March 21, 2023

Court rejects SEC petition for Telegram banking information

Court rejects SEC petition for Telegram banking information

The New York Southern District Court rejected a request by the US Securities and Exchange Commission (SEC) for a full banking reporting on the use of Telegram investor funds.

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 from 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.