‘Black Cell’ ICO halted, refunds to be issued

Asia Hong Kong

The initial coin offering (ICO) by a start-up company Black Cell Technology Limited in which it offered “krop” token as a means of connecting buyers with crop and livestock producers, has been halted by the Hong Kong’s Securities and Futures Commission (SFC).

The commission cited securities laws violations as the reasons for its decision. According to the SFC statement, Black Cell failed to register its offering which was de facto a Collective Investment Scheme (CIS), that requires preregistration and authorization.

Black Cell agreed to return funds to the investors.

 

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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