Telegram to Pay $18.5M in Penalty in SEC Settlement
Shutterstock
Main page News, US Market, US, TON, Crypto Market, Regulations, Telegram

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).

Telegram Offers TON Investors 2 Options to Get Their Money Back

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close