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SALT Blockchain Ordered To Refund $47 Million Collected From ICO To Token Purchasers Following SEC Ruling
Summary: SALT blockchain has been ordered by the SEC to offer refunds for its 2017 ICO which raised $47 million in funding, according to a recent announcement from the regulator. SALT blockchain runs a loan service called SALT lending which allows customers to take out loans using their own cryptocurrencies as collateral. In 2017 the company ...
SALT blockchain has been ordered by the SEC to offer refunds for its 2017 ICO which raised $47 million in funding, according to a recent announcement from the regulator.
SALT blockchain runs a loan service called SALT lending which allows customers to take out loans using their own cryptocurrencies as collateral. In 2017 the company moved forward with an ICO and between June and December raised $47 million. The SEC has determined that the offering constituted an illegally unregistered securities offering.
SALT Blockchain will issue refunds to those who purchased SALT tokens by the end of 2019. In addition to this the company must pay a $250,000 civil fine to the SEC within 10 days and register the SALT token as a security.
By Emily Mason
Tags: 2017 ICO,SALT Blockchain,SEC
Link: SALT Blockchain Ordered To Refund $47 Million Collected From ICO To Token Purchasers Following SEC Ruling [Copy]
