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The U.S. Securities and Exchange Commission (SEC) has agreed to settle charges with two startups that sold tokens through Initial Coin Offerings (ICOs) in 2017. The companies were charged by the SEC for running their ICOs after the regulator clearly defined such offerings as unlicensed securities in its DAO Report of Investigation. The startups indicted by the SEC are Boston-based Airfox, which sold $ 15 million worth of tokens, and Paragon Coin, which raised $ 12 million selling tokens.
The financial regulator of the Isle of Man recently introduced changes to its policy governing the registration of companies in the cryptocurrency industry. The British Crown dependency in the Irish Sea is also tightening rules applicable to projects that conduct initial coin offerings (ICOs).
Financial Authority Adopts Stricter Requirements
Cryptocurrency companies filing for registration under the the self-governing territory’s Designated Businesses Act 2015 will be required to meet two new criteria. The updated policy states that companies must have at least two directors who are residents of the island. In addition, registered entities must be managed and controlled from the Isle of Man.
In what it deems a first for both enforcement actions, the United States Securities and Exchange Commission (SEC) is charging two entities with registration failures.
First in line, TokenLot LLC, the self-named “ICO Superstore,” is being charged with acting as an unregistered broker-dealer in the “first case charging unregistered broker-dealers for selling digital tokens after the SEC issued The DAO Report in 2017.” A seminal document in defining ICOs and tokens as securities, the DAO Report was released in July of 2017 and classified DAO tokens as unregistered securities following the infamous 2016 hack.
Trading volume on South Korea’s Bithumb exchange has plummeted since it temporarily stopped offering new account registrations.