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Coinme, Subsidiary and CEO Fined $4M by SEC Over UpToken Offering

Bitcoin (BTC) kiosk company Coinme has agreed upon paying nearly $4 million to settle charges by the U.S. Securities and Exchange Commission alleged it was party to an unregistered security offering, the regulator announced Friday. Coinme, its subsidiary Up Global SEZC, and the CEO of both entities Neil Bergquist are all targeted in the order for allegedly running a crypto fundraiser known as an initial coin offering (ICO) in 2017 for "UpToken." The SEC charged Bergquist and Up Global worked to obtain UpToken supply "that would substantially reduce Coinme's need to purchase UpToken" following the ICO.

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