$UNI BlockBeats News, December 17 - According to Fortune, 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 disclosed 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, and this move is seen as the last wave of regulatory action against the cryptocurrency industry during his tenure. Unicoin is required to respond by December 24, and the company stated it will choose legal confrontation rather than settlement.

BlockBeats Note: A Wells Notice is a standard procedure in the regulatory field, especially when reviewing potential illegal activities related to cryptocurrency companies. When a company receives a Wells Notice, it may face sanctions, penalties, or other forms of punishment. In some cases, businesses may need to suspend certain operations. If the SEC decides to continue enforcement actions after issuing a Wells Notice, it may even freeze the company's assets or file formal charges against the company in federal court. These actions mark the beginning of a lengthy legal process, and the company will have the opportunity to present a defense.