Telegram May Delay Coin Launch as SEC Halts U.S. Sales
- Regulator says messaging app illegally marketed tokens in U.S.
- Company planned to issue 2.9 billion ‘grams’ by end of October
Photographer: Chris Ratcliffe/Bloomberg
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Telegram, a popular encrypted messaging app with about 300 million users, may postpone plans to launch its own cryptocurrency after the Securities and Exchange Commission obtained a restraining order to stop the sale of the tokens in the U.S.
The company, which raised more than $1.7 billion last year for its project, told investors it’s evaluating ways to resolve the agency’s concerns, including potentially delaying the issuance of the tokens beyond its October 31 target, according to a note sent to investors and seen by Bloomberg News.