#SKRUMBLE NETWORK ICO IAN BALINA REGISTRATION#

Although he agreed to receive a 30% bonus from Sparkster on the tokens he purchased in the Sparkster Offering, Balina never publicly disclosed the consideration he received for his promotion.īalina also organized on Telegram an investing pool of about fifty individuals. The crypto-influencer is also accused of making a rather lucrative deal with the token-issuer, Sparkster, that he failed to disclose to investors.īalina signed a contract to invest approximately $5 million in the Sparkster Offering and promoted the offered SPRK tokens on YouTube, Telegram, and other social media platforms. While the action against Balina certainly belongs with the often-seen SEC actions against unregistered ICOs that have also targeted other important names within the crypto industry such as Binance, it has some notable additions. Join our Telegram group and never miss a breaking digital asset story. The SEC is requesting that Baline and all entities belonging to him get barred from future securities-related promotions and offerings, and be forced to pay civil fines and disgorge himself of the “ill-gotten gains.”

#SKRUMBLE NETWORK ICO IAN BALINA REGISTRATION#

He also failed to file a registration statement with the SEC for the tokens that he re-sold using an investing pool that he organized.Īccording to the complaint, the ICO took place in 2017 and raised $30 million from over 4,000 investors. Balina, a self-described crypto asset investor, promoter, and influencer, who claimed he could help people “make millions with initial coin offerings,” failed to disclose the compensation he received from the issuer while he publicly promoted the tokens. This action concerns Ian Balina’s unregistered offering and promotion in 2018 of crypto asset securities called SPRK Tokens. The Youtuber and influencer is accused of undertaking an unregistered token offering, as well as not disclosing the compensation he received from the coin issuer. The complaint filed in the United States District Court Western District of Texas identifies two wrongdoing committed by Balina. This is the latest in a long line of SEC suits over ICOs undertaken after the publication of the 2017 DAO report. On Monday, September 19th, the Securities Exchange Commission filed a complaint against Ian Ballina, a prominent crypto influencer, over an unregistered initial coin offering from 2018. Please consult our website policy prior to making financial decisions. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.

Skrumble network ico ian balina