation and “will not require the token to be registered as collateral in the SEC,” according to the same statement.
Here is a quote from Block.One’s statement:
“The Securities and Exchange Commission has granted us a fine and at one time a significant waiver so that Block.one is not subject to the ongoing restrictions that normally apply to settlements of this kind.
We believe the SEC’s granting of this waiver is evidence of Block.one’s continued commitment to complying with best practices in the United States and globally. “
Read:Crypto company “CoinShares” acquires an investment fund of “Elwood Technologies”
As a reminder, Block.One announced the creation of a decentralized social network called Voice:
Block.One Launches a Social Platform on the EOS Blockchain
Read also:
The EOS project loses its ranking due to centralization according to a financial research firm
The launch of the first laptop based on blockchain technology
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