Block.one Fined $24 Million by SEC for $4 Billion Coin Offering

Block.one, the company behind the world’s largest initial coin offering, agreed to pay a $24 million fine for allegedly failing to register the instruments as securities.

Block.one raised more than $4 billion between June 2017 and June 2018, some of it from U.S. investors. The company failed to register the coins or seek to qualify for an exemption, the Securities and Exchange Commission said Sept. 30 in a statement.

“Block.one did not provide ICO investors the information they were entitled to,” Steven Peikin, co-director of the SEC’s Division of Enforcement, said in the statement.

ICOs exploded in popularity ...