They cancel the first ICO that was carried out through Indiegogo

[Buenoscoin]

The news portal Hard Fork reported today on the cancellation of the Initial Currency Offer (ICO) of the Indiegogo platform, since its intermediation partner, MicroVentures, informed the participants who financed the initiative that they will not receive tokens, but rather a refund of your money. Hard Fork learned of the cancellation after receiving the official email sent by MicroVentures.

The email, which was sent in July, indicates that MicroVentures, a commercial partner of Indiegogo and in charge of the management of the ICO, thanks the participants of the Fan Controlled Football League (FCPL) pre-sale, but recognizes that the environment of Cryptocurrency regulations have been changing rapidly. That is why they have decided to cancel the ICO and return the capital to investors.
 
FCPL is a proposal within Indiegogo that seeks to raise up to USD $ 5 million to build a football league, where the company promised to distribute tokens to its investors. The distribution of these tokens was to be supervised by MicroVentures but these indicate that the US Securities and Exchange Commission (SEC) has not provided a formal guide or legal framework on how to conduct an ICO.

MicroVentures assures that they were waiting for the ICO to end while they followed the current regulations and then distribute the money to the company in charge of FCFL. Although they consider that everything they had done so far was in accordance with SEC laws, they can’t foresee new regulations and therefore decided to begin the return process by contacting the actors involved.

The association of Indiegogo and MicroVentures began last December when they decided to take the FCFL project to establish a financing program through ICOs in order to expand crowdsourcing financing methods. Until the cancellation, the project had exceeded its initial goal, reaching USD $ 5.2 million in Bitcoin (BTC), Ether (ETH) and fiat currencies.

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