Telegram Group, the company behind the TON blockchain project, has reportedly refused to share information with the SEC showing how much it spent of the $1.7 billion raised from investors in the past couple of years and where. In a recent court filing, the securities regulator alleges that Telegram has declined to provide bank records relevant to the case it has been pursuing since last fall.

Also read: HSBC Closes 2 Branches Following New Protests in Hong Kong

Messenger Unwilling to Disclose Financial Info

According to the U.S. Securities and Exchange Commission (SEC), Telegram isn’t willing to disclose financial documents and answer questions that would’ve shed more light on the disposition of investor funds. The SEC wants the information before the testimony of three Telegram employees, including CEO Pavel Durov, scheduled for next week. The regulator believes it’s relevant to the case it filed against the operator of the popular encrypted messenger in October.

Telegram Rejects SEC Request to Hand Over Bank Records for TON

On Thursday, the commission asked the U.S. District Court for the…

Click to continue reading on its source location…