RATE Group | DJ Khaled, Floyd Mayweather settle over cryptocurrency promos SEC says
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DJ Khaled, Floyd Mayweather settle over cryptocurrency promos SEC says

01 Dec DJ Khaled, Floyd Mayweather settle over cryptocurrency promos SEC says

Posted at 16:10h in Cryptocurrency News by

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WASHINGTON —

Federal regulators said Thursday that boxing legend Floyd Mayweather and music producer DJ Khaled are paying a total $750,000 to settle charges they failed to disclose payments they received for promoting investments in digital-currency securities.

The Securities and Exchange Commission said the cases are its first involving charges for violating rules on touting investments in so-called initial coin offerings, or ICOs. An ICO allows a startup to use the technology behind bitcoin, known as blockchain, to fund projects.

The SEC said Mayweather failed to disclose promotional payments from three issuers of ICOs, including $100,000 from Centra Tech Inc. Khaled allegedly didn’t disclose a $50,000 payment from Centra, which he touted on his social media accounts as a “game changer.”

Mayweather and Khaled neither admitted nor denied the allegations in agreeing to the settlements.

Mayweather’s promotions were said to include a message to his Twitter followers alerting them that…

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