SEC takes action against Telegram over TON token raising $1.7B without prior registration

posted 2 months ago
The US SEC filed an emergency action and obtained a restraining order against Telegram over the $1.7 billion dollars it raised for its TON (Telegram Open Network) blockchain and token (Grams).

The complaint alleges it failed to register its offers and sales of Grams, that are securities, thus are in violation. Stephanie Avakian, Co-director of the SEC’s enforcement division said “Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.”
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