Telegram Bans Sanctioned Nations & Individuals From Participating In TON ICO

telegram open network
telegram open network

Telegram Bans Sanctioned Nations & Individuals From Participating In TON ICO

The Billion dollar ICO, TON in its latest document has banned the people, their relatives, and territories that are sanctioned by the US, UK, EU, and UN from buying the closed sale rounds of its Gram token.

US, UK, EU & UN sanctioned nations & individuals not welcome

The ICO of Telegram Open Network is not open to all. According to the reports of the RBC, a Russian business journal, TON doesn’t allow the individuals on the international sanctions list of the US, UK, EU and United Nations Security Council to participate in the close rounds of this ICO.

The official document of Telegram group investor agreement extends this ban to the spouses, siblings, children and close relatives of these sanctioned people. The restriction furthermore covers the residents of the territories that are under the sanction including Cuba, Iran, Crimea, Syria and North Korea.

As per RBC, the content of the contract has been confirmed by an unnamed top manager of a venture fund who was considering taking part in it and one of the Russian participants of the ICO.

The Russian source further states that all the potential investors of TON ICO will have to go through the mandatory KYC procedure to ensure non-involvement of the clients in criminal activities.

In addition, the standard agreement between an investor and the Telegram Group notes that the token buyer won’t be using the Gram tokens for money laundering, terror financing or in violation of the sanctions. The document explains the risk involved in the illicit use of Gram token but nothing on if the company itself will be tracking the suspicious transactions:

“Any illegal use of the Gram cryptocurrency by unscrupulous participants may violate the normative acts adopted in the UK, the US and other countries aimed at combating the financing of terrorism and money laundering. This can seriously affect the global reputation of TON Blockchain.”

Also, read… SEC Slams Hard At Online Exchanges & ICO’s Trading Digital Assets

Following the course of multi-billion dollar telegram open network ICO

By raising $850 million in its pre-sale, TON ICO has been considered to become the biggest ICO ever. It has been reported to raise about $1.6 billion in its presale and the secretive second presale before even going to its public phase.

In January, the plans of Telegram to launch its own blockchain platform called TON i.e. Telegram Open Network and a native cryptocurrency known as Gram was first revealed. The idea was reported to raise about $1.2 billion to create a blockchain-based payment platform by building a virtual economy within its widely used Telegram app.

What are your thoughts on TON banning the sanctioned nations, people and their relatives from participating in its private presale? Share your thoughts with us below!

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Achal Arya

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

Post your comment...
Achal Arya 214 Articles

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

Follow Achal @