The U.S. Securities and Exchange Commission has handed down its first civil penalties to the issuers of initial coin offerings, solely for failing to register as securities in a pair of settlements announced Friday.

In two separate orders, the SEC imposed $250,000 penalties against ICO issuers CarrierEQ, Inc., which does business as Airfox Inc, and Paragon Coin. The orders also force the companies to register their respective offerings, make all associated filings, and require them to compensate investors harmed by purchasing tokens in the unlawful offerings. As is custom in most SEC matters, the companies neither confirmed nor denied the SEC’s allegations against them as part of the settlement.

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