Russian court bans telegrams up to $ 1.7 billion ICO


Telegram phone - Russian court bans telegrams up to $ 1.7 billion ICO

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A Russian court lifted an official ban against the Telegram messaging app, just weeks after its presale initial coin (ICO). raised almost $ 2 billion in two private financing rounds.

Tagansky court judge, Yuliya Smolina, ruled against Telegram on Friday, siding on the demand side of the Roskomnadzor communications regulator for permission to block the Access to the application on the grounds that she refused to comply with local laws.

FSB Federal Security Service intelligence agents had repeatedly asked Telegram to give him his encryption keys, which would have allowed them to view messages stored in encrypted conversations between users. They claimed that they needed to access these keys to be able to thwart the terrorist attacks.

However, Telegram said that the request was an affront to the privacy of the user and refused to comply, which led to the decision of the court on Friday.

The founder of Telegram, Pavel Durov, said in response to the decision that the company would strive to bypass the ban, using in-app methods to escape the blockage, which could come into force at any time. Users may need a VPN to ensure continuous access to the application.

"The power that local governments have over computer companies is based on money At any time, a government can block its stocks by threatening to block the flow of revenue from its markets and to force these companies to do strange things (remember that last year Apple moved iCloud servers to China). "At Telegram, we have the luxury of not worrying about revenue streams or advertising sales . Privacy is not for sale, and human rights should not be compromised by fear or greed. "

It is estimated that 9.5 million of the 200 million global Telegram users live in Russia.

As NCC reported, the company recently concluded the second round of the ICO presale, which has so far been held by a private placement. The company raised $ 1.7 billion to create the Telegram Open Network (TON), a blockchain ecosystem with a native cryptocurrency called Gram. It is not known if the company will proceed to a public ICO or will close its offer after the pre-sale of the registration.

Iran, another authoritarian country in which Telegram is popular, is also expected to prohibit enforcement, officials citing its transition to "an economic platform" that "will undermine the country's currency." Iran "to justify its censorship.

Image from Shutterstock.

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