Telegram Halts SEC Enquiry into Token Sales

Posted on Jan 11, 2020

Telegram is currently under legal pressure from the SEC (U.S. Securities and Exchange Commission) to produce complete information regarding its token sales valued at $1.7 billion. The company behind the encrypted messaging service were sued for the ‘illegal offering of digital-asset securities called Grams’, to which they have disputed all allegations. The court demanded a schedule for reviewing the full bank records tied to the token sales to be provided by January 9th. Telegram initially refused to share the records, and now their legal representation have stated that they require more time to collect information as they have over 770 entities to cover spanning 12 countries.