A tech startup that raised nearly $13 million during a period of peak investor demand forunregulated cryptocurrencies, agreed to pay a fine and provide greater transparency regarding their finances and business plan.
The US Securities and Exchange Commission considers ICO Blockchain of Things Inc. (BCOT) unregistered sale of securities.
SEC demanded that the company stop violatingregistration provisions established by federal securities laws. In this case, the company will have to pay a fine of $ 250,000.
In addition, the startup must begin the process of returning funds to investors,In case they claim a refund for the tokens purchased.
The company held an ICO in December 2017. As a result, the company raised almost $ 13 million to develop and implement a blockchain platform that allows users to create various applications and release their digital assets.
Startup agrees with SEC claims, notconfirming or not refuting the conclusions of the commission. The company will register its tokens as securities in accordance with federal law and will be periodically reported to the regulator.
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