US Federal Judge Kevin Castel has ordered Telegram to share banking information before February 26, Finance Magnates reports.
As a result of this decision, the messaging service must submit a schedule for the review of the data requested by the court, and it should be noted that the court does not plan to extend its deadlines.
Earlier this month the SEC filed a petition asking Telegram to disclose information about how it had spent the $1.7B raised from investors during the ICO of its Gram token. Last week, however, the court rejected the regulator's request.
Telegram says it does not have to disclose this information as it is included in the "foreign privacy laws". However, the SEC states that:
"Telegram does not even mention the names of the foreign countries whose laws might apply, nor does it cite any specific data privacy laws."
In addition, the SEC has provided evidence Telegram sold the Gram token even after completing its ICO. According to invoices submitted by the SEC, Da Vinci Capital sold more than $2M in Gram tokens to a fund managed by its holding company, ITI Funds, on June 20, 2018. Gem Limited sold €7.8M ($8.6M) in Grams to a company called Goliath Solutions and $4.5M to Space Investments Limited on July 2, 2018.