BCOT to Return $13M to Investors Due to SEC Order

In 2017, BCOT raised $ 13m during unregistered ICO to develop a blockchain platform for creating instant messengers 
19 December 2019   472

The US Securities and Exchange Commission (SEC) demanded to stop the activities of the New York blockchain startup Blockchain of Things Inc. (BCOT), which held an unregistered ICO in December 2017.

BCOT raised $ 13 million to develop a blockchain platform for creating instant messengers with the ability to issue digital assets.

Due to the fact that the ICO campaign was not registered in accordance with federal securities laws, the SEC demanded that the startup be stopped, obliged to return illegally collected funds to investors, and also pay a fine of $ 250,000.

In addition, BCOT will have to register its tokens as securities and periodically report to the regulator.

Court Orders Telegram to Unveil Its ICO Bank Records

The decision was made a few days after the court rejected the request of the SEC for full access to Telegram financial info
14 January 2020   126

Federal Judge Kevin Castel issued a decree this Monday, according to which the developer of the Telegram messenger should disclose bank records by February 26th. About it writes Finance Magnates.

The decision was made a few days after the judge rejected the request of the US Securities and Exchange Commission (SEC) for full access to Telegram financial information. Telegram must also submit a plan to review the requested data, while the court no longer intends to postpone the deadlines.

In light of the parties’ arguments presented in their letters and during the January 6, 2020 telephonic conference, the Court orders defendants to produce the requested bank records. The bank records may be produced under a Confidentiality Order. Only redactions necessitated by foreign privacy laws shall be permitted and a log stating the basis for any redaction shall be produced at the time the redacted documents are produced. Defendants shall produce the bank records on a rolling basis and shall complete production by February 26, 2020. The Court does not anticipate extending this date nor the existing schedule for the motions for summary judgment or for a preliminary injunction.

 

Kevin Castel

Federal Judge