Unicoin’s CEO Dismisses SEC’s Settlement Offer in Ongoing Investigation
In a recent letter addressed to shareholders, Unicoin’s CEO Alex Konanykhin rejected the SEC’s proposed negotiations to settle the ongoing investigation into the Miami-based cryptocurrency company. He expressed that the SEC’s actions have led to significant financial hardships for both investors and token holders, describing the damages as multi-billion dollar.
Key Points:
- Unicoin has firmly turned down the SEC’s attempt to reconcile over an investigation that began months ago.
- The SEC had delivered a Wells notice last December, hinting at possible enforcement actions for supposed breaches of securities laws.
- Mr. Konanykhin emphasized the detrimental impact that the SEC’s investigation has imposed on the financial prospects of the company.
Konanykhin’s letter highlighted that the SEC had issued an ultimatum for them to attend a settlement meeting, which they chose not to attend due to what he deemed unacceptable demands. He refrained from sharing details to preserve confidentiality regarding discussions between Unicoin’s legal representatives and the SEC.
“The SEC’s investigation has caused us multi-billion-dollar damages,” Konanykhin claimed, adding, “Had it not been for the SEC’s intervention, we might have been a publicly traded company valued over $10 billion today.”
The SEC has faced criticism for its strategic pauses in many ongoing investigations into cryptocurrency entities and has recently settled with other companies, showing signs of navigating its regulatory approach towards the crypto industry more cautiously.
Despite the turmoil, Unicoin strives to move ahead, insisting on its potential and market opportunities, which they feel have been hindered by the SEC’s scrutiny.
