SEC Temporarily Suspends Trading Of Shares In Small Crypto Exchange And Mining Company
The U. S. Securities and Exchange Commission (SEC) has decided to temporarily suspend the trade of all shares of Bitcoin Generation (BTGN). The company is focused on mining and being a crypto exchange and it is not a very well-known company. Now trading is currently suspended until 11:59 PM EDT on May 10.
According to the SEC, the reason to stop the trading of the company’s shares is that some information sent out by the company can be inaccurate.
Specifically, the SEC has several main concerns. They are about promotional activity in the related to the mining company, the accuracy of the current information that the investors have about the company and a bond that BTGN has acquired from a company in the U. K.
The SEC has affirmed that trading was stopped in order to caution the traders about the information that they have surrounding the company and that they should consider it before they invest in it.
About Bitcoin Generation (BTGN)
Bitcoin Generation is a company based in Bartlesvile, Oklahoma. On its site, it is described as a crypto exchange and it offers several trading pairs, including fiat to crypto ones. According to the company, the group currently owns 10,000 mining rigs.
The company is far from very transparent. Its last income statement comes from the third quarter of 2015, meaning that in almost four years the company do not reveal any information about its financial results.