New York – Crypto Company Unicoin plans to present a motion to dismiss the demand of the United States Stock Exchange and Securities Commission (SEC) that accuses the company and its senior executives of deceptive investors and raising more than $ 100 million under false claims. The motion, which will be presented today, challenges the accusations of the SEC and defends the company’s compliance and transparency practices.
The SEC complaint, presented in May, states that Unicoin exaggerated the value of real estate holdings in Argentina, Antigua, Thailand and the Bahamas, which allegedly supported their Token. The regulators also claim that CEO Alex Konanykhin and other executives misrepresented the company’s financial position while marketed “UNICOIN RIGHTS CERTIFICATES”, and that some sales involved investors who were not accredited.
Unicoin responds that all property agreements were backed by binding contracts, and that the SEC misunderstood the contractual commitments such as completed transactions. The company emphasizes that marketing materials included risk warnings together with growth projections, and that it presented voluntarily, published audited financial statements and a limited participation to accredited investors.
Konanykhin criticized the sec approach, claiming that he was politically motivated. He referred to the former president of the SEC, Gary Gensler, claiming that the agency deliberately blocked the Planned Nyse list of Unicoin to undermine cryptographic initiatives. According to Konanykhin, the SEC issued a wave of citations in May 2024 aimed at investors, corridors, auditors and suppliers, interrupting the company’s operations. He also declared that the previous investigations of the SEC did not find violations and described the current demand as a “manufacture of charges.”
The dispute focuses on several high profile agreements. In 2023, Unicoin announced a $ 335 million agreement to acquire a luxury resort in Thailand, with the payment planned in only 140% of the value of the property evaluated. The SEC states that these agreements were exaggerated, but Unicoin argues that the transfer of property was always intended to occur after the CPI, which was delayed due to regulatory actions.
Legal experts warn that Unicoin faces a challenging path. Katherine Reilly, a member of Pryor Cashman and former federal prosecutor, said the case aligns with the accusations of fraud of traditional values, including the misrepresentation of the support of the company’s assets and finances. Although the current administration of the United States has indicated support for cryptographic entrepreneurship, Reilly said, judges in the Southern District of New York can still prioritize the strict application of the Securities Law.
Unicoin insists that demand has blocked investor profits and delayed corporate growth, estimating that the company could be worth $ 25 billion today if it were not for regulatory interventions. Konanykhin also said that the SEC’s action has inflicted financial damage to 8,000 investors and promised to seek a vigorous legal defense.
The Court’s decision on the Unicoin dismissal motion will decide whether the SEC can hold cryptographic companies for the statements they make about the assets of the real world that support their tokens. A loss for Unicoin would probably trigger a closer scrutiny of tokens sales and the strictest application of the dissemination rules, affecting other cryptographic companies that plan offers backed by assets. However, a victory would give companies a clearer path to raise funds and issue sheets while maintaining within the legal limits. Analysts and investors are observing closely, since the decision could influence how the values ​​supported by cryptocurrencies are structured and marketed in the United States.
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(Tagstotranslate) Unicoin Sec Requires 2025
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