The U.S. Securities and Exchange Commission has placed a fine on the ICO rating site Coinschedule, according to a news release. The defunct site allegedly took money in exchange for listings.

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 including Floyd Mayweather and Steven Seagal have faced related penalties for their crypto promotion activities as well.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

×