Commission claims Coinme and Up Global misled investors during 2017 ICO. Regulator insists: Coinme misrepresented the UpToken product.
Neil Bergquist, head of the companies, and other representatives of the projects did not object and agreed to pay the fine..
The total is about $3.77 million from both companies plus $150,000 personally from Bergquist.What’s more, Bergquist has been barred from serving as a director of a public company for the next three years.
Coinme is a company that operates cryptomats – terminals where users can withdraw cash in exchange for BTC and altcoins.
UpToken acts as a cryptocurrency asset linked to a network of exchange devices. 1% of every transaction in the Coinme environment goes to the purchase of UpToken, which the developers warn about right away.
The SEC, among other things, believes that the amount of money raised as a result of the ICO was too large;
Recall that earlier it became known about the attempt of American congressmen to take away the SEC’s right to regulate stabelcoins.