Coinschedule will pay the SEC a fine of about $200 000 for hiding information from users – Bits Media

United States Securities and Exchange Commission (SEC) accused of a non -functioning Coinschedule.com portal of violation of federal laws on securities and appointed him a fine in the amount of about $200 000.

The site worked with 2016 by 2019 the years, And he was popular among American investors. The portal presented information about more 2 500 primary placements of tokens (ICO) with ratings. The creators of the site claimed, that to assess the reliability of cryptocurrency startups and risk assessment, they used their own algorithm.

but, According to the accusation of the regulator, Coinschedule did not inform potential investors, that he received material rewards from tokens issuers for positive reviews and assessments on the site. Now Blotics, previously known as Coinschedule, is obliged to pay a fine in the amount $154 434, as well as $43 000, obtained as a result of illegal transactions, And interest. The leadership of the company did not plead guilty, but the accusation of SEC did not deny.

“It has long been known, that the securities law prohibits advertising securities without notifying investors or visitors to the site, that for this information a monetary reward was received ", - said the head of the SEC unit to combat cybercriminals, Christina Littman (Kristina Littman).

However, not all employees of the commission are satisfied with the outcome of the case. Commissars SEC Esther Pierce (Hester Peirce) And Elad Roysman (You live in Roisman) criticized the decision of the department. It never explained, What specific digital assets, previously advertised on Coinschedule, are securities. Commissioners regarded this omission as a regulator’s reluctance to provide a clear leadership, which will help determine, What tokens can fall into the category of securities.

“Participants in the cryptocurrency market are clearly not enough clarity, how are the laws on securities apply to trading digital assets. This is evident by the number of requests, entering the SEC. Firms constantly turn to us for clarifications or with requests to mitigate regulation ", - says in the statement of Pier and Roysman.

Recall, that according to Cornstone Research, Over the past seven years, SEC fined cryptocurrency firms for the total amount $1.77 billion.