Massachusetts bans ICOs again

Massachusetts bans ICOs again

Massachusetts regulators are cracking down on efforts to prevent sales of digital tokens and currencies advertised on Twitter, Reddit, YouTube and other social media platforms from launching.

Secretary of State William Galvin issued an order requiring five companies to stop offering ICOs, which regulators say are unregistered securities offerings. The order also requires these five companies, namely Mattervest Inc, Pink Ribbon ICO, Across Platforms Inc, Sparkco Inc and 18 Moons, to return to their owners all funds raised through pre-sales. 

William Galvin warns investors that these ICOs are often used by firms seeking to avoid investor protection requirements under federal and state laws.

“I encourage every Massachusetts resident who is considering investing in these new ICOs to make sure that the people they are giving their hard-earned money to are operating legally,” Galvin said.


According to http://www.bostonglobe.com

You May Also Like

1752018-12-17

25% of Pantera's ICO projects may turn out to be securities

This Thursday, Pantera Capital CEO Dan Morehead sent his clients a newsletter saying that 25% of their investments may qualify as securities that require registration.

ICO
1102018-09-27

More than half of startups lose value after an ICO

Although in 2018, ICOs raised twice as much as in the previous year, this fundraising mechanism is beginning to lose popularity. According to Diar, 70% of the tokens offered through the public offering are worth less than their original price.

ICO

Latest articles from ICO category