RATE Group | Qatar Bans All Cryptocurrency in QFC
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Qatar Bans All Cryptocurrency in QFC

12 Jan Qatar Bans All Cryptocurrency in QFC

Posted at 18:16h in Cryptocurrency News by

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The hugely popular messaging app, Telegram enjoyed a short-lived win in court against the Securities and Exchange Commission (SEC) this week. A federal judge denied the SEC’s request for Telegram to hand over all bank statements before January 8th regarding its TON blockchain project. Unfortunately, the mounting legal ramifications coupled with the more aggressive stance taken by the SEC following the start of the trial has made company executives reconsider their TON strategy altogether.

Telegram has been enthralled in a case with the SEC over the development of its TON blockchain and Gram cryptocurrency for months. In October, the SEC sued Telegram. According to SEC documentation, the firm alleges that Telegram violated numerous federal securities laws during its record-breaking 2017 $1.7 billion initial token offering (ICO).

Defending the TON Blockchain

For its part, Telegram put up a hefty defense. The company claimed that Grams are utility tokens. Therefore,…

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