Crypto firm Unicoin has rejected SEC settlement offer

The company’s CEO claims the regulator’s investigation has caused the company multi-billion dollar damage

23.04.2025 - 12:55

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3 min

What’s new? Miami-based crypto firm Unicoin has rejected a settlement offer from the US Securities and Exchange Commission (SEC) that would have closed an ongoing investigation into it, CEO Alex Konanykhin said in an email to investors. He said the SEC made demands that he found “unacceptable.”

Material by CoinDesk

What else is known? Last December, the SEC sent Unicoin a Wells notice on suspicion of fraud and selling unregistered securities. The regulator sends Wells notices to companies when it finds violations of securities laws, signaling a willingness to go to court. So far, no enforcement action has been taken against the company in connection with the notice.

After Donald Trump’s inauguration, the SEC began to adopt a more crypto-friendly policy and closed investigations into a number of companies, including exchanges Coinbase, Uniswap and Kraken, gaming platform Immutable, and NFT marketplace OpenSea.

Crypto lawyer Paul Atkins has been officially named SEC chairman

His candidacy was proposed by Trump

The SEC’s cases against the Binance exchange, the TRON blockchain, and several other crypto firms have been put on hold so that the parties can agree on a settlement. For example, the SEC recently reached a settlement with Nova Labs, the parent company of the Helium blockchain. It paid a $200 000 fine to settle allegations of securities fraud, and the SEC retracted its statements that HNT, MOBILE, and IoT tokens were securities.

As for Unicoin, in his letter to investors, Konanykhin said the SEC’s investigation has caused “multi-billion dollar damage” to the company and its investors.

“We would likely be a $10B+ publicly traded company by now if the SEC had not blocked our ICO, stock exchange listing and fundraising,” Konanykhin wrote, adding that the SEC had prevented Unicoin from acting on the “very favorable market opportunities.”

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