Philippines Securities Regulator Orders Halt to ICO

The Philippines Securities and Exchange Commission filed a cease-and-desist order against four companies and an operator running an initial coin offering (ICO), citing securities registration regulations, a newly released document reveals.

The order, dated Jan. 9, 2018 and posted on the agency’s website today, cites four affiliated companies – Black Cell Technology Inc., Black Sands Capital Inc., Black Cell Technology Limited and Krops – as operators of the KropCoin token sale, claiming to sell “the world’s first agriculture marketplace crypto equity ICO.”

The document also identifies Filipino resident Joseph Calata as a founder or executive for all four companies.

All four of the companies declare their affiliation with the KropCoin token, which the filing notes is built on the ethereum network…

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