Except in this case, its almost certainly a violation of money laundering laws in the US.
Tbh, part of me wonders if it would be perfectly legal if they sold an actual product at a massive markup (say, "designer chocolate"), provided "bonus tokens", and allowed refunds of the chocolate even if it was purchased with those tokens.
I'm not aware of any laws that prevent the conversion of tokens to chocolate to refunds. Then again, a cryptocurrency is probably less hassle at this point than any of these fronts.
And I guess I'm not the only one to conclude that.