RATE Group | Telegram: SEC blocks Telegram’s $1.7 billion cryptocurrency plans in the US
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Telegram: SEC blocks Telegram’s $1.7 billion cryptocurrency plans in the US

12 Oct Telegram: SEC blocks Telegram’s $1.7 billion cryptocurrency plans in the US

Posted at 15:13h in Cryptocurrency News by

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San Francisco: The US Securities and Exchange Commission (SEC) has filed an emergency action and received a restraining order for the $1.7 billion planned token offering of instant messaging and voice over IP service Telegram’s Blockchain and crytocurrency network.

Telegram’s plans for its cryptocurrency and Blockchain network might be in jeopardy. The US SEC has filed an emergency action and obtained a temporary restraining order against the company, which prevents it from distributing and selling its Gram tokens in the country, Engadget reported on Saturday.

According to the regulators, the company sold 2.9 billion Grams at discounted prices to 171 initial purchasers worldwide, raising $1.7 billion in the process. A billion of those tokens were purchased by people in the US.

According to the SEC, Telegram did not register the offering with its office and since it sees Grams as securities, it is accusing the company of violating the Securities Act of 1933.

“Our emergency action…

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