As part of the trial against him Telegram, the American regulator DRY claims that the messaging application has ICO because she needed funds to pay her servers.
According to a new document published by the Security of Exchange (SEC) the United States, Telegram organized selling digital tokens in January 2018 to replenish its cash, reports Coindesk.
According to the American stock market policeman,ICO of Telegram, which was presented as a way to finance the development of its blockchain project YOURwas just a pretext to raise funds and avoid a traditional fundraiser.
“In 2017, Durov therefore needed“ cash ”to pay for the Messenger servers and associated services. He considered selling the shares, but decided not to do so, fearing that it would affect the integrity of the business, its values and its ethics. Telegram also did not want to start billing users or selling ads, saying it would hamper its ability to expand its user base and keep up with the competition, "wrote the regulator.
In early 2018, Telegram collected $ 1.7 billion during two private sales for his future digital piece GRAM.
This fall, as Telegram prepares to launch its TON blockchain network, the SEC sued the firm for selling its tokens without first registering the offer in the United States.
Following SEC action, Telegram finally decided to postpone the launch of YOUR and GRAM in spring 2020.
Earlier this month, the case court dismissed the regulator’s request to force Telegram to provide its ICO’s financial statements. The trial is still ongoing.
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