Unicoin CEO Rejects SEC Attempt to Settle Wrongdoing Investigation
In a letter to shareholders on Tuesday, Unicoin CEO Alex Konanykhin said the SEC investigation has caused “multi-billion dollar damage” to investors and token holders.
Author: Cheyenne Ligon | Edited by: Jesse Hamilton Updated: April 23, 2025 12:39 PM Published: April 22, 2025 8:02 AM
What you need to know:
- Unicoin has rejected the SEC's attempt to reach a settlement in its ongoing investigation.
- In December, the U.S. Securities and Exchange Commission (SEC) sent Unicoin a Wells Notice outlining possible enforcement action for alleged securities violations.
- Unicoin CEO claims SEC actions have seriously harmed the company's financial prospects.
Unicoin CEO Alex Konanykhin said in a letter to investors on Tuesday that the company has rejected an offer from the U.S. Securities and Exchange Commission (SEC) to reach a settlement to resolve an ongoing investigation into the Miami-based cryptocurrency company.
In his letter, Konanykhin said that last week, on April 18, the SEC presented Unicoin with an “ultimatum” asking it to participate in a settlement meeting.
“We declined to attend,” Konanykhin told CoinDesk, adding that the SEC had set conditions before the meeting that he found “unacceptable.” He did not elaborate, telling CoinDesk that communications between Unicoin lawyers and the SEC were confidential.
Unicoin received a Wells Notice — a kind of formal warning from the SEC of an intent to file an enforcement action against the recipient — in December, shortly before former Chairman Gary Gensler resigned, alleging violations related to fraud, deception, and the offer and sale of unregistered securities. No formal enforcement action has been taken to date.
Since Donald Trump became president, the Securities and Exchange Commission (SEC) has reversed its previously aggressive stance on cryptocurrency regulation, dropping multiple open investigations into crypto companies, including a blockchain gaming company and a
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