The United States Securities and Exchange Commission (SEC) stopped the ICO, which was going to raise up to $ 15 million from thousands of investors for developing iPhone apps related to food and beverage outlets.
In the Agency message, published on Monday, it says that the California company Munchee Inc. agreed to stop ICO and return funds collected from investors after the SEC issued a report that “MUN tokens” do not meet safety requirements.
The Supreme US regulators warned investors not to throw money “into the wind”, as the company did not even try to follow the United States securities laws. The SEC division of enforcement Сo-Director Stephanie Avakian, said ”We decided not to impose a fine because the company quickly closed the ICO and immediately returned the funds received prior to the issuance of tokens, and cooperated with the investigation.”
The Munchee case is the second revealed by a new cyber division of the SEC, which was created in September. Just a week ago, SEC arrested PlexCoin ICO which rose about $15 million from investors from the United States and Canada.