The Securities and Exchange Commission suspends the stock trading of blockchain companies established in Hong Kong

nRunaway Comment: US financial market regulators, including the Financial Industry Regulatory Authority, began to notice the unusual performance of the blockchain market and strengthened the supervision and supervision over related enterprises. On many occasions, the SEC has suspended the trading of several companies on the ground of the truthfulness of the application and unusual market trends. The recent establishment of UBI Blockchain in Hong Kong has become another target for the CSRC to strengthen its supervision. The deadline for the transaction is January 22.n
nTranslation: Annie_Xun
The Securities and Exchange Commission (SEC) has decided to suspend the trading of UBI Blockchain shares in Hong Kong.n
Bloomberg reported that UBI is a company that uses blockchain technology to develop product tracking systems. The SFC recently decided to suspend its stock trading until January 22.n
The move is due to the company’s recent public filings and a 2,000% market gain last year.n
n”The suspension of the UBIA securities transactions by the SFC is due to: 1. The accuracy of the business reports submitted by UBIA to the Commission since at least September 2017; 2. At least from November 2017, the Class A ordinary shares of the Company are not discounted Ordinary, unexplained market activity. “n
nUBI is the latest to be suspended by the SFC. In the past few months, the SFC has suspended the stock trading of several other companies given the authenticity of the company’s statement.n
The move may be due to investors’ growing attention to companies that have shifted their focus to blockchain services and products. However, such concerns have aroused the vigilance of other market regulators, including the self-regulating FINRA.n

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