SEC issues cease and desist order along with $50K fine to CoinAlpha
The Securities and Exchanges Commission (SEC) shows that they’re very serious with their “stricter ICO regulations” with another company being fined and ordered to cease their unregistered offering.
Seems like there’s no day without news coming from the Securities and Exchanges Commission (SEC)’s actions towards ICO and crypto companies these days.
The commission just released a cease and desist order to CoinAlpha Advisors LLC. that failed to register prior to their ICO.
According to the official document, CoinAlpha that was established in July 2017, conducted an ICO between October 2017 and May 2018, from which they managed to raise around $600,000 from a total of 22 investors in at least 5 different states in the US.
The SEC then contacted CoinAlpha to confront them about their unregistered status, which was followed by the company’s discontinuing the offering and refunding all their investors.
The company then filed a Notice of Exempt Offering of Securities with the SEC on November 3, 2017, however, since they didn’t register prior to their ICO, the commission still regarded them to have violated the securities law that clearly states the prohibition of “the sale of securities through interstate commerce or the mails unless a registration statement is in effect.”
As reported by Bitcoin News, CoinAlpha is required to pay the additional “civil money penalty of $50,000” within 10 days after the issuing of the order, or otherwise additional interest will be applied.
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