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The U.S. Securities and Exchange Commission (SEC) has initiated an official investigation into Unicoin, a cryptocurrency company based in Washington. CEO Alex Konanykhin has claimed that political pressures are influencing this process, urging the SEC to terminate the inquiry in a formal letter. He argues that the SEC is exerting disproportionate pressure on the company, with implications for Unicoin’s operations and plans for a public offering in the United States. Company officials express concern over the lack of any official updates from the SEC, rekindling discussions about regulation and power dynamics in the American cryptocurrency market.
Details of the Investigation Against Unicoin
Last year, the SEC issued a formal notification indicating that it might accuse Unicoin of serious allegations such as fraud, misleading statements, and selling unregistered securities. This notification could significantly impact the company’s future in the American market. The SEC’s action coincides with the Biden administration’s more controlled and interventionist approach toward the cryptocurrency sector.
The investigation is still ongoing, creating uncertainty surrounding the company’s operations. Unicoin officials state that while the review has reached its final stages, they have yet to receive clear information regarding registration processes. This situation poses a significant risk to the company’s investor confidence and future plans.
CEO’s Strong Criticism and Future Plans
Konanykhin noted that he sent a letter criticizing the SEC’s actions to the agency’s Crypto Task Force on March 17. He emphasized that the investigation exceeds jurisdictional boundaries and should cease. He also mentioned that the company faced pressure in the past not to go public in the U.S., hold an ICO, or raise funds.
Konanykhin views the SEC’s demands as interference in the company’s growth strategies, asserting that these pressures have limited Unicoin’s maneuvers in global markets. The company aims to regain momentum in its operations following a move to Europe, aiming to establish more transparent and flexible relationships with investors away from regulatory pressures.
Moreover, it has been reported that Unicoin promises high returns and employs diverse investment strategies, making it a focal point of the SEC’s interest. However, the CEO contends that the treatment the company has received has been harsher and disproportionate compared to other cryptocurrencies in similar situations.
Konanykhin reiterated Unicoin’s ongoing interest in the American market, suggesting that plans for a public offering might be revisited in the future. The outcome of the investigation seems poised to directly influence Unicoin’s roadmap in the U.S.
