ZCZC
BCN-03
US-STOCKS-BITCOIN
US regulator suspends trading of popular bitcoin-linked stock
NEW YORK, Dec 20, 2017 (BSS/AFP) – The US Securities Exchange Commission on
Tuesday suspended trading of a popular bitcoin related stock that has soared
in recent weeks, citing concerns about market manipulation.
The Crypto Company’s share price had risen an eye-watering 1,700 percent,
from $3.30 to $575 between the end of September and Monday evening before the
SEC intervened to halt trades until January 4.
A statement cited “concerns regarding the accuracy and adequacy of
information in the marketplace about, among other things, the compensation
paid for promotion of the company, and statements in Commission filings about
the plans of the company’s insiders to sell their shares of The Crypto
Company’s common stock.
“Questions have also arisen concerning potentially manipulative
transactions in the company’s stock in November 2017,” it added.
The firm describes itself as a service to provide institutions and
individuals “direct exposure to the growth of global blockchain
developments.”
Blockain is the technology behind the cryptocurrency bitcoin. It is a
digital ledger stored across a network of computers without the need for a
central authority, a mechanism which protects it from tampering. All
transactions are listed publicly.
Bitcoin is currently highly speculative on the market and its price has
risen in the space of a few months from a few hundred dollars to around
$17,800 currently.
BSS/AFP/SR/1620 HRS