Messaging service Telegram is under investigation by the US regulator for the company’s Gram token sale, which raised $1.7 billion from accredited investors, many of whom were US citizens.
As reported by Coin Rivet on January 3, the SEC formally requested that the Southern District of New York Court pass a motion forcing Telegram to disclose its financial and banking information to support the case.
“Full disclosure of the sources, amounts, dates, and uses of funds are central to the SEC’s claims that Telegram violated Section 5 of the Securities Act by engaging in unregistered offers and sales of Grams.”
However, according to a report by Finance Feeds, the court has now denied the motion without prejudice.
Telegram has until January 9 to present a schedule for the review of its financial information.
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The recent communication from the firm reiterated that Grams were not sold with any equity rights or ownership interest in Telegram, nor do they offer any dividend or governance rights.
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