Bitcoin News

Telegram Consents To SEC Findings

Bitcoin News

Message-exchange platform Telegram has agreed to reveal documents relating to purchase agreements with buyers of its initial coin offering (ICO) in 2018. The company filed an order of consent to show the entirety of documentation as requested by the United States Securities and Exchange Commission (SEC). 

The documents concern Telegram’s Gram tokens and purchase agreements in relation to the company’s ICO two years ago. 

Telegram’s agreement comes after the Free Telegram Open Network (TON) community’s consensus to unveil a version o the TON blockchain through a “fork.” 

The commission put a stop to Telegram’s offering last year, citing that the company was carrying out unlicensed offering o security. Six months later, New York District Judge P. Kevin Castel issued a preliminary injunction in March 2020, prohibiting the firm from launching TON. 

Investors from the U.S are being refunded at 72% of the dollar. Meanwhile, international investors can take the 72% refund now, or wait for a 110% refund in April 2021. 

Telegram Consents To SEC 

Telegram has opened up to SEC And has agreed to offer the commission with “its communications regarding any agreements offered or entered into with the Initial Purchasers” of its Gram tokens by May 20.

The firm also mentioned that it would provide extra bank records to the commission and answer any potential questions relating to the financial statements already submitted. 

Information “regarding any assets disbursed to Initial Purchasers under the Purchase Agreements and assets received from Initial Purchasers in connection with the termination of the Purchase Agreements” will also be provided.

The firm also agreed to the commission’s request from February and did not object to any timeline offered by the commission. However, the firm still reserves all other objections as well as rights. 

 


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