United States SEC Deems The ICOs Of Two Crypto Startups Illegal
The United States Securities and Exchange Commission (SEC) has reached a settlement with cryto startups Paragon and Airfox for failure to register their crypto tokens as securities, CCN reported.
Each company is required to pay a fine of $250, 000 and allow all investors in their cryptocurrencies the option to obtain a refund, according to CCN.
SEC's press release stated: "The companies also will register their tokens as securities pursuant to the Securities Exchange Act of 1934 and file periodic reports with the Commission for at least one year. Airfox and Paragon consented to the orders without admitting or denying the findings.”
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