The United States Securities and Exchange Commission (SEC) has reportedly temporarily suspended trading in the securities of crypto exchange Bitcoin Generation. As per the announcement, the suspension will be effective from 9:30 pm EDT on April 29 until 11:59 pm EDT on May 10. On this suspension, the agency said that it had taken the decision “due to concerns about the accuracy and adequacy of information in the marketplace” surrounding its outstanding common stock, promotional activities and the impact they had on the market, as well as the company’s current financial condition.
The announcement further added that the commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Besides, brokers and dealers are being urged not to enter quotations relating to Bitcoin Generation’s securities unless they strictly comply with the commission’s rules. Seated in Oklahoma, the company and the SEC has said that it has regarding the viability and valuation of a bond that Bitcoin Generation purportedly acquired from an entity based in the United Kingdom. The statement allegedly showing the acquisition of a €20 million bond in March last year which was worth about USD 24.4 million at the time and sourced from the London Stock Exchange.
Bitcoin Generation CEO Deniz Hadjiev stated that small step in improving the financial situation of the company as we continue to build our mining operations. This is not the first time the SEC has suspended the trading in securities. In last fall, the agency had suspended the trading in securities of a Nevada-based firm that falsely claimed its crypto-trading activities were sanctioned by the SEC.