According to the SEC, Block.one did not register its ICO and did not seek an exemption from the registration requirements.
In a statement, Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, said, “A number of US investors participated in Block.one’s ICO. Companies that offer or sell securities to US investors must comply with the securities laws, irrespective of the industry they operate in or the labels they place on the investment products they offer.”
Steven Peikin, Co-Director of the SEC’s Division of Enforcement, added, “Block.one did not provide ICO investors the information they were entitled to as participants in a securities offering. The SEC remains committed to bringing enforcement cases when investors are deprived of material information they need to make informed investment decisions.”
Block.one is committed to compliance and best practices
Meanwhile, Block.one said the settlement resolves all the charges against it by the SEC. It will not be subject to certain ongoing restrictions as it received a waiver from the securities regulator. The waiver shows that it is committed to compliance and best practices in the United States and overseas.
