Telegram has agreed to provide the Securities and Exchange Commission (SEC) with communications relating to purchase agreements for its 2018 Initial Coin Offering (ICO).

The firm has filed an order of consent, agreeing to hand over the communications and documents requested by the SEC, including purchase agreements between the firm and the initial buyers of its Gram tokens during its 2018 ICO. 

It is the latest development in a battle that really commenced in October 2019 when the SEC accused the company of conducting an unlicensed offering of securities. In March 2020, a New York District Judge sided with the SEC and issued a preliminary injunction against Telegram, ordering it to halt issuing tokens. 

As we previously reported, despite Telegram’s legal battles in the United States, and the fact it is having to offer refunds to all US-based investors, Telegram’s global community is taking matters into its own hands.

On 7 May, the same day Telegram filed its consent order, the Free Telegram Open Network (TON) community launched a version of the TON blockchain via a fork, declaring “the initial creator TON (Telegram/The Open Network) blockchain, can no longer be involved.”

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