Last updated on December 8th, 2022 at 02:15 pm
Durov said a lengthy trial is not reasonable
As it became known, Telegram decided to conclude a settlement agreement with the US Securities and Exchange Commission (SEC), according to which it will return investors $ 1.22 billion and pay an $ 18.5 million fine.
Pavel Durov will pay the US $ 18.5 million and return TON $ 1.22 billion to investors
Over the next three years, Telegram is obliged to inform the US Securities and Exchange Commission about its intentions to participate in the issue of “cryptocurrencies, digital coins, tokens, or any similar assets issued or transferred using the distributed ledger technology” over 45 days. Obtaining SEC consent is not necessary, but the regulator must be aware of the company’s intentions. And if it is revealed that Telegram is misleading people, then an additional fine will be imposed on the company.
At the same time, Telegram “does not recognize or deny” the requirements set forth in the regulator’s lawsuit. Pavel Durov said that a lengthy trial is not reasonable, so Telegram is pleased to be able to terminate the trial.
In early 2018, Telegram raised $ 1.7 billion to launch its TON blockchain platform and Gram cryptocurrency. The launch of the platform and the sale of tokens for everyone was planned before the end of October 2019, but then the Securities and Exchange Commission intervened, which successfully proved that Telegram distributed the Gram among users so that these tokens could then be sold on the secondary market.
