The original plan to launch its own cryptocurrency on the Telegram Open Network by Oct. 31 could be postponed. After the U.S The Securities and Exchange Commission (SEC) ordered it to stop the country’s allegedly ‘illegal’ token sale.
According t a Bloomberg article on Monday, telegram sent a notice to investors. Stating it is considering ways to resolve the SEC’s temporary restraining order. Including the prospect to postponing the issuance after the deadline of October 31.
The SEC said it applied for and received an emergency injunction and retraining order on Friday last week. Prohibiting it from selling or transmitting its gram tokens in the U.S.
The agency said the fun-raising was unlawful in the U.S. Tt is because, according to a filling made public on October 11, Telegram never reported its bis with regulator. It raised over $425 million from U.S investors.
Telegram told its investors in the latest note that it has been negotiating the TON venture with the SEC foe over a year. “We were surprised and disappointed that under these conditions, the SEC decided to file the case,” the letter said.
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