According to Deep Tide TechFlow, on December 17, the U.S. Securities and Exchange Commission (SEC) recently issued a Wells Notice to cryptocurrency investment company Unicoin, accusing it of fraud, misconduct, and unregistered securities issuance. Unicoin CEO Alex Konanykhin revealed that the company has sold approximately $3.5 billion in tokens, with about 70,000 investors, and 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, a move seen as the last wave of regulatory action against the cryptocurrency industry during his tenure. Unicoin must respond by December 24, and the company has stated it will choose legal action over settlement.
