SEC Fines ICO Rating Website For Gratification To Give Better Review
On 14 July, The United States Securities and Exchange Commission (SEC) revealed that they charged an ICO Rating website “Coinschedule” because of giving a high fake positive rating for money.
Coinschedule is a website which is established in 2019. This website is based on the U.S and in the very starting this website was famous to inform people about the upcoming ICOs and Coins launching date. It is specially known for its community review ratings about ICOs on their platform. Usually rating systems for particular Services are based on the analysis by the team of platform and users. Through their rating system they indicate which ICO is scammy and which ICO is less scammy. But here in this case Coinschedule tried to mislead people through a high positive fake rating.
On the basis of order from SEC, Coinschedule stated
“The platform claimed to ‘list’ or profile the ‘best’ token offerings, such as so-called initial coin offerings (ICOs) and initial exchange offerings (IEOs), and stated that its ‘mission is to make it easy and safe for people around the world to join ICOs.'”
But actually, This website was taking money from ICOs & IEOs to give positive and better reviews. It was totally under criminal act according to the anti-touting provisions of the Securities Act’s Section 17(b).
U.S’s SEC charged a total of $200,000 and they gave a chance to the platform to keep their platform clean from any type of such activities which are harmful for people .SEC didn’t reveal the name of the Coinschedule operator and also Coinschedule directly accepted to pay the fine amount without any problem.