The United States Securities and Exchange Commission (SEC) announced today that it has settled its case against the Seattle-based crypto esports betting company Unikrn Inc., who will have to pay a fine of $6.1 million to the U.S. government. Unikrn carried out an unregistered Initial Coin Offering (ICO), according to the SEC’s complaint, which was a clear violation of U.S. federal securities law.
The violation took place in the summer of 2017, at the height of the cryptocurrency bubble. During that time, Unikrn raised $31 million by selling the UnikoinGold (UKG) token, claiming the token was an investment opportunity. The digital token ran on the Ethereum blockchain.
The post SEC fines esports betting company Unikrn $6.1 million for carrying out unregistered ICO appeared first on Dot Esports.