Telegram Token Sale Is Paused By SEC

Suzat

October 14, 2019 10:21 pm

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It seems that Telegram could delay its plan of issuing cryptocurrency on the Telegram Open Network by Oct. 31 after the U.S. Securities and Exchange Commission (SEC) has asked the agency to hold for the moment. The SEC allegedly ordered halt to an “unlawful” token sale in the country.a

Bloomberg’s report mentions that Telegram sent a note to investors saying it is considering ways to resolve the temporary restraining order from the SEC, which may lead to postponing the issuance after the Oct. 31 deadline.

On Friday last week, SEC said that it has obtained an emergency action and restraining order halting Telegram from selling or distributing its gram tokens in the U.S. According to SEC, Telegram sold 2.9 billion gram tokens worldwide, with more than 1 billion to U.S. investors without even registering the offering with the securities regulator. Telegram recently announced that it has been having discussions with the SEC for more than a year regarding the TON project. 

Telegram stated:

“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances”.

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