As per a report published by ’The Next Web’, Indiegogo token brokerage partnered MicroVentures recently sent out associate emails to the ICO’s investors, informing them that it had not distributed the funds to the Fan-Controlled Football League ‘FCFL’.
Citingrestrictive regulationconsiderations,the Indiegogoaforementionedit had canceled theICO offeringand would issue a full refund to its contributors.
The company further mentioning to its investors stated that:
“Duringthis point, your investmentwasn’tdistributed tothe company. This was doneto confirmthat MicroVentures navigated through therestrictiveclimatebeforefinalizing theICO offerings.Whereaswebelieve that the initial path taken was compliant, for now we have decided a best way to make sure returning all the investments.”
According to FCFL statement cited by ‘The Next Web’, that refund was issued without the company’s approvaland also theFCFL had not been “givena legitimatereasononwhy MicroVentures cannot complete theofferings.”
Earlier this month, the FCFLrevealedajournalpost stating thatit’s delaying its public ICOtillthe companyintroduces a fully-functional platform to demonstrate it to the regulators that its tokensreallyhave utility andaren’t just speculative investments.
“Afterseveral,severalhours spent with our legal counsel and advisorswe have a decidedthatthe simplestcourse of action was to delay our FAN Token generation event (TGE)tillthe launch ofacompleted FCFL platform withwhichthe FAN Tokenswould interact.”
The reversal of the FCFL ICO raisesquestions onthe futureof Indiegogo’semergingtoken sale listing service. However for now, though, it’s not clearwhether or notthe companywouldcreatefuture utility token ICOsofferingto its retailcustomers too.