Telegram will pay a fine of $ 18.5 million and return investors $ 1.2 billion for the closure of the TON project
Telegram agreed to the terms of the final court ruling on the US Securities and Exchange Commission (SEC) for illegally holding an ICON TON.
According to the resolution, within 30 days the company will be obliged to pay the regulator several fines totaling $ 18.5 million, and in the next four years to return investors $ 1.19 billion of compensation for terminating the token purchase agreements.
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In addition, Telegram will also have to notify the SEC if in the next three years it wants to release any digital asset based on the blockchain. The regulator will need to be warned at least 45 days before the planned date of issue.
On this occasion, in his Telegram channel, Pavel Durov expressed his regrets that the TON platform could not be launched before the appointed time due to an injunction against the distribution of tokens. Adding that the court decision is fair and reasonable, therefore, the company agrees with it and sees no reason for continuing disputes.
Pavel Durov also said that Telegram has already returned to investors more than $ 1.2 billion directly or in the form of loans.