Esports betting operator Unikrn reaches $6.1m settlement with US Securities and Exchange Commission (SEC) for unregistered initial coin offering (ICO) of digital asset securities.
Unikrn raised approximately $31m through its offering of UnikoinGold (UKG) token between June and October 2017.
SEC finds Unikrn promised investors a secondary trading market for UKG tokens and efforts to increase token use would boost demand and value.
SEC rules Unikrn offered and sold UKG as investment contracts, constituting securities, without proper registration or exemption.
Unikrn agrees to pay settlement in full and establishes a ‘Fair Fund’ to return money to impacted investors. Source: InnovateChange North America
