Steven Seagal was fined by the US Securities and Exchange Commission (SEC) in the amount of $314 thousand, as reported by the agencyreported on its official website. The reason for applying the sanctions was the actor's participation in promoting the ICO of the Bitcoiin2Gen (B2G) token in early 2018.
Seagal did not provide information thatThe crypto project promised him $ 250,000 in cash and $ 750,000 in B2G coins, explained SEC spokeswoman Christina Littman. According to her, in accordance with the provisions of the legislation on securities, any celebrity advertising tokens must disclose the nature and amount of remuneration for promotion.
“Investors had the right to know about remuneration,that Seagal received or could receive for advertising in order to independently decide whether an actor can be biased ... celebrities are not allowed to use their influence on social networks to advertise securities without proper disclosure of compensation information, ”Littman said.
She added that Seagal agreed to pay the fine. Also, the actor undertook not to advertise any other projects or crypto assets for 3 years.
At the moment, the B2G token is trading at around $ 0.000177, which is 99.2% lower than the price during the ICO. The daily trading volume of altcoin was $ 54.
Last October, SEC fined the project$ 24 million EOS for an unregistered ICO. The developer of Block.one agreed to pay a fine, which is less than 1% of the $ 4.1 billion raised during the initial token placement.
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