SEC Wants BCOT Startup to Return $13 Million to Investors
Employees of the US Securities and Exchange Commission demand to immediately stop the work of the blockchain startup Blockchain of Things Inc. In their opinion, this company violated U.S. law; it held an unregistered ICO at the end of 2017. As part of the initial coin offering, the company managed to raise about $13 million. For these funds, the creators of the startup promised to release a messenger in which it will be possible to issue digital assets. Due to the fact that the fundraising campaign was not properly registered in the United States, the SEC demands to stop the startup, return funds to investors and pay a fine of $250,000. If the creators of BCOT want to continue working on the project, then they will have to register their token as a security and report to the country's main financial regulator.