The Securities and Exchange Commission has reportingly filed the first-ever civil fraud charges against an Initial Coin Offering.
Crackdown On ICOs
Initial Coin Offerings (ICOs) are receiving a lot of attention from regulatory bodies and governments after raising over a combined $1.3 billion this year alone. In the last couple of weeks, more and more governments have decided to crack down on ICOs. The most notable ban is the one by the Chinese government, which caused the Bitcoin price to drop by more than 20%.
On Friday, news broke that South Korea joined the ranks as the most recent country to issue a ban on ICOs. Back in July 2017, the Securities and Exchange Commission issued an official warning to all investors of Initial Coin Offerings and calling all companies that host ICOs to properly register them as securities.
REcoin and DRC World
Today, the Securities and Exchange Commission (SEC) announced in an official report that civil actions were being brought against two companies for violating anti-fraud and registration provisions of federal securities laws. The two companies that are mentioned in the report are REcoin Group Foundation and DRC World (also known as Diamond Reserve Club).
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