Telegram’s GRAM Investors Offered 110% Of Their Initial Investments, Not For Americans

After failing again to meet its scheduled April 30 deadline for the release of its GRAM tokens, Telegram is now offering to refund its U.S investors with an immediate 72% of their initial investment or 110% for non-U.S customers after 12 months.

Telegram commenced its project back in 2017, promising its investors that the Telegram Open Network (TON) would be ready by the end of October 2019. This, however, was delayed when the U.S Securities and Exchange Commission (SEC) sued them, stopping the distribution of the GRAM tokens. SEC claims that Telegram’s $1.7 billion, raised in an ICO in 2018, had violated the U.S securities requirements.

After the previous failure to meet its deadline, Telegram made a promise to its investors that it would deliver the TON network and Gram (GRM) token by 30th April 2020. The company, however, has continued to face serious legal challenges with the SEC hot on their tracks. A U.S District Court ruling in March of this year stopped the issuance of the new Gram token after SEC declared them as unregistered securities.

According to the stipulated agreement, failure to launch the platform by the end of April forces Telegram to pay back 72% of the initial investment made. However, the company is offering an option for non-American citizens to receive 110% of their initial investment if the funds remain in Telegram for the next 12 months.

Refund of TON investors funds

Last week, Telegram opened up on refunding their investors in grams or another cryptocurrency option as the SEC continues to fight off it's offering. However, a statement from the team said the company decided against offering crypto payments due to regulatory inconsistencies but keeps the loan option available.

Due to the strict regulatory laws governing cryptocurrency in the U.S, Telegram has decided to distance itself by totally cutting off the U.S based investors. In their statement to investors, American investors will be forced to take up the 72% payoffs immediately with no loan structure available for them.

The project deadline has now been pushed to April 2021 with certain commentators predicting the Open Network project may launch without Telegram if regulatory challenges press on.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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