The U.S. Securities and Exchange Commission demanded that Pavel Durov's company return $1.19 billion to investors andcalled the conditions for launching a new blockchain project.
Telegram will pay $ 18.5 million as a fine andwill inform the US Securities and Exchange Commission (SEC) if it plans to create any digital currency based on the blockchain over the next three years. A notice on the development of cryptocurrency should come no later than 45 days before its release. The parties reached an appropriate decision on June 11, Coindesk reports.
$ 1.22 billion to investors. For this reason, the company will return $ 1.19 billion of the $ 1.7 billion of funds raised through the ICO. A startup has 30 days to pay the fine assigned by the commission, and four years to return the investment. Under these conditions, the SEC process against Telegram was completed, which began in October 2019.
On May 12, Pavel Durov, head of the Telegram Open Network blockchain platform, announced the termination of work on it on his blog. The businessman called the decision of the American court the main reason for the closure of the project.
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