Close Menu
AsiaTokenFundAsiaTokenFund
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
What's Hot

US OCC Gets New Chief with Crypto Industry Roots

July 11, 2025

Ethena rockets to $290 million in revenue, seeks SEC clarity on USDe

July 11, 2025

Bitcoin Uptrend Intact, But Binance Activity Warns Of Short-Term Pullback

July 11, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) YouTube LinkedIn
AsiaTokenFundAsiaTokenFund
ATF Capital
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
AsiaTokenFundAsiaTokenFund

US court rules crypto influencer conducted unregistered offering of crypto asset securities

0
By Aggregated - see source on May 24, 2024 Regulations
Share
Facebook Twitter LinkedIn Pinterest Email

the U.S. District Court for the Western District of Texas granted partial summary judgment in favor of the Securities and Exchange Commission (SEC) against crypto influencer Ian Balina.

The court ruled that Balina offered and sold SPRK Tokens as securities in unregistered transactions, affirming that US securities laws apply to his activities.

SPRK deemed security

The SEC’s complaint, filed on Sept. 19, 2022, alleged that Balina purchased $5 million worth of SPRK tokens from Sparkster, Ltd. in May 2018. He then allegedly organized an investment pool of about 68 individuals, to whom he offered and sold SPRK tokens without registering the offering with the SEC as mandated by federal securities laws.

The SEC also claimed that Balina promoted SPRK tokens on YouTube, Telegram, and other social media platforms from May to July 2018 without disclosing a 30 percent bonus provided by Sparkster as compensation for his promotional efforts.

The SEC charged Balina with violating the offering registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and with violating Section 17(b) of the Securities Act for failing to disclose consideration received for his promotions.

The regulator had sought partial summary judgment on the unregistered offering violation and requested a ruling that SPRK Tokens were offered and sold as securities.

Alongside its charges, the SEC also issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya. The company contributed over $35 million to a fund for harmed investors and paid various other fees and penalties.

Promotion charges remain

The SEC additionally alleged that Balina promoted SPRK tokens on YouTube, Telegram, and social media between May and July 2018. He allegedly failed to disclose that Sparkster Ltd. offered him a 30% bonus on his token purchases in exchange for his promotions.

The promotional charges fall under Section 17(b) of the Securities Act.

Balina moved for summary judgment on both SEC claims. The court denied his requests and did not decide on Section 17(b) claims as a matter of law, leaving the promotional charges in play.

Latest Alpha Market Report

Credit: Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethena rockets to $290 million in revenue, seeks SEC clarity on USDe

July 11, 2025

Bitcoin Price Sets New ATH of Above $113.7k on July 10: Is Crypto Parabolic Rally Next?

July 10, 2025

Dogecoin Enters a Critical Zone: Can Bulls Push DOGE Price to $0.22?

July 10, 2025
Leave A Reply Cancel Reply

What's New Here!

US OCC Gets New Chief with Crypto Industry Roots

July 11, 2025

Ethena rockets to $290 million in revenue, seeks SEC clarity on USDe

July 11, 2025

Bitcoin Uptrend Intact, But Binance Activity Warns Of Short-Term Pullback

July 11, 2025

Bitcoin price hits new ATH near $114k but holders keep BTC off exchanges

July 10, 2025
AsiaTokenFund
Facebook X (Twitter) LinkedIn YouTube
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
© 2025 asiatokenfund.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.