Topic: Block.one

Block.one, the company that launched a record-setting US$4.1 billion initial coin offering from the Cayman Islands in 2018, has paid $27.5 million to settle a class-action lawsuit.

The company that launched the world’s largest initial coin offering from the Cayman Islands has to pay a civil penalty of US$24 million to settle charges with the Securities and Exchange Commission that the token sale was not registered in the United States.

The Cayman Islands is facing somewhat of a dilemma. Although its regulatory regime is not tailored to cryptocurrencies, token offerings or distributed ledger technology, Cayman became home to the world’s largest initial coin offering this year.

Last June, the Cayman-registered blockchain firm Block.one opened its initial coin offering – the crypto version of an IPO.