Unicoin CEO Requests SEC Investigation Termination

WASHINGTON, D.C. — Unicoin CEO Alex Konanykhin has requested that the U.S. Securities and Exchange Commission (SEC) cease its investigation of his crypto company, yet he has not received a response.

Unicoin is facing scrutiny from the SEC, which under former Chair Gary Gensler suggested the firm could be accused of fraud, deceptive practices, and unauthorized securities handling. This investigation was initiated during the last days of the Biden administration in December, just before the transition to SEC leadership selected by the crypto-friendly Trump administration.

Konanykhin mentioned he wrote a letter on March 17 to the SEC’s new Crypto Task Force seeking clarity on the status of the investigation. In the letter, he expressed his desire to end what he referred to as “abuse of power” and requested a review of the enforcement officials involved, questioning their motives.

A spokesperson from the SEC declined to comment on Unicoin’s status, while Unicoin’s own representatives stated they are nearing the end of the SEC review process but have not received any updates. The company remains committed to compliance and transparency as they seek necessary approvals.

Konanykhin believes the SEC’s actions against Unicoin were politically motivated. He recalled that the agency had pressured them not to go public or raise funds, prompting him to relocate to Europe before returning to New York under Trump’s presidency, hoping for a change in regulatory atmosphere.

He argued the SEC’s accusations against Unicoin, particularly regarding the use of an airdrop — a common marketing strategy in crypto — were unjustified, highlighting that even political leaders engage in similar practices.

Konanykhin expressed disappointment that the regulatory battle against crypto persists and noted that targeting Unicoin would shock many observers. He stated Unicoin aimed to provide a more transparent alternative to Bitcoin, which they claim has yielded extraordinary returns.

He expressed enthusiasm over participating in efforts to position America as a global crypto leader despite ongoing challenges posed by SEC regulations, affirming that Unicoin is actively preparing to go public.