SEC suspends a cryptocurrency securities trading

nRunaway Comment: The cryptocurrency has become one of the areas the SEC is currently focusing on. In addition to issuing related warnings, the SEC is also taking concrete steps to manage some cryptocurrency companies. The agency has recently announced the suspension of trading securities of The Crypto Company, a cryptocurrency company, for the protection of the public interest and investors. This is the second time this year the SEC has taken a similar measure, sounded the alarm for other companies in the field.n
nTranslation: Inan
SEC suspends The Crypto Company dealn
The U.S. Securities and Exchange Commission recently issued a circular stating that from 9:30 am ET on December 19 to midnight on January 3, 2018, pursuant to section k of Section 12 of the Securities Exchange Act of 1934 , The Crypto Company’s securities trading will be suspended.n

According to the document:n
nConcerns about the accuracy and adequacy of market information, the company’s plan to publicize the payments paid and the insiders in the company want to sell their own shares, raise too many questions for regulators to await.n
nIn just one month, the company’s share price has risen more than 2500%, executives may have made a fortune. Bloomberg believes that according to the closing price Monday this week, the company president holds a stake of nearly 4.2 billion US dollars.n
The SEC’s filing also said it was involved because “there may be human-induced manipulation of the company’s stock exchange in November 2017”.n

The company’s investor page currently only shows “404 errors.” In addition, its website appears to be aggressive, claiming to be a consulting, technology and portfolio company that lists information for five team members who have different disciplines and who understand blockchain technology. The company claims to provide expertise in cryptocurrencies to its clients, partners, portfolio companies and the broader investment community.n
Business Insider, citing its CEO, Mike Poutre, in covering the incident, provocatively stated:n
n”The company has done a thorough report, but the deal is still suspended and the SEC is sending the wrong message to people. We are working with a lawyer and will handle things properly.”n
nThis is the second time that the SEC has intervened in the cryptocurrency business in 2017. In August, the CIAO Group, a company registered in Nevada, also encountered the situation. The SEC said it is concerned about its business plan and ICO plan in the telecommunications industry to suspend its securities trading on the grounds of ensuring public interest and protecting investors.n
Therefore, companies that want to catch up with the cryptocurrency spike need to be careful to ensure they are fully compliant as they are under surveillance.n

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