Block.one, the company behind the EOS token, has just announced it has agreed to pay a $24M fine to the U.S. Securities and Exchange Commission (SEC).
The SEC has fined the company for allegedly selling unregistered securities during EOS' ICO, which took place between 2017 and 2018 and in which it attracted around $4.1B.
The SEC claims that Block.one did not register its ICO as a securities offering, while "several US investors took part in Block.one's ICO." As a result, the company clearly violated the regulator's rules.
In addition, the regulator assures "Block.one did not provide investors in its ICO with the required information as participants in a securities offering."
After the announced of the fine, Block.one has issued a statement saying it is committed to working with regulators and legislators to develop a framework for digital assets.
iHodl reported last week that EOS' parent company had opened a new office in Washington DC.
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