ICO startup Gladius registers the token as a security in the United States and returns the funds to investors

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

ICEC charges after self-reporting to SEC https://t.co/NQkiE43QzH

– SEC_News (@SEC_News) February 20, 2019

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the right manner.

Moreover, tokensail was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.

Earlier, similar accusations were filed against Airfox and Paragon startups. The ministry obliged both projects to return the funds to investors, register tokens and pay a fine of $ 250,000.

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