SEC resolved cases of unregistred ICO operators

After months of deliberation, Gladius Network LLC will finally have to return the 12.7 million dollars it had collected from investors.

The U.S. Securities and Exchange Commission (SEC) resolved this week the case with cryptocurrency startup Gladius Network LLC, which had operated a security offer without registration in the agency.

In 2017, Gladius launched an Initial Coin Offering (ICO) and raised about $ 12.7 million in ethereum.

The SEC ruled at the time regarding this transaction, alleging that it had not been registered under federal securities laws.

After months of deliberations it was agreed that Gladius will proceed to return the funds to those investors who registered a token.

The SEC had already settled unregistered security charges against the cryptocurrency startups Airfox and Paragon Coin, but did not explicitly use the phrase “ICO not registered” at the time.

K. Tovar

Source: SEC

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