On January 30, the SEC announced its action against an allegedly fraudulent ICO initiated by a cryptocurrency banking platform. The SEC detailed how the company "falsely stated that it purchased an FDIC-insured bank" and failed "to disclose the criminal background of key executives." The SEC obtained an emergency freeze order from the court, which also appointed a receiver to handle and manage all assets of the company, including the digital cryptocurrency assets, while the case is resolved. For more information, see the Jones Day Alert.
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