Famous cryptocurrency promoter Ian Balina has dismissed the firm’s charges against him, declaring he is "excited to take this fight public."

On September 19, the US Securities and Exchange Commission charged the cryptocurrency promoter with violating federal securities law.

According to the complaint, in 2018, Balina endorsed unauthorized securities of SPRK tokens without disclosing that he was compensated for the promotion.

The commission also charged him with not filing a registration application with the firm after establishing an investment pool for the token on Telegram and reselling the tokens through it.

He noted, "The SEC charge creates a negative presumption for the the whole crypto industry." If investing at a discount in a private sale is illegal, the entire crypto VC space is in jeopardy."

He also stated that he refused to reach an agreement with the regulator, and the SEC wants to recoup his profits from the advertisements and fine him civilly.

Balina rose to prominence in the sector during the ICO boom of 2017 to 2018. The former IBM and Deloitte data analytics expert increased his popularity by reviewing several initial coin offerings on his YouTube channel.

He rose to prominence after losing $2 million in crypto assets to a hack while conducting an ICO review on Livestream. An audience notified him of the hack at the time, but he at first mistook it for a troll before realizing it was real.

Meanwhile, several people in the cryptocurrency space have expressed disbelief that the SEC is pursuing someone from 2018. However, given his actions, some people believe he deserved it.

What do you think about the SEC’s move to charge Balina? Do you consider that he should be indicted for his actions? Let us know your views and opinions by sharing this article on social media.

*Article photo credits to their rightful owner*

Sep 20, 2022
Crypto News

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