ShipChain Denied Charges of Violating the Securities Act


According to a statement on May 24, a large logistics company ShipChain denied reports that the state government of Carolina filed a lawsuit against the company.

As you know, earlier this week, the Attorney General of the State of Carolina issued a decree according to which the company must cease its activities because of a violation of the law on securities. According to official documents, the decree was issued due to the fact that ShipChain carried out operations with securities without having state permission. Also, the company promoted its own token, created on the basis of the Ethereum platform.

ShipChain assures that they did not communicate with government representatives on this issue. According to the representatives of the company, their activities related to the offering of tokens were absolutely legal and corresponded to all norms and laws on securities. Also, it was reported that the sale of the tokens took place before the company opened an office in the territory of the state of Carolina.

The company claims that they did not sell tokens for mass use and do not intend to do it in the future. According to the data, coins are available only to qualified investors, among whom there are no residents of South Carolina. Representatives of the company report that:

“ShipChain is not aware that SHIPs were even offered in South Carolina or to any South Carolinian during the private sale.”

According to the law, the company can challenge the prosecutor’s decision and request a review of the case within 30 days.

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