The US SEC Fines Shipchain $2 Million for Conducting an Unregistered Token Of...
The US Securities and Exchange Commission (SEC) has issued a cease and desist order against Shipchain and ordered it to pay a penalty of $2.05 million. Additionally, the regulator has directed Shipchain, a shipping and logistics company, to transfer Ship tokens in the possession or control of the company’s directors to a “fund administrator.” Unregistered Token Sale In a statement announcing the cease and desist order, the SEC alleges that Shipchain, which “promoted its company and the ICO through various media,” raised $27.6 million from a pre-sale held....
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The defunct firm is not the first to run aground due to failure to abide by U.S. securities laws. The Securities and Exchange Commission sinks the firm behind another initial coin offering.Per a Dec. 21 cease and desist order, the SEC has determined that ShipChain's ICO for its SHIP Tokens was another example of an unregistered securities offering in disguise.Registered ShipChain raised $27.6 million from the end of 2017 through the beginning of 2018, at the high tide of the ICO craze. Registering in Delaware at the end of November 2017, the firm promised to enhance transportation and....
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