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Nairaland Forum / Science/Technology / SEC Shuts Down Munchee ICO (442 Views)
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SEC Shuts Down Munchee ICO by quickteck: 1:22am On Dec 16, 2017 |
In what should be an interesting beginning
to the coming avalanche of ICO failures, the
SEC has come down hard on Munchee, a
company that built a $15 million token sale.
The SEC chairman recently noted that coin
offerings are, in fact, securities and that pre-
sale participants must be registered with
the SEC.
The Munchee ICO aimed to fund the MUN
coin, a payment system for restaurant
reviews. The company received a cease and
desist from the SEC on December 11.
Within the SECs findings they noted that
Munchee touted itself as a “utility” token
which means that the company believed the
MUN token would be primarily used within
the Munchee ecosystem and not be used to
fund operations. Read more via www.quicktechk.com.ng/2017/12/sec-shuts-down-munchee-ico.html?m=1 |
Re: SEC Shuts Down Munchee ICO by Fxmanager(m): 4:52am On Dec 16, 2017 |
Okay. |
(1) (Reply)
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