Crypto promoter Ian Balina labels SEC charge ‘frivolous’, turns down settlement

On September 19, the US Securities and Exchange Commission charged the cryptocurrency promoter with breaking federal securities legislation.

Balina promoted unregistered securities of SPRK tokens in 2018, the complaint claims, without revealing that he was compensated for the marketing.

In addition, the commission charged him with failing to submit a registration statement to the SEC after creating a Telegram investment pool for the cryptocurrency, through which he sold the tokens again.

Balina disclosed that he turned down the regulator’s offer to settle

 The SEC wants to take back the money he made from the promotions and punish him with civil penalties.

During the ICO craze of 2017 to 2018, Balina attained widespread industry appeal. His fame increased when he examined various initial coin offerings on his YouTube channel as former IBM and Deloitte data analytics professionals.

He gained notoriety after losing digital assets valued at $2 million to a hack while doing a livestream ICO evaluation. He was informed about the hack at the time by a viewer, but before realizing it, he assumed it was a troll.

Meanwhile, a number of individuals in the cryptocurrency community have expressed surprise that the SEC is pursuing someone as far back as 2018. However, considering his behavior, some people think he was due it.

 Currently promoting NFTs for his firm, Token Metrics, Balina is still involved in the cryptocurrency space.

The Securities and Exchange Commission (SEC) has accused crypto influencer Ian Balina of selling Sparkster (SPRK) tokens illegally; he claims to have rejected a settlement offer from the SEC. Sparkster, meanwhile, accepted a confidential settlement.

One of the well-known faces of the 2017 crypto ICO frenzy was Balina, who advertised a number of contentious projects on his YouTube channel. He has developed an iconic music video and made and lost millions in cryptocurrency.

As Sparkster settles, Balina rejects the allegations.

Balina contends that the SEC’s allegations are without merit in a written statement that was made public on his website. The influencer claims there is “no evidence” that he received a bonus from Sparkster and that he only invested $100,000 into the company.

Neither did Mr. Balina make money from the Sparkster tokens he bought. If anything, Mr. Balina, like other investors, is potentially susceptible to fraud and misrepresentation from the Sparkster team, according to the notification (our emphasis).

Balina declared on Twitter that he was “eager to take this fight public.” He asserted that he turned down a settlement offer “so they have to prove themselves” and that he will fight the allegations in court to the tragic end.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)