• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Blockchain News

SEC shuts down blockchain-based job platform

Kamsi King by Kamsi King
Aug 15, 2020 at 01:47 pm
Updated Aug 16, 2020 at 04:33 pm
in Blockchain News
2 min read
Blockchain-based job platform
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

SEC has announced that it has sanctioned Blockchain-based job platform, Boon.Tech over hosting an illegal Initial Coin Offering and trying to scam investors.

In the official statement, the Securities and Exchange Commission (SEC) said the charges were levelled against the Blockchain-based job platform over their failure to register the ICO(Initial Coin Offering). 

Furthermore, the US regulatory outfit said they had charged the CEO of the platform, Rajesh Pavithran as SEC said they misled the entire public and investors. 

RelatedPosts

Tech Mahindra developing a Stablecoin service targeting banks

South Korea to launch blockchain-based vaccine passports

Sushiswap contract launches on 5 different networks

Binance Smart Chain unique addresses hit 47.3M ATH

In the statement, SEC said the CEO and his company raised about $5 million from the ICO platform from 2017 to 2018. According to the activities of the company, they offered boon coins for sale as about 1,500 investors purchased.

The platform was used by freelancers to find prospective clients

The Blockchain-based job platform is used majorly by freelancers who offer their services as a means to connect with prospective clients. According to the regulatory body, the platform failed to register the boon coins before they started the sale of the coins. 

Furthermore, SEC announced that the platform misled the general public because they announced that the coins on the platform were stablecoins because of an alleged technology that eliminates volatility. In their final statements, SEC said Boon.Tech did not own such technology.

Illegal Blockchain-based job platform fined

The Blockchain-based job platform was also sanctioned because they told their investors that their platform was fast, efficient and presented more scalability because they were using their Blockchain. 

According to a high ranking officer at SEC, firms need to be truthful with their investors if they plan to issue securities. She further stated that the CEO of Boon.Tech misleads the general public after they made claims that were not true concerning their platform. 

Presently, Boon.Tech has agreed to forfeit the entire money gotten from the sale of the coins. Furthermore, the platform has been asked to destroy all the boon coins in its possession and pay a fine of $600,335

Tags: blockchain and AI
Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Related Posts

Tech Mahindra Stablecoin
Blockchain News

Tech Mahindra developing a Stablecoin service targeting banks

Apr 07, 2021 01:19 pm
Vaccine passports
Blockchain News

South Korea to launch blockchain-based vaccine passports

Apr 01, 2021 10:00 am
Sushiswap contract
Blockchain News

Sushiswap contract launches on 5 different networks

Mar 08, 2021 10:53 am
Binance Smart Chain
News

Binance Smart Chain unique addresses hit 47.3M ATH

Mar 02, 2021 12:01 pm
SBI adopts JPMorgan’s Blockchain network for cross-border payments
Blockchain News

SBI adopts JPMorgan’s Blockchain network for cross-border payments

Feb 23, 2021 09:57 am
digital dollar
Blockchain News

The U.S. government needs to focus on the digital dollar and blockchain – BRI report

Feb 16, 2021 07:44 pm

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • DOGE Price Prediction

    DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1370 shares
    Share 548 Tweet 343
  • Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1346 shares
    Share 538 Tweet 337
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1318 shares
    Share 527 Tweet 330
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1299 shares
    Share 520 Tweet 325
  • Dent Token Prediction for 2021 – 2025

    1253 shares
    Share 500 Tweet 313

Latest News

Facebook Diem

Libra resurfaces as Facebook Diem prepares for launch 2021

April 20, 2021
Former OCC chief, Brian Brooks is joining Binance.US as CEO

Former OCC chief, Brian Brooks is joining Binance.US as CEO

April 20, 2021
Venmo now allows buying and selling of digital currencies

Venmo now allows buying and selling of digital currencies

April 20, 2021
XRP Investors

XRP investors file lawsuit against SEC

April 20, 2021
Stellar Price Prediction

Stellar Price Prediction: XLM moving towards a crucial level that could push it above the $1 mark

April 20, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 1

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.