Breaking News: Coinme and Related Defendants Fined by SEC Over Alleged Misleading Token Issuance
According to reports, the US Securities and Exchange Commission has imposed a fine of nearly $4 million on Coinme and related defendants based in Seattle. The SEC stated that Coinm
According to reports, the US Securities and Exchange Commission has imposed a fine of nearly $4 million on Coinme and related defendants based in Seattle. The SEC stated that Coinme’s Up Global department and Neil Bergquist, who led these two entities, misled investors in the initial token issuance of UpToken on the Ethereum blockchain at the end of 2017.
The US SEC has imposed a fine of nearly $4 million on Coinme and related defendants
In a move that has sent shockwaves through the cryptocurrency world, the US Securities and Exchange Commission (SEC) has imposed a fine of nearly $4 million on Coinme and related defendants over allegations of misleading investors in the initial token issuance of UpToken on the Ethereum blockchain at the end of 2017. Coinme is a cryptocurrency exchange based in Seattle, Washington. Neil Bergquist led two entities called Coinme and Up Global. The SEC states these entities misled investors in the initial token issuance of UpToken. Here is what you need to know.
What is Coinme?
Coinme is a cryptocurrency exchange platform that allows users to buy and sell various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Coinme was founded in 2014, and it is based in Seattle, Washington. Coinme has over 15,000 locations in the United States, including Bitcoin ATMs, where users can buy cryptocurrencies with cash.
What is UpToken?
UpToken is a cryptocurrency that was launched by Coinme in 2017. UpToken was designed to incentivize the use of cryptocurrency by providing discounts on transaction fees when using UpToken. UpToken was sold to investors through an initial coin offering (ICO) on the Ethereum blockchain.
What are the Allegations Against Coinme?
The SEC alleges that Coinme, through its Up Global department, and Neil Bergquist misled investors in the initial token issuance of UpToken. The SEC claims that Coinme and Bergquist made false and misleading statements to investors, including overstating the benefits of UpToken, making unrealistic projections of UpToken’s value, and failing to disclose the risks associated with the investment.
What Does This Mean for Cryptocurrency Investors?
This move by the SEC serves as a reminder that the world of cryptocurrency is still largely unregulated. Cryptocurrency investors are advised to exercise caution and due diligence when investing in any cryptocurrency. It is important to research the company behind a particular cryptocurrency, understand the risks associated with the investment, and seek professional advice if necessary.
Conclusion
The recent SEC fine on Coinme and related defendants has once again highlighted the need for greater scrutiny of the cryptocurrency industry. Investors should take their time to study any cryptocurrency investment opportunity to avoid falling victim to fraud or other unscrupulous practices. While cryptocurrencies may hold great potential for growth and profits, they still remain a largely unregulated space.
FAQs
Q1. What is the current value of UpToken?
A1. The current value of UpToken has not been disclosed.
Q2. What happens to investors who bought UpToken during the ICO?
A2. It is unclear what will happen to investors who bought UpToken during the ICO.
Q3. Will the SEC bring charges against other cryptocurrency exchanges?
A3. It is possible that the SEC will bring charges against other cryptocurrency exchanges in the future, as the industry remains largely unregulated.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/19922/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Caldera’s Seed Round Financing: SevenX Ventures Among Participants
On April 10th, Web3 infrastructure provider Caldera tweeted that it had announced seed round financing news in February this year, and SevenX Ventures was also a participant in see
-
Introduction
According to reports, Coinbase CEO Brian Armstrong tweeted that a meeting was held today with Andrew Griffith, the UK Minister of Economy and City. The UK is accelerating the devel
-
Paxos assures protection of customer funds through banking partnerships
It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement to Silvergate Bank on social media. Paxos said that it had no…
-
The Significance of the Decrease in the Number of Addresses Holding Over One Ethereum
According to reports, Glassnode data shows that the number of addresses holding over one Ethereum reached 1739804, a one month low.
Data: The number of addresses holding over 1 Eth -
When did ETH start (How many coins will be issued in total)?
When did ETH start? ETH was launched in 2017 as a token based on the Ethereum b
-
Tencent Cloud Announces Partnership with Injective to Support Developers
According to reports, Tencent Cloud has announced a partnership with Injective to support developers on Injective. This cooperation aims to promote the development of the Injective
-
The hearing related to Zakinov and other investors’ class action lawsuit against Ripple will be held on April 27th
On April 26th, CryptoLaw announced on social media that at 04:30 Beijing time on April 27th, the US federal court in California will hold a hearing on the class action lawsuit file
-
What is the stability of counterfeit coins (the platform with the most counterfeit coins)
What kind of counterfeit currency is stable? According to trustnodes, various counterfeit currencies have experienced significant fluctuations in recent times. However, both Bitcoin and Ethereum have experienced a sharp correction (it has lasted nearly three months since January 2018), and these changes have led many people to believe that the price of Bitcoin will fall to a higher position, while some analysts said that this is due to the rise in the price of counterfeit coins Below is a simple example to illustrate why there is such “relative stability” between Bitcoin and Shanzhai coin. If Bitcoin is unstable, it may be affected by an ICO boom similar to 2017 Platforms with the largest number of counterfeit currenciesAccording to newsbtc, the Currency Exchange is one of the largest Cryptocurrency trading platforms with the largest market capitalization. There are over 300 currency trading pairs on its platform, with a total asset of approximately $500 million (valued at nearly $1 billion at current…
-
When will the investment in IPFS pay off (when does IPFS start charging)
When will the investment in IPFS pay off? I have always advised everyone not to
-
Federal Reserve’s Likely Interest Rate Changes in May and June
According to reports, according to CME\’s \”Federal Reserve Observation\”, the probability of the Federal Reserve maintaining interest rates unchanged in May is 16.1%, and the probabi
-
Cashio App attackers who have been lurking for 101 days transferred 100 ETHs to Tornado Cash
According to reports, according to CertiK monitoring, Cashio App attackers who have been lurking for 101 days have transferred 100 ETHs to Tornado Cash. There are still 6316 ETHs (
-
Tornado Cash developer Alexey Pertsev updated Twitter for the first time after being released
According to reports, Tornado Cash developer Alexey Pertsev updated Twitter for the first time after being released: Sorry, I have temporarily left. What did I miss?
Tornado Cash d -
DEX SyncSwap launches the Polygonzk EVM test network using zkSync
On March 20th, the DEX SyncSwap based on zkSync announced on Twitter that it had launched the Polygonzk EVM test network. Previously, it was reported that the SyncSwap test network was tested online at zkSyncEra on March 2. DEX SyncSwap based on zkSync has been launched on the PolygonzkEVM test network Analysis based on this information:The DEX SyncSwap has made an announcement via Twitter that it has launched the Polygonzk EVM test network based on zkSync. This is significant news for the cryptocurrency market, especially those involved in decentralized exchanges (DEXes) and the Layer 2 scaling solution provided by zkSync. March 2 saw the online testing of SyncSwap test network at zkSyncEra, which laid the groundwork for the launch of the Polygonzk EVM test network. SyncSwap has been working on creating an infrastructure that would allow users to swap tokens using the faster and cheaper Layer 2 scaling solution provided by zkSync. The launch of the Polygonzk EVM test network…
-
Understanding the Current Market Trends in Blockchain and Digital Currency Sectors
According to news, the A-share market opened with the Shanghai Composite Index at 3302.75 points, a decrease of 0.3%, the Shenzhen Composite Index at 11787.35 points, a decrease of
-
Reddit is about to release Avatar NFT Gen 3
On April 11th, it was announced that Reddit will soon release Avatar NFT Gen 3 on the afternoon of April 11th Eastern Time.
Reddit is about to release Avatar NFT Gen 3
I. Introduct -
USDC Active Addresses Dropping: Potential Implications for Crypto Market
On February 25, Glassnode data showed that the number of active addresses (MA on the 7th) of USDC was 2407.268, reaching a one-month low.
The number of…