Australia's Securities Watchdog Moves to Halt 'Deceptive' ICOs

Initial Coin Offerings
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Australia's Securities Watchdog Moves to Halt 'Deceptive' ICOs

Tue May 01, 2018 4:36 pm

The Australian Securities and Investments Commission (ASIC) said Tuesday that it is taking aim at fraud in the initial coin offering (ICO) market.

In a statement published May 1, the agency said that it is "issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive." Additionally, the securities watchdog suggested that it was moving to halt unlicensed activity as well.

"As a result of our inquiries, some issuers have halted their ICO or have indicated the ICO structure will be modified," ASIC disclosed, though it didn't say how many token sales have been canceled or changed in light of the agency's actions. ... tive-icos/

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