SEC Suspends Trading of Another OTC Cryptocurrency Company
Last week, the SEC suspended trading in First Bitcoin Capital Corp. (OTC: BITCF), a company engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com.
According to company press releases, BITCF is “the first publicly-traded cryptocurrency and blockchain-centered company “.
BITCF’s stock is up over 6000% in 2017. Upon suspension on August 24, 2017, BITCF had a share price of $1.79 and a market capitalization of approximately $500 million (according to OTCMarkets.com).
This is the second cryptocurrency-related suspension initiated by the SEC this month. The SEC previously suspending shares of CIAO Group (OTC: CIAU), over concerns about statements regarding an upcoming initial coin offering (ICO).
In a press release from the company addressing the suspension, Simon Rubin (Chairman of BITCF’s Board of Directors) wrote; “BITCF is extremely rare in this regard for an OTC company as most are dilution machines designed either to grow their company or unjustly enrich management and promoters. Our management has never sold one share of our stock in spite of the meteoric rise in price per share.”
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