September 30, 2019 / 11:03 PM / 9 months ago

SEC fines blockchain company $24 million over coin offering

(Reuters) - agreed to pay a $24 million civil fine to settle U.S. regulatory charges that the blockchain company conducted an unregistered initial coin offering that raised the equivalent of several billion dollars from June 2017 to June 2018.

The U.S. Securities and Exchange Commission said on Monday that, which operates in Blacksburg, Virginia, and Hong Kong, did not properly register its 900 million-token offering, or seek an exemption from registration. It said this deprived investors of material information needed to make informed decisions. did not admit or deny wrongdoing in agreeing to settle, the SEC said.

Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis

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