Share this article
The U.S. Securities and Exchange Commission has placed a fine on the ICO rating site Coinschedule, according to a news release.
Coinschedule Took Money for Listings
Between 2016 and 2019, Coinschedule was an active website. It listed and rated new cryptocurrencies or Initial Coin Offerings (ICOs).
The SEC suggests that Coinschedule misrepresented its relationship with the issuers of those ICOs. Though Coinschedule’s ICO listings and trust scores were seemingly determined by its own proprietary algorithm, ICO issuers allegedly paid for those listings.
According to the SEC, Coinschedule did not disclose that it received payment for listings, meaning that it violated anti-touting laws.
Blotics, the company that operated Coinschedule, will pay slightly less than $200,000 in fines including $154,434 in penalties and $43,000 in disgorgement. It has agreed to cease and desist from future violations and does not need to admit or deny findings.
Other Fines Against Promoters
Generally, the SEC takes action against companies that sell ICO tokens, cryptocurrencies, and other unregistered securities.
However, various other individuals have faced penalties for misconduct around ICO promotion without actually selling tokens.
Last October, John McAfee faced similar charges for failing to disclose that he was promoting ICOs for compensation. Celebrities inlcuding Floyd Mayweather and Steven Seagal have faced related penalties for their crypto promotion activities as well.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Grayscale Digital Large Cap Fund Obtains SEC Approval
American digital assets giant Grayscale has obtained approval to become an SEC-reporting company for its Digital Large Cap Fund, composed of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Grayscale…
SEC Puts $7.6 Million Fine on Crypto Invention Database
The U.S. Securities and Exchange Commission has announced that it has settled with Loci Inc., a startup that ran an ICO in 2017. SEC Says Loci Violated Regulations Loci provided…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…
SEC Charges Five Individuals Tied to BitConnect Scam
The U.S. Securities and Exchange Commission has charged five individuals in connection with the Ponzi scheme BitConnect. SEC Charges BitConnect Promoters The SEC says that from January 2017 to January…
Be the first to comment