“Publicly Traded Crypto Alternate” Bitcoin Technology Hit by SEC Sanctions

An official announcement printed on April 29, 2019, has revealed that the USA Securities and Alternate Fee (SEC) has quickly suspended the buying and selling of shares in Bitcoin Technology (BTGN), a blockchain-based firm out of Oklahoma.

The corporate additionally operates a crypto alternate platform that helps common cryptocurrencies, and it payments itself because the “first publicly traded cryptocurrency alternate.”

Particularly, the regulator identified inaccuracies with data regarding a bond bought by BTGN from a U.Okay.-based entity, in addition to its inventory valuation and the standing of its monetary situation. The SEC additionally expressed issues with BTGN’s inventory promotional exercise and its impression in the marketplace.

The suspension commenced at 09:30 EDT on the day of the announcement. BTGN’s shares final traded at 9 cents, they usually’ll stay so till 23:59 on Might 10, 2019, when the suspension shall be lifted.

Within the meantime, the Fee “cautions broker-dealers, shareholders, and potential purchasers that they need to rigorously contemplate the foregoing data together with all different at the moment out there data and any data subsequently issued by the corporate.”

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