October 26, 2020

Telegram may delay the launch of cryptocurrency due to a ban on the sale of tokens in the USA

Telegram may delay the launch of cryptocurrency due to a ban on the sale of tokens in the USA

Telegram told investors that the launch of TON could be delayed due to an order by the US Securities and Exchange Commission (SEC) to suspend the distribution of Gram tokens in the country.

According to the initial plan, launchcryptocurrencies should take place before October 31, since after this date investors will receive the right to demand a return on invested funds. However, the SEC changed the situation by filing a lawsuit against the company on Friday for “distributing unregistered securities” last year and receiving a restraining order.

According to Bloomberg, after that, Telegram sent letters to investors informing about the possibility of postponing the launch date due to disagreements with the US regulator.

Representatives of the messenger claim thatsurprised by this decision, as the last 1.5 years have been trying to contact the SEC and get the approval of their crypto project. However, the lawsuit stated that the Commission was forced to impose a ban, since Telegram did not react to the subpoena sent earlier.

According to the SEC, a total of 2.9 billion Grams were sold andMore than 1 billion tokens were bought by American investors, but since the initial offering was not registered, the distribution of assets was illegal.

It is important for the telegram to carry out a full launch of the project until November in order to avoid problems.

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