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The US Securities and Exchange Commission has fined ICO rating site Coinschedule, according to a press release.
Coinplan took money on listings
Coinschedule was an active website between 2016 and 2019. It listed and rated new cryptocurrencies or Initial Coin Offerings (ICOs).
The SEC suggests that Coinschedule misrepresented its relationship with the issuers of these ICOs. Although Coinschedule’s ICO listings and trust ratings were apparently determined by its own proprietary algorithm, ICO issuers have reportedly paid for these listings.
According to the SEC, Coinschedule has not disclosed that it has received payments for listings, which means it violated anti-touting laws.
Blotics, the company that operated Coinschedule, will pay a little less than $ 200,000 in fines, including $ 154,434 in fines and $ 43,000 in disgorgement. It has agreed to refrain from future violations and does not have to admit or deny any findings.
Promote other fines against organizer
In general, the SEC takes action against companies that sell ICO tokens, cryptocurrencies, and other unregistered securities.
However, various other people have been fined for misconduct related to ICO advertising without actually selling tokens.
Last October, John McAfee faced similar charges for failing to disclose that he was promoting ICOs in exchange for compensation. Celebrities like Floyd Mayweather and Steven Seagal have also faced appropriate penalties for their crypto promotional activities.
Disclaimer: At the time of writing, this author held less than $ 75 in Bitcoin, Ethereum, and Altcoins.
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