According to the SEC, Telegram is obliged to pay a fine of $18.5 million

According to the SEC, Telegram is obliged to pay a fine of $18.5 million

The U.S. Securities and Exchange Commission demanded that Pavel Durov's company return $1.19 billion to investors and named the conditions for the launch of a new blockchain project

Telegram will pay $18.5 million in fines and will notify the U.S. Securities and Exchange Commission (SEC) if it plans to create a blockchain-based digital currency over the next three years. Notification of cryptocurrency development should come no later than 45 days before its release. The parties came to the relevant decision on June 11, it became known today, Coindeskreports.

The commission found that Telegram caused $1.22 billion in damage to investors. For this reason, the company will return $1.19 billion of the $1.7 billion raised under the ICO. The startup has 30 days to pay the commission-appointed fine, and four years to return the investment. On such terms, the SEC's process against Telegram, which began in October 2019, was completed.

On May 12, Pavel Durov, head of the blockchain platform Telegram Open Network, announced the termination of work on it in his blog. The businessman cited the decision of the American court as the main reason for the closure of the project.


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