"Block.one, the company behind the EOS.IO software, has agreed to pay $24 million in penalties for conducting an unregistered initial coin offering (ICO). The U.S. Securities and Exchange Commission (SEC) announced the settlement on Monday. The EOS ICO, which raised a total of $4.1 billion between June 2017 and June 2018, was the largest ICO to date. The SEC stated that Block.one did not register the ICO as a securities offering pursuant to the federal securities laws, nor did it qualify for or seek an exemption from the registration requirements."
Key Points
- Block.one has agreed to pay a $24 million penalty for conducting an unregistered ICO.
- The EOS ICO, which raised $4.1 billion, was the largest to date and was not registered as a securities offering.
Block.one, the firm responsible for the EOS.IO software, has consented to a $24 million penalty for running an unregistered initial coin offering (ICO).
The penalty was announced by the U.S. Securities and Exchange Commission (SEC) on Monday.
Record-Breaking ICO
The ICO for EOS, which accumulated a total of $4.1 billion between June 2017 and June 2018, holds the record for being the largest ICO ever.
SEC's Stance
The SEC clarified that Block.one failed to register the ICO as a securities offering in accordance with federal securities laws. Moreover, it did not seek or qualify for an exemption from these registration requirements.
