Australia’s financial regulator is cracking down on deceptive and misleading initial coin offerings (ICOs), citing “a serious breach of the Australian law.” As a result of the regulator’s inquiries, some issuers have halted their token sales or are modifying their structures.
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ASIC Takes Action Against ICOs
The Australian Securities and Investments Commission (ASIC) announced on Tuesday that it is taking action “on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs).”