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Telegram is cancelling its initial coin offering (ICO), an anonymous source with knowledge of the deal told The Wall Street Journal.

It was slated to be one of the largest cryptocurrency investment opportunities in history for public investors. After a series of private offerings, however, Telegram had simply raised enough capital, apparently removing the need for an ICO.

The WSJ’s source said that Telegram decided not to hold the planned ICO for the public after it raised $1.7 billion from two private pre-ICO investment rounds, with 81 accredited investors taking part in the first round and 84 in the second.

Another source suggested that changes in the regulatory environment are the reason behind the move. Much has changed since January, when rumors about a potential Telegram ICO originally began making headlines.

In February, SEC Chairman Jay Clayton criticised ICOs and their promoters for violating securities laws. The SEC then proceeded to launch an investigation into multiple ICOs, issuing targeted subpoenas to a number of parties.

By Ekaterina Ulyanova

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