SEC requires Telegram ICO financial statements

The confrontation between the US Securities and Exchange Commission (SEC) and the Telegram messenger takes a newturnover Telegram is refusing to provide financial details related to its recent initial coin offering, the commission said.

Let us remind you that in 2018, during the ICO, the companyraised about $2 billion, and thereby attracted close attention from the SEC. The Commission suspended the release of Gram and the launch of the TON network, stating that the company violated current legislation.

On January 2, the regulator requested a court order,which would oblige Telegram to give the commission full access to the financial statements. According to the SEC, the Gram coin belongs to the category of securities, and the company did not register it as such.

After Telegram refused to provide confidential financial data, SEC representatives said:

“Defendants are currently refusing to disclose how they spent $ 1.7 billion to their investors.”

SEC officials say these records haveimportant to the resolution of the dispute at the February court hearing. The agency plans to use financial records to prove that the development of the TON blockchain was financed by the illegal sale of unregistered securities.