EOS Maker Block.One Settles With SEC Over Unregistered Securities Sale

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One must pay $24 million in penalties for conducting an unregistered securities sale, the U.S. Securities and Exchange Commission announced Monday evening.

One "Raised the equivalent of several billion dollars" over a one-year period in an unregistered initial coin offering.

One agreed to settle the charges, according to the SEC. Notably, the press release highlighted that Block.

One's token sale began shortly before the SEC released its DAO Report but "Continued for nearly a year after the report's publication." The company did not secure an exemption from securities registration requirements and did not otherwise register the sale, the SEC said.

In a statement, SEC Division of Enforcement co-director Steven Peikin said the company "Did not provide" investors with any of the information typically included in securities sales.

"The SEC remains committed to bringing enforcement cases when investors are deprived of material information they need to make informed investment decisions."

One announced the creation of a decentralized social network called Voice.

Subsequent details on the launch of Voice, which also runs on the EOS network, have been sparse.

As CoinDesk previously reported, the EOS blockchain has faced governance challenges in recent months.

Just last week, the commonwealth of Virginia gave Block.

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