Salt Lending to return $47 million to investors from its 2017 ICO

The U.S. Securities and Exchange Commission (SEC) has ordered Salt Lending, a cryptocurrency lending platform, to begin returning to investors more than $47 million raised in the 2017 ICO.

According to the published document, Salt Blockchain Inc. violated Sections 5(a) and 5(c) of the Securities Act by offering its tokens for sale without proper registration.

In addition to the registration of SALT tokens, under the SEC agreement the company must also begin the process of returning funds to investors.

The Salt Lending ICO ran from June to December 2017. It raised $47 million. An additional $1.2 million was raised by Salt Lending from token sales after the ICO had concluded.

In both cases, the company did not have the necessary registration to sell securities, nor did it file an exemption from such registration.

The SEC began examining Salt Lending in 2018. In addition to selling securities without proper registration, the SEC was interested in the platform’s ties to ShapeShift chief Erik Voorhees.

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