back to article SEC sends ICO for restaurant app Munchee back to the kitchen

The US Securities and Exchange Commission has intervened to stop an initial coin offering (ICO) that attempted to raise US$15m for a restaurant review app named "Munchee". The regulator served Munchee Inc. with a cease and desist order [PDF] to halt the offering on grounds it was an unregistered security. Munchee tried to …

  1. Richard Jones 1
    Happy

    Duck Test?

    Yes all very fine, but could this dive into the financial waters? I guess the answer was it tried even though it was a doubtful swimmer. The duck test worked quite well after all.

  2. Prosthetic Conscience
    Facepalm

    B*llock

    Munchee tried to sell "MUN Tokens", a form of digital currency that would be used by both reviewers and restaurants to unlock premium features in the app and to buy advertisements

    With crap like this in the real world they're just making Charlie Brooker's Black Mirror and other such shows more difficult to write (case in point: The Thick of It, it all virtually happened now..). And I like such entertainment damn it! Not when it becomes reality

    1. Bob Dole (tm)
      Thumb Up

      Re: B*llock

      Just wanted to say: Black Mirror is awesome. I hope that keeps going.

  3. Sergey1K

    The most arguible point is how to differ the security token from the utility one. I think that it is really hard to tell now. Still before the decisions on banning this or that ICO, SEC should introduce the rules of the game. The criterias showing the difference between the utility and security tokens should be stated.

    And the statement “As more users get on the platform, the more valuable your MUN tokens will become” surely says that with the community growth the MUN token will become more trusted and may become the preferred payment method for the bigger amount of people.

    And surely there is another side of such ICOs like Munchee or Doft run.

    They are held by the companies with the real estate background, and offer the real utility coin, which is useful within their ecosystems.

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