Telegram Banned Investors From US and EU Sanctions List

Telegram Open Network in the closed rounds of the ICO refuses to investors who fall under international sanctions
15 March 2018   1639

Persons who fall into any sanctions lists of the United States, Britain, the European Union and the UN Security Council will not be able to take part in any round of the Telegram ICO. As reported by RBK, this is stated in the standard form of the contract for the purchase of Gram between the registered in the British Virgin Islands Telegram Group Inc. and the investor.

The ban also applies to the next of kin of such persons - children, spouses, parents, siblings. In addition, the ICO is prohibited from participating in any citizen who is resident or residing in the territory in respect of which sanctions are common - at the time of writing the agreement they are considered to be Crimea, Cuba, Iran, North Korea and Syria.

The document notes that all potential TON investors must undergo the KYC procedure adopted in the financial markets to identify clients and protect them from criminal activities. Within KYC, an individual is provided with such documents as a notarized copy of the passport, proof of residence, a recommendation from the bank, etc.

Separately in the standard agreement between Telegram Group Inc. and the investor states that the buyer of the tokens is not entitled to use them to violate the sanctions regime or money laundering, as well as terrorist financing.

Any illegal use of the Gram cryptocurrency by unscrupulous participants may violate the normative acts adopted in the UK, the US and other countries aimed at combating the financing of terrorism and money laundering. This can seriously affect the global reputation of TON Blockchain.
 

TON ICO Document

However, the documents don't say whether TON itself will track suspicious transactions. 

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   75

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.