US SEC Temporarily Suspends Trading In Securities Of Bitcoin Miner BTGN

News, Regulation | April 30, 2019 By:

The US Securities and Exchange Commission (SEC) has announced the temporary suspension of trading in the securities of Bitcoin Generation (BTGN), a crypto exchange and mining firm.

BTGN is an Oklahoma corporation incorporated on December 21, 2017. It specializes in the development of blockchain technology application, crypto mining, and crypto trading. The company claims to own 18.2 million Bitcoin Generation Token as well as 4.1 billion Bitachon Token. Last month, the company announced that it acquired a Bond valued at 20 million Euro from QuickWash Bond Ltd, which was worth about $24.4 million at the time of the transaction.

The suspension, which will be effective from April 29 until May 10, has been issued due to concerns about the accuracy and adequacy of information in the marketplace about, among other things, BTGN’s public statements regarding the viability and valuation of a bond that BTGN purportedly acquired from an entity based in the United Kingdom, the amount of BTGN’s outstanding common stock, stock promotional activity relating to BTGN and the market impact of such promotional activity, and the accuracy and adequacy of current public information regarding BTGN’s financial condition.

The regulator cautioned broker-dealers, shareholders, and prospective purchasers to carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.

“Brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule,” the SEC said. “If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance.”