- Telegram Postpones the Launch of TON Blockchain to April 30, 2020
- Telegram Has Decided to Fight Back the Allegation by the SEC
- Facebook Is Also Experiencing Delays Due to Regulatory Uncertainty
Cryptocurrency News Today – Telegram just announced that it is postponing the launch of its TON blockchain. The messaging giant has informed investors about the return of their investments as part of the deal. The delay in the launch of the TON blockchain is accompanied by the case the US Securities and Exchange Commission filed against the messaging app provider for carrying out an illegal Initial Coin Offering.
Telegram Postpones the Launch of TON Blockchain to April 30, 2020
According to the announcement, investors can get about 77 percent of the amount they invested. The firm wants to extend the launch of the TON Blockchain to April 30, 2020. The initial date of the launch is October 30. However, Telegram has decided to move the date due to regulatory issues.
Telegram Has Decided to Fight Back the Allegation by the SEC
The decision of the company to shift the launch date of TON is as a result of charges filed against it by the US SEC for leading an ICO sale for its GRAM tokens that are not registered. The firm sent out emails to investors that detailed how the lawsuit has made the launch of the blockchain network unachievable at the earlier scheduled date. The firm has also decided to fight back the allegation.
The firm sent the message to the investors that participated in the second fundraising round of the project that took place in February last year. Members were made to sign the form of approval regarding the extension of the deadline before October 23.
If the majority of the investors do not agree with the decision, they will get back about 77 percent of the money they invested in the project. They have scheduled a court hearing in the Initial Coin Offering for October 24.
Facebook Is Also Experiencing Delays Due to Regulatory Uncertainty
Many top players from several industries have been trying to take their share in the fast-growing crypto industry. The largest social media platform in the world – Facebook – disclosed its intention to create its own digital currency. The firm started the Libra Project – which is overseen by the Libra Association.
However, the Libra project is also yet to launch due to regulatory issues. The firm is still battling with regulators to get the green light it needs to launch the project. The delay has also resulted in the backing out of some of its members. Top firms such as MasterCard, Visa, PayPal, and four others have left the Libra Foundation.