According to TechFlow, on December 17, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to the crypto investment company Unicoin, accusing it of fraud, misconduct and unregistered securities issuance.
Unicoin CEO Alex Konanykhin revealed that the company has sold about $3.5 billion in tokens and has about 70,000 investors. Its tokens are backed by physical assets such as 8,000 acres of land in the Bahamas.
SEC Chairman Gensler will step down in January 2025, and this move is seen as the last wave of regulatory actions against the crypto industry during his term. Unicoin needs to respond by December 24, and the company said it will choose legal confrontation rather than settlement.
