Telegram has agreed to pay $18.5 million in penalty and notify the US Securities and Exchange Commission (SEC) in case of issuing any digital currency within the next three years.
According to a court filing, Telegram committed not to violate the Securities Act of 1933 in those parts that were violated during the ICO by which the popular messenger attracted $1.7 billion of investments for its blockchain project called Telegram Open Network (TON).
The court also ordered Telegram to return $1.22 billion to buyers of TON's native currency — Gram tokens.
Earlier Telegram decided to withdraw the appeal against the court order that banned the distribution of Gram tokens in relation to the legal battle between the (SEC) and the company, according to court documents which show both parties had agreed on the decision.
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