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SEC fines blockchain software company $24M over unregistered ICO

Blockchain software company Block.one agreed to pay $24 million in civil monetary penalty to settle the U.S. Securities and Exchange Commission's charges that it conducted an unregistered initial coin offering of digital tokens.

The company raised several billion dollars worth of digital assets globally between June 2017 and June 2018 by conducting an ICO but did not register the offering as a securities offering under federal securities laws. It did not qualify for nor sought an exemption from the registration requirements, the regulator said.

Block.one, which has operations in Virginia and Hong Kong, did not admit or deny the SEC's findings in agreeing to the penalty.