Block.one has agreed to pay the fine, but has neither admitted nor denied the SEC's findings. The company has also been granted a waiver which means it won't be subject to any ongoing restrictions that would usually apply to a settlement of this kind. It's not the first such penalty to be levied by the SEC, however. Earlier this year it announced it was suing messaging service Kik for failing to register its ICO -- part of its ongoing investigation into the way cryptocurrency companies conduct their fundraising activities.