Regulator of Hong Kong suspended the release of ICO from Black Cell

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The Securities and Futures Commission in Hong Kong (SFC) stopped the issue of ICO Black Cell Technology Limited. In this case, the company will return the invested funds to investors.

It is reported that the SFC of Hong Kong was ordered to Black Cell to terminate its ICO proposals for investors located in the autonomous territory of China. The regulator was concerned that the company was involved in unauthorized advertising activities and illegal regulated activities.

According to the SFC, representatives of the company agree to the termination of ICO transactions for investors from Hong Kong and return the relevant tokens that they have contributed. Also, to resolve potential problems, Black Cell undertook not to develop and implement an algorithm, the essence of which is the collective investment. The only exception would be the schemes that do not contradict the Regulations on Securities and Futures.