SEC takes action against Unicoin for alleged fraud and unregistered securities amid increased crypto scrutiny.
As Gary Gensler nears resignation, his tough enforcement stance on crypto companies continues.
Unicoin fights SEC’s claims and defends its token amid an investigation and planned ICO block.
Crypto investment firm Unicoin received a Wells Notice from the SEC. This signals possible legal action over claims of fraud, deceptive practices, and the sale of unregistered securities.
The SEC’s Wells Notice is an official warning that it may sue Unicoin. Unicoin CEO Alex Konanykhin said the company has been under scrutiny from the SEC’s crypto legal division, which issued an order in May.
These investigations center on Unicoin’s main product, which includes billions of dollars in real estate. Konanykhin denies the SEC’s claims, calling them politically motivated and “nonsense.”
Unicoin’s Response and Legal Strategy
The SEC’s focus on fraud-related charges set this case apart from others involving crypto companies, such as Coinbase, where fraud allegations were not central. Konanykhin claimed that the SEC intends to block Unicoin’s planned Ini…
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