The US Securities and Exchange Commission (SEC) said it has settled charges against Coinme, its subsidiary Up Global, and CEO of the two firms, Neil Bergquist, for conducting "unregistered offers and sales of securities" in the form of a crypto called UpToken.
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The watchdog said in a press release the firms had been making "false and misleading statements" regarding UpToken. The SEC believes the firms were engaged in "unregistered offers and sales of crypto asset securities."
As part of the agreement, Coinme, Up Global, and Bergquist agreed, without admitting or denying the SEC's accusations, to settle the charges. Up Global will also pay a $3.52 million fine, while Coinme will also pay a separate $250,000 penalty. Bergquist will need to pay a penalty of $150,000.
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