tZERO settles with SEC over late filings under ATS rules

1/11/2022 2:13:00 AM

The SEC censures tZero for delayed filings.

tZERO settles with SEC over late filings under ATS rules

The SEC censures tZero for delayed filings.

January 10, 2022, 6:12PM EST · 1 min readadvertisementThe Securities and Exchange Commission is fining tZERO, a leading platform for security tokens in the US, for off-market trading.Per a January 10order, the SEC says that tZERO made a number of errors in its filing of disclosures. tZERO operates as an alternate trading system, which has different filing requirements than a typical securities exchange.

According to the settlement, tZERO failed to disclose several changes to its operations within the normal timings. These include the use of non-U.S. trading information from Blue Ocean Financial Technology (a Singapore-based firm that tZEROacquiredin 2017), a subscribing broker's publication of tZERO's security token pricing on its platform, and the way it was vetting user access to the platform itself.

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'the market has been plagued by limited venues for trading' ATS is not and will not be the solution to mass adoption of security tokens.

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by January 10, 2022, 6:12PM EST · 1 min read advertisement The Securities and Exchange Commission is fining tZERO, a leading platform for security tokens in the US, for off-market trading.12 seconds ago SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme The U.charged the would-be creator of a “decentralized” Amazon Web Services alternative with scamming investors out of millions.paul.

Per a January 10 order , the SEC says that tZERO made a number of errors in its filing of disclosures. tZERO operates as an alternate trading system, which has different filing requirements than a typical securities exchange. Securities and Exchange Commission (SEC) has charged an Australian citizen who called himself the “Man behind the Machine” in a fraudulent crypto scheme that raised almost $41 million. According to the settlement, tZERO failed to disclose several changes to its operations within the normal timings.8 million to South African gold mines as investors’ cryptocurrency tokens became worthless. These include the use of non-U.” ‘Man Behind the Machine’ Charged by SEC The SEC announced Thursday charges against Australian citizen Craig Sproule and two companies he founded for “defrauding Investors.S.S.

trading information from Blue Ocean Financial Technology (a Singapore-based firm that tZERO acquired in 2017), a subscribing broker's publication of tZERO's security token pricing on its platform, and the way it was vetting user access to the platform itself. and Metavine Inc. But the complaint says he made false and misleading statements, and this platform was never built as advertised. The order requires tZERO to pay $800,000 in penalties to the US securities regulator, without admitting or denying the findings, and issues a cease and desist against future violations in the future. On the whole, it's a fairly minor fine but may signal heightened expectations for alternative trading systems to keep their reporting in line in the future.” The securities regulator explained that Sproule referred to himself in social media postings as the “Man behind the Machine. Despite earlier hype around security token offerings or STOs, the market has been plagued by limited venues for trading. And as Sproule attempted to raise money, Crowd Machine allegedly sent $5. tZERO is one of the largest such platforms but still sees most of its volumes come from its own digitized securities or those of affiliate Overstock.7 million in an initial coin offering (ICO) of Crowd Machine Compute Tokens (CMCTs).

Overstock has faced its .