Sunday, February 18, 2018

USA: Suspension of the listing of three companies related to cryptocurrencies :


The US Securities and Exchange Commission (SEC), the US regulator of financial markets, has suspended the trading of shares of three companies related to cryptocurrencies. One of them includes an initial offer of parts (ICO). The SEC is concerned about the nature of companies' business activities and the value of their assets.

The SEC announced in a published document that it "suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain assets". These are Cherubim Interests, PDX Partners and Victura Construction Group. All three securities are traded over the counter with a market capitalization of less than $ 5 million. The temporary suspension came into effect yesterday and ends on March 2.

The agency said the three companies issued press releases claiming they had "acquired AAA rated assets from a subsidiary of a private equity player in cryptocurrency and blockchain technologies, among others" . However, according to the SEC, there are questions about the nature of the businesses' business activity and the value of their assets.

In addition, Cherubim Interests also announced the launch of an initial offer of parts (ICO). The suspension of trading in the shares of this company is also due to the fact that it has not complied with its commitments to file annual and quarterly reports with the Commission.

Last August, the SEC issued an investor alert about companies filing ICO filings: "The SEC's Office of Investor Education and Advocacy warns investors about possible scams involving shares in companies claiming to be tied to, or saying that they are doing so, "the agency wrote, adding that" fraudsters often try to use the appeal of new and emerging technologies to convince potential victims to invest their money in scams. "
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