Monday morning, the SEC announced in a press release that the organizers of the Munchee ICO had terminated the token sale in accordance with an SEC order. To comply with the order, Munchee immediately halted the token sale and refunded all investor proceeds.
According to the SEC’s cease-and-desist order (PDF), although Munchee had marketed its coin as a utility token, the ICO organizers had marketed it as a security token, even though Munchee had not registered its securities offering with the SEC or followed other applicable securities regulations.
Source: http://strategiccoin.com/sec-just-halted-another-ico-means-startups-token-buyers/
According to the SEC’s cease-and-desist order (PDF), although Munchee had marketed its coin as a utility token, the ICO organizers had marketed it as a security token, even though Munchee had not registered its securities offering with the SEC or followed other applicable securities regulations.
Source: http://strategiccoin.com/sec-just-halted-another-ico-means-startups-token-buyers/
