The U.S. Securities and Exchange Commission has sued a cryptocurrency incubator, claiming it ran afoul of the federal securities laws by failing to register its own $14.6 million initial coin offering and by acting as an unregistered broker for other ICOs.

The agency filed suit against ICOBox and its founder Nikolay Evdokimov in U.S. District Court for the Central District of California on Wednesday claiming that ICOBox should have registered its 2017 offering of roughly $14.6 million worth of “ICOS” tokens to more 2,000 investors. The agency further alleges that ICOBox failed to register as a broker as it helped facilitate about 35 ICOs that raised more than $650 million for its clients.