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SEC continues war against ICOs: sues ICObox

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Karol Rhodri
Karol Rhodri
Karol is a strong professional with a Master of Library & Information Science - MLIS focused in Mathematics and Computer Science from Empire Beauty School-State College. He has a strong belief that every technology-related company will surely adopt blockchain, it's just a matter of time.

The U.S. Securities and Exchange Commission has filed a complaint against the platform ICObox and its founder Nikolay Evdokimov. The SEC has filed this complaint because the crypto platform conducted ICO sales worth millions and neglected the SEC registration process. ICObox themselves acted as an unregistered broker and along with this, raised $14.6 million from the ICO tokens that they sold.

The regional director of Los Angeles Regional Office, Michele Wein Layne stated that with this blunder made by ICObox has left investors with virtually worthless investments. SEC has charged the firm for neglecting the regulations and for providing false information and civil money penalties.

ICObox was found in 2017, and since then it has conducted several ICOs, and some of them are INS, Play2Live, Patron, Paragon, Native Video Box and many more. Since every sale is considered as unregistered, several projects will get caught up in a mess created by ICObox.

SEC is making a run for the illegal blockchain activities as it reaching out to ICOs directly and hunting on platforms that made significant sales or provided investors with false information. Recently they charged an ICO rating website for posting paid reviews on their website. ICObox is still operating, and they have listed Security Token Offering(STO) on the site which is classified under registered securities. It looks like ICObox will give answers to the SEC’s claims in the court itself.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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