SEC looks down on UpToken, imposes crypto fines

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) - The U.S. Securities and Exchange Commission has fined Seattle-based Coinme and related defendants nearly $4 million for conducting an unregistered and misleading offering of a crypto asset called UpToken.

Friday's settlement resolves claims that Coinme's Up Global unit and Neil Bergquist, who led both entities, misled investors in a late 2017 initial coin offering for UpToken, which was issued on the Ethereum blockchain.