The U.S. Securities and Exchange Commission has sued a cryptocurrency incubator, claiming it ran afoul of the federal securities laws by failing to register its own $14.6 million initial coin offering and by acting as an unregistered broker for other ICOs.

The agency filed suit against ICOBox and its founder Nikolay Evdokimov in U.S. District Court for the Central District of California on Wednesday claiming that ICOBox should have registered its 2017 offering of roughly $14.6 million worth of “ICOS” tokens to more 2,000 investors. The agency further alleges that ICOBox failed to register as a broker as it helped facilitate about 35 ICOs that raised more than $650 million for its clients.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]