The US SEC recently demanded that Telegram shares its financial details as part of their case regarding Telegram’s ICO, which the company refused to do.
The beef between Telegram and the US Securities and Exchange Commission (SEC) appears to still be on-going as 2020 kicks off.
As many may remember from previous reports, Telegram held an Initial Coin Offering (ICO) during which it sold its upcoming cryptocurrency, Gram. However, in October 2018, the US SEC filed a lawsuit against Telegram for conducting an ‘illegal’ token sale of supposed securities.
During the ICO, Telegram managed to attract 171 investors, and it raised $1.7 billion through the use of Simple Agreement for Future Tokens (SAFT). The funds were collected for the development of the project’s own blockchain, known as TON (Telegram Open Network).
Now, according to a report from Law360, the US regulator demanded that Telegram provides its bank records and other details regarding the ICO.
US SEC and Telegram in conflict once again
The regulator turned to a New York…