{"id":247011,"date":"2020-01-14T15:57:16","date_gmt":"2020-01-14T20:57:16","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=247011"},"modified":"2020-01-14T15:57:16","modified_gmt":"2020-01-14T20:57:16","slug":"telegram-agrees-to-disclose-financial-records-related-to-gram-ico","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/telegram-agrees-to-disclose-financial-records-related-to-gram-ico","title":{"rendered":"Telegram Agrees to Disclose Financial Records Related to GRAM ICO"},"content":{"rendered":"

Mobile messaging giant Telegram has agreed to release its financial records as part of an ongoing battle with the United States Securities and Exchange Commission (SEC) over its planned token offering.<\/p>\n

The move was made public in a filing with the Court of the Southern District of New York (SDNY), which declared that Telegram has until February 26 to provide its bank records to the Court for examination. The ruling made it clear that Telegram will be able to redact any information it deems private, as long as those redactions are in accordance with foreign privacy regulations.<\/p>\n

A subsequent letter for the Berlin-based company\u2019s attorneys to the Court expressed their commitment to abide by the ruling, and they claimed that they\u2019d be providing the financial watchdog with their records as early as January 15. As the letter explained, an unredacted record will be submitted to the financial watchdog, while a redacted version will be released to the public.<\/p>\n

Telegram Had Put a Strong Fight<\/h2>\n

The SEC had made previous requests for this information, as a January 2 application claimed that the agency was looking to understand how it spent the funds raised in two separate Initial Coin offerings (ICOs)- fundraising processes where the company is reported to have gotten a combined$1.7 billion from investors.<\/p>\n

At the time, the SEC revealed that the financial records of the messaging company would help it as it builds its case, adding that the entire ICO constituted an unregistered securities sale. The agency asked for both testimonies from top Telegram officials and proper documentation, which, as it claimed, will help provide answers as to the sources and use of the funds the company was able to raise.<\/p>\n

Telegram immediately went on the defensive, explaining in a letter to the SDNY that the SEC was simply going on an \u201cunfounded fishing expedition.\u201d In the letter, Telegram\u2019s attorneys pointed out that the company\u2019s financial records have no bearing or implication on this case, adding that they\u2019d do nothing but constitute an undue burden on the firm.<\/p>\n

\u201cPlaintiff’s letter misconstrues the legal issues in the case and omits critical facts. Defendants respectfully submit that the Plaintiffs motion to compel constitutes an unfounded fishing expedition and should be denied,\u201d the rebuttal letter added.<\/p>\n

The SEC Gets Its Wish<\/h2>\n

The SDNY eventually rejected the application for Telegram\u2019s<\/a> financial records on January 6, marking what many believed was a definite victory for Telegram at the time. However, the court order also compelled the company to prove that its bank records were in compliance with foreign data privacy laws.<\/p>\n

In part, the order read, \u201cThe Court denies, without prejudice, plaintiff\u2019s application to compel the production of defendant\u2019s bank records. By January 9, 2020, defendant shall set forth in a declaration a proposed schedule for a review of the requested bank records to ensure that production of such records complies with foreign data privacy laws.\u201d<\/p>\n

Now that the SEC has agreed to make its records public and submit them, the ball seems to be in the financial watchdog\u2019s Court. The agency is expected to scrutinize the records dutifully to see if it can nail Telegram on any financial disclosure violations, but barring that, there seems to be no other argument for the agency not to allow Telegram to continue offering a token that\u2019s already been delayed by four months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile messaging giant Telegram has agreed to release its financial records as part of an ongoing battle with the United States Securities and Exchange Commission […]<\/a><\/div>","protected":false},"author":1770,"featured_media":243678,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[3943,5660],"acf":[],"yoast_head":"\nTelegram Agrees to Disclose Financial Records Related to GRAM ICO - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Telegram has agreed to release its financial records as part of an ongoing battle with the United States SEC over its planned token offering.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telegram Agrees to Disclose Financial Records Related to GRAM ICO\" \/>\n<meta property=\"og:description\" content=\"Telegram has agreed to release its financial records as part of an ongoing battle with the United States SEC over its planned token offering.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-14T20:57:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/sec-telegram.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"739\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Telegram Agrees to Disclose Financial Records Related to GRAM ICO\",\"datePublished\":\"2020-01-14T20:57:16+00:00\",\"dateModified\":\"2020-01-14T20:57:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011\"},\"wordCount\":572,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"SEC\",\"Telegram\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247011\",\"name\":\"Telegram Agrees to Disclose Financial Records Related to GRAM ICO - 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