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SEC Nails Enigma ICO: Orders Refund, Registration and Fine

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Enigma settled with the SEC for its unregistered ICO, agreeing to pay a fine and return investor funds.

The U.S. Securities and Exchange Commission, or SEC, recently announced its conquest over yet another unregistered ICO from 2017.

The SEC went after Enigma for its 2017 ICO, labeling the capital raise as an unregistered securities offering, the governing body said in a statement on Feb. 19.

Enigma settled with the SEC, agreeing “to return funds to harmed investors via a claims process, register its tokens as securities, file periodic reports with the SEC, and pay a $500,000 penalty,” the statement detailed.

Enigma saw major funding in 2017

Enigma raised $45 million selling its ENG token, finishing its ICO sale in September 2017. Approximately one year after its ICO, the decentralized internet privacy solution even partnered with mainstream powerhouse Intel for tech privacy exploration and advancement.

According to its recent statement, the SEC classified ENG tokens as securities and pointed out the commission received no filing from Enigma for its tokens during the ICO.

The SEC ordered investor compensation

“All investors are entitled to receive certain information from issuers in connection with a securities offering, whether it involves more traditional assets or novel ones,” SEC Boston branch Associate Director for Enforcement John Dugan said in the statement. He added:

“The remedies in today’s order provide ICO investors with an opportunity to obtain compensation and provide investors with the information to which they are entitled as they make investment decisions.”

ENG, however, has not seen any notable price decline as of press time, according to CoinMarketCap data.

Since 2017, Cointelegraph has reported numerous SEC coin offering crackdowns, including an ongoing case with Telegram and its related GRAM asset.

Cointelegraph reached out to the SEC and Enigma for clarification but received no response as of press time. This article will be updated accordingly should a response come in.

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