The U.S. Securities and Exchange Commission has fined Seattle-based Coinme and related defendants nearly $4 million for conducting an unregistered and misleading offering of a crypto asset called UpToken.
The SEC said investors were led to believe Up Global would limit the supply of UpToken, while Coinme would create constant demand for UpToken to fund a bitcoin automated teller machine rewards program, helping boost UpToken's price. It also said Up Global and Bergquist falsely told investors that the offering raised $10 million to $18.9 million despite knowing that it actually raised much less, $3.65 million.
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