The Securities and Exchange Commission is sinking the company behind another initial coin offering.

Stop and stop as of December 21 to orderThe SEC has determined that ShipChain’s ICO for its SHIP tokens was another example of an unregistered disguised securities offering.

Registered ShipChain raised $ 27.6 million from late 2017 to early 2018, during the flood of the ICO craze. The company registered in Delaware in late November 2017 and pledged to improve transportation and shipping transparency with its undeveloped blockchain platform. Unfortunately for the company, it linked access to that platform to the purchase of SHIP tokens and even paid promoters of the ICO in those tokens, committing several of the deadly sins of the securities laws at the same time.

ShipChain announced launching its mainnet in late July this year, but the company appears to have packed its bags sometime in October. Indeed, there were some spikes in the price and market capitalization of SHIP in the second half of this year, but now the company will have to hand over all of its SEC appointees.

Source: CoinMarketCap

In addition to the return of all SHIP tokens, the SEC fined ShipChain $ 2,050,000, which the SEC calibrated on the basis that ShipChain has decided to cease all operations and that the fine has imposed substantially all of its net assets. ShipChain represents “.

ShipChain, based in South Carolina, received a similar cease-and-desist order of the state securities regulator in May 2018. The company managed to get out of that binding.

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