Telegram fundraising stalled in the United States

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The US Securities and Exchange Commission (SEC) has secured Friday the US court that it temporarily blocks the fundraising of the encrypted email platform Telegram, which plans to launch this month its virtual currency.

The SEC went to court on the grounds that Telegram, which has already raised more than $ 1.7 billion for its cryptocurrency project, did not register its offer and terms with the Market Constable, she said. indicated in a statement.

Serious setback

This is a serious setback for Telegram, whose ambitions in the field of virtual money pass through a flawless regulatory legitimacy, cryptocurrencies often conveying a sulphurous image. With a huge network of users of its messaging system, estimated at 250 million people, Telegram announced the launch of its virtual currency, "Gram", by October 31.

Its Telegram Open Network (TON), based on blockchain technology, should create a whole secure and fast payment system that is "an alternative to Visa and Mastercard for a new decentralized economy," according to a leaked document last year . On the basis of this project, Telegram's founder, Russian Pavel Durov, and his company, raised more than $ 1.7 billion from 171 private investors during a massive cryptocurrency fundraiser (ICO). , recalls the SEC.

No information provided

The stock policeman said that about $ 424.5 million of this money came from American investors, 39 of whom gave him jurisdiction to take legal action in the United States. The success was such that the courier canceled the organization of a public fundraising, requiring to wait for the official launch of "Gram" to be able to get the new cryptocurrency.

According to its website, the Telegram development team is based in Dubai, while the company is registered in the British Virgin Islands. In addition to the fact that the offer has not been registered, the SEC notes that Telegram has not disclosed to investors any information about its financial position or business plan.

The gendarme also estimates that the amount already raised far exceeds the needs of Telegram to finance its virtual currency and continue the development of its messaging.

(With AFP)



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