The SEC leveled $4M in fines to Coinme, Up Global and their CEO over the ICO of UpToken which it alleges was an unregistered securities offering with misleading statements to initial…
using ICO funding. UP holders received benefits such as discounted fees and a 1% cashback paid in UP when using the ATMs.to use its cash-counting kiosks to facilitate cash-to-crypto transactions rather than its own ATMs. By July 2019 Coinme shut down all of its own ATMs.
The price of UP has seen a significant drawdown since, with its market cap also falling to around $50,000 and 24-hour trading volumes topping just over $180.Bergquist and Up Global also made “false and misleading statements” about the demand for UpToken and the amount raised in the offering, according to the SEC.program would create constant demand for the token, but the SEC said:
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