US SEC Charges Blockchain Marketplace Opporty With Fraud

The US SEC charges a blockchain marketplace Opporty International with fraud according to the litigation release that we have in our latest blockchain news today.

During 2017 and 2018, Opporty and its founder Sergii Grybniak raised more than $600,000 in the unregistered token sale or ICOs. According to the litigation release, the US SEC charges the platform alleging that the company falsely claimed to have registered with the SEC and that it falsely claims to fulfill the regulatory requirements and laws. Opporty actually never registered with the SEC according to the agency itself. The platform also reportedly deceived investors by exaggerating its progress since it made ‘’ materially false and misleading impressions about the legitimacy, use, growth, and success of its platform’’ according to the text of the SEC’s complaint.

Opporty was designed to act as a B2B marketplace that will leverage the development of blockchain solutions which means that it should offer a platform that allows businesses to offer services to one another. During the sale, the platform claimed to have 6,000 verified providers who wanted to do business on and contributing content to the platform. However, the SEC claims that these providers have expressed no willingness to participate and Opporty claimed to have a catalog of more than 17 million smaller businesses that were eligible to operate on the platform.
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According to the Securities and Exchange Commission, the company only purchased a database of contacts from a third party as the SEC attests:

 “The catalog included government officials and agencies that were not and could not possibly be users eligible to conduct business.’’

The platform in question is accused of misappropriating reviews and representing a partnership that was fake thus casting further doubt on the legitimacy. The lawsuit is one of the few recent actions that the SEC has taken against blockchain startups and companies that carry out token sales. The SEC charged BTC on January 17 with fraud as well. The operator used a fake identity just to hide the connection to the past fraud by raising $30,000. The SEC demanded a full judgment against the ICOBoc which a new development in the non-fraudulent securities registration case that started in September 2019.

Though these measures were meant to protect investors from fraud, the SEC’s policies that were deemed restrictive have also made it much more difficult for the legitimate sales to actually perform. The SEC shows no signs of taking a lighter touch and it has even issued its examination priorities for 2020 by publishing a new warning on IEOs, claiming that it is the primary authority for blockchain startups that operate in the US.