ICORating settles with SEC after spending $260,000
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
(picture fromCoindesk）
according toCoindeskAuthor | Qin Xiaofeng
Produced | Odailywebsiteimage description
(picture fromAccording to news, ICORating, an encryption project analysis company, recently reached a settlement with the US Securities and Exchange Commission (SEC), agreeing to pay a fine of $268,998.。SEC explainFounded in August 2016, ICORating is a company focused on rating blockchain projects, headquartered in Russia. With the popularity of blockchain projects, ICORating has also grown rapidly. According to official disclosures, the ICORating team has at least 50 people, mainly from an interdisciplinary team of analysts with investment banking backgrounds. Currently, ICORating
website
A total of over 4,000 blockchain-rated projects were showcased, a staggering number.
On August 20, the SEC issued a regulation against ICORating
ban
explainSimplyVital HealthThe SEC ruled that ICORating violated the anti-touting provisions of Section 17(b) of the Securities Act of 1933.PlexCorpsandVeritaseumMelissa Hodgman, Deputy Director of the SEC's Division of Enforcement, said: "Securities laws require promoters, both individuals and entities, to disclose how much they are paid to promote investments so that potential investors know they are viewing a paid promotion. This requirement applies whether issued using traditional credentials or on a blockchain.”
ICORating has now agreed to pay $106,998 in interest and a $162,000 civil penalty, but has not commented on the SEC's findings. "ICORating Company agrees to stop and will not commit or cause any violation of these provisions in the future." The SEC announced on its official website. Following a settlement with the SEC, ICORating members were not charged.
August has been a busy month for U.S. regulators.Last week, the SEC chargedThe company was not registered before the HLTH token sale, and the project raised $6.3 million worth of ETH; on August 13, the SEC issued two other ICO projects——
