Court rejects SEC petition for Telegram banking information

The Southern District Court of New York rejected the US Securities and Exchange Commission's (SEC) request to obtain fullbank reporting on the use of funds from Telegram investors.

On January 6, the court held a conference call with the participants in the proceedings and found the SEC’s petition for disclosing Telegram banking information illegal.

However, the SEC continues to demand that the courtoblige Telegram to provide all bank records that are relevant to the case. The agency considers bank statements about the costs of developing the TON blockchain and related applications as evidence in the case and considers them mandatory. 

The company refuses to disclose financialdetails, believing that the regulator is trying to gain unlawful access to confidential data not related to the trial and to find incriminating evidence, and also refutes all the accusations of the regulator.

In a statement released yesterday, Telegram emphasized that the TON wallet will be a standalone service independent of Telegram Messenger and the company will not control the TON blockchain after launch.