The Securities and Exchange Commission announced today that Russian entity ICO Rating has agreed to pay $268,998 to settle charges that it failed to disclose payments received from issuers for publicizing their digital asset securities offerings.
The SEC’s order found that between December 2017 and July 2018, ICO Rating produced research reports and ratings of blockchain-based digital assets, including “tokens” or “coins” that were securities, and published this content on its website and on social media. ICO Rating billed itself as “a rating agency that issues independent analytical research,” and stated that its mission is “to help the market achieve the necessary standards of quality, transparency and reliability.” However, ICO Rating failed to disclose that it was paid by certain issuers whose ICO offerings it rated.
“The securities laws require promoters, including both people and entities, to disclose compensation they receive for touting investments so that potential investors are aware they are viewing a paid promotional item,” said Melissa Hodgman, Associate Director of the SEC’s Enforcement Division. “This requirement applies regardless of whether the securities being touted are issued using traditional certificates or on the blockchain.”
Conclusion, do you own research, and don’t be a shame to pay to a local investment adviser it can save you a large sum.
investment adviser = only a person with a valid licence.
Valid licence = the name of the person should be listed on https://www.investor.gov/ website.
By the way, in the UK it is financial advisor +valid licence = the name of the person should be listed on the Financial Services Register, while in Australia it is https://www.afa.asn.au/find-afa-financial-adviser.
Each country has a local list of investment adviser alike, please make sure to check your home country local list, it is your money and your responsibility. If you need help, please let us know via our contact us page, and we will assist you.