Alex Konanykhin, CEO of cryptocurrency company Unicoin, denounced the Securities and Exchange Commission lawsuit against his company on Wednesday, calling the allegations “blatantly false.”
What Happened: In a LinkedIn post, Konanykhin expressed shock and disappointment over the regulator’s legal action.
“This attack came when we believed a brighter future for cryptocurrency was emerging. Just a day before, SEC Commissioner Peirce, the Chair of its Crypto Task Force, said that such coins should not be regulated by the SEC,” he said.
In the speech referred to by Konanykhin, Hester Peirce stated that “most” cryptocurrencies were not securities according to her understanding.
“The SEC’s allegations are blatantly false. We intend to prove in court that they constitute yet another case of gross abuse of power,” Konanykhin said.
Konanykhin further defended Unicoin, stating it is “the most compliant cryptocurrency company in the country,” and the only one with years of audited financials and detailed SEC reports. He vowed to fight the allegations, stating that the SEC’s actions have caused multi-billion-dollar damages to Unicoin investors.
Konanykhin’s defense comes a day after the SEC filed fraud charges against the New York-based company and its top executives, including the Unicoin CEO, for deceiving investors and raising more than $100 million. In addition, the firm was accused of violating federal securities laws by engaging in unregistered offers and sales of rights certificates.
Photo Courtesy: JRdes on Shutterstock.com
Unicoin was the title sponsor for Benzinga’s 2023 Fintech Deal Days and Future of Digital Assets Event.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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