In a recent letter to shareholders, Unicoin CEO Alex Konanykhin disclosed that the company has rejected the US Securities and Exchange Commission's attempt to settle an ongoing investigation. The SEC had issued an ultimatum for Unicoin to attend a settlement meeting, but the company declined, citing unacceptable demands.
This investigation, which began with a Wells notice in December, alleges violations related to fraud, deceptive practices, and the sale of unregistered securities. Konanykhin claims that the SEC's actions have caused substantial harm to the company and its investors, estimating that Unicoin would be a $10 billion publicly traded company by now if not for the SEC's intervention. The company was forced to put its plans on hold due to the investigation, missing out on favorable market opportunities. The SEC has recently taken a more lenient approach to crypto regulation, pausing or settling cases against several crypto companies, but Unicoin's case remains unresolved.