September 19 2022
Dear Community,
In August 2019, Sparkster was notified of an investigation into our ICO. This investigation spanned several countries and hindered our ability to communicate with our community openly and freely.
As we reviewed our detailed records of nearly ten thousand KYCs, we discovered a handful of participants that could possibly have been Americans that slipped through our KYC procedure. We promptly provided this information to the SEC.
After much positive effort, we are pleased to announce that Sparkster entered into an administrative settlement agreement with the SEC.
Some pertinent findings from the SEC are:
7. As of May 10, 2018, Sparkster’s no-code platform was launched and available for users to begin testing.
19. Sparkster launched its promised decentralized cloud on January 1, 2019 … and launched the marketplace on June 9, 2019.
Given the long and exhaustive nature of this investigation, spanning several years, we decided a settlement agreement would best serve the interests of our community and enable Sparkster to continue devoting the necessary time and expertise to focus on product development and the growth of our business. We neither admit nor deny any findings in this settlement.
To protect our Sparkster community, Sparkster agreed to destroy all SPRK Tokens in our possession and to allow the SEC to reimburse all purchasers for the cost paid in connection with the Tokens plus interest.
Moving forward, Sparkster is directing its efforts to the development of decentralized technologies and the pursuit of its mission. Rest assured, the Sparkster Team is continuing its developments in full compliance with regulatory requirements.
In the meantime, we’re pleased to make available our Low Code Platform, an evolution of our No Code platform.
You may access the Low Code platform at: https://app.invent.sparkster.me
You may also be interested in our No Code Algo Trading Platform: https://algo.sparkster.me
The SEC settlement can be accessed here:
https://www.sec.gov/litigation/admin/2022/33-11102.pdf
The Sparkster Team
