Australia Cracks Down on Misleading and Deceptive Initial Coin Offerings

Australia’s financial regulator is cracking down on deceptive and misleading initial coin offerings (ICOs), citing “a serious breach of the Australian law.” As a result of the regulator’s inquiries, some issuers have halted their token sales or are modifying their structures. ASIC Takes Action Against ICOs The Australian Securities and Investments Commission (ASIC) announced on Tuesday that it is taking action “on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs).” ASIC is an independent Australian government body that acts as the country’s corporate regulator. Citing that “these offers can involve significant risks for investors that are often not disclosed or well understood,” the Commission wrote: ASIC is issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive. This is in addition to our inquiries where we identify potentially unlicensed…

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