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Crypto Firm Gladius Self-Reports ICO, Avoids SEC Fine (1)

Feb. 20, 2019, 4:43 PMUpdated: Feb. 20, 2019, 6:15 PM

A blockchain-based cybersecurity firm won’t have to pay an SEC fine after self-reporting its unregistered initial coin offering, the agency said Feb. 20.

Gladius Network LLC is the latest firm to work with the Securities and Exchange Commission to fix registration problems with its coin offering, which the agency considers an unregistered securities offering. The settlement calls for Gladius to return funds to any investors who acquired its coins during the offering.

The SEC warned companies against conducting unregistered ICOs in July 2017. Gladius raised about $12.7 million through an ICO conducted from October 2017 through February 2018, the settlement ...