Unicoin CEO Rejects SEC’s Attempt to Settle Enforcement Probe

In a missive to shareholders connected Tuesday, Unicoin CEO Alex Konanykhin said the SEC’s probe has inflicted “multi-billion-dollar damages” connected its investors and token holders.

Apr 22, 2025, 8:02 p.m.

Unicoin has rebuffed the U.S. Securities and Exchange Commission’s (SEC) effort to negociate a colony statement to adjacent an ongoing probe into the Miami-based crypto company, its CEO Alex Konanykhin revealed successful a Tuesday missive to investors.

In his letter, Konanykhin said Unicoin was fixed an “ultimatum” by the SEC to be a colony dialog gathering past week, connected April 18.

“We declined to amusement up,” Konanykhin told CoinDesk, adding that the SEC had made demands up of the gathering that helium recovered “unacceptable.” He declined to stock specifics, telling CoinDesk that the connection betwixt Unicoin’s lawyers and the SEC was confidential.

Unicoin received a Wells announcement — a benignant of authoritative heads-up from the SEC that it intends to record an enforcement enactment against the recipient — in December, soon earlier erstwhile Chair Gary Gensler stepped down, alleging violations related to fraud, deceptive practices, and the connection and merchantability of unregistered securities. No authoritative enforcement enactment has yet been filed.

Since President Donald Trump took office, the SEC has reversed its once-aggressive stance toward crypto regulation, backing disconnected from galore of its unfastened investigations into crypto companies, including blockchain gaming steadfast Immutable and non-fungible token (NFT) marketplace OpenSea, and adjacent immoderate of its ongoing litigation, including against Coinbase and Cumberland DRW.

Other SEC enforcement cases against crypto companies, including its cases against Binance and Tron, person been paused portion the parties effort to negociate a settlement. The bureau precocious reached a colony statement with Nova Labs, the genitor institution down the Helium blockchain, that saw Nova Labs wage a $200,000 good to settee civilian securities fraud charges, and the SEC dropped its claims that Helium (HNT) and different related tokens were securities.

In his missive to investors, Konanykhin claimed that the SEC’s probe has caused “multi-billion-dollar damage” to the institution and its investors.

“We would apt beryllium a $10B+ publically traded institution by present if the SEC had not blocked our ICO, banal speech listing and fundraising,” Konanykhin wrote, adding that the SEC had prevented Unicoin from acting connected the “very favorable marketplace opportunities.”

“We were forced into a standstill,” Konanykhin wrote.

The SEC did not respond to a petition for comment.

Cheyenne Ligon