AirFox Logo

Airfox Announces Settlements with the U.S. Securities and Exchange Commission and Massachusetts Securities Division

November 16, 2018 (BOSTON) – Airfox (“Airfox” or the “Company”), a company that provides financial services to emerging markets, today announced that it has reached settlements with the U.S. Securities and Exchange Commission (“SEC”) and the Massachusetts Securities Division (“MSD”) related to Airfox’s issuance of AirTokens in its October 2017 initial coin offering.

The settlement with the SEC provides for entry of an administrative cease-and-desist order that requires, among other things, compliance with certain provisions of the federal securities laws and regulations (the “SEC Settlement”). Under the terms of the SEC Settlement, the Company will register AirTokens under Section 12(g) of the Securities Exchange Act of 1934 as a class of securities, maintain that registration and make timely filings as required for at least one year, and pay a civil monetary penalty of $250,000. The settlement with the MSD requires the Company to pay an additional civil monetary penalty of $100,000.

In addition, under the terms of the SEC Settlement, the Company will administer a claims procedure available to purchasers who purchased AirTokens from the Company before and including October 5, 2017. Pursuant to that claims procedure, purchasers of AirTokens from the Company before and including October 5, 2017 who elect to participate and timely submit a complete Claim Form and required supporting documentation will be permitted to tender their AirTokens to the Company in exchange for payment of the amount due under Section 12(a) of the Securities Act. The Company will distribute a Claim Form in accordance with the terms of the SEC Settlement. As required by the SEC Settlement, the Company will submit a monthly report to the SEC of the claims received and the claims paid under its voluntary claims procedure, including (a) identifying information about each claimant; (b) the amount of each claim; (c) the resolution of each claim, including the amount of each payment; (d) identification of all claims not paid and the reasons for all non-payment of claims; and (e) a list of all complaints received and how the Company addressed each complaint. The SEC Order and Claim Form are available at

“We are pleased with these developments. We believe by reaching this resolution with the SEC and MSD, we are removing uncertainty and positioning Airfox to grow our blockchain platform within a regulatory framework,” said Victor Santos, CEO and co-founder, Airfox. “We are optimistic the registration of AirTokens may encourage future opportunities for partnerships and accelerated development.”

About Airfox

Airfox is on a mission to provide more than two billion unbanked people in emerging markets with mobile access to financial services. The Airfox app, available on Android, eliminates the need for traditional financial institutions and enables unbanked users without credit access to critical financial services. The Airfox lending platform runs on the AirToken platform (AIR), which is built on the Ethereum blockchain. Airfox has offices in Boston and São Paulo. To learn more about the future of mobile banking, visit

Forward Looking Statements

This press release contains forward-looking statements of the Company that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements. Forward looking statements can be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. The forward-looking statements in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Twitter Facebook Instagram LinkedIn