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Author Topic: [2017-08-26] CoreMedia.info - SEC Suspends Canadian Based Bitcoin Company  (Read 2745 times)
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August 26, 2017, 03:33:48 PM
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http://coremedia.info/blockchain-news/item/893-sec-suspends-trading-for-canada-based-bitcoin-firm
Nuno Teodoro


EC Suspends Trading for Canada-based Bitcoin Firm

Nuno Teodoro
First Bitcoin Capital, a publicly traded Bitcoin firm, has been temporarily suspended by the US Securities and Exchange Commission (SEC).

The Canadian company is comprised of financial and technology experts with the mission of acquiring and investing in Bitcoin startups. They are also involved in a number of other cryptocurrency related business, including a network of ATMs and a Bitcoin exchange. Shares of First Bitcoin Capital (BITCF) were being traded at $1.79 on OTC market until today’s suspension, which will only be lifted September 7th.

According to the SEC, the suspension was due to concerns regarding the: “accuracy and adequacy of publicly available information about the company including, among other things, the value of BITCF’s assets and its capital structure.” This may come as no surprise, since company stock has been seeing unprecedented growth, being up up 6,072% in 2017 and a staggering 24,421% in the last 12 months.

SEC vs Bitcoin

This isn’t the first time the SEC issued a suspension on cryptocurrency-related firms. Just last month, CIAO group was suspended because of plans for an upcoming ICO.

This is just part of the continuous dismissal of Bitcoin by the SEC watchdogs. The commission has rejected several bitcoin ETF (exchange-traded fund) proposals from companies like SolidX and Grayscale. The most well known proposal, COIN ETF,  was introduced by the Winklevoss twins, internet entrepreneurs portrayed in the movie “The Social Network”.  It was rejected after careful revision by the commission, citing risks of fraud and lack of regulation in the bitcoin markets as the main reasons.

SEC Shuts Down ICOs

But now it seems the commissioner has shifted their sights on the ICO scene. Following a statement released in July, the commission express their opinions on the security of DAO tokens and how they should be regulated. The SEC announced that certain digital tokens will be considered securities, and that whoever creates or participates in unregistered offerings could be subject to criminal punishment. It also alluded to previous security incidents, like the DAO hack, demonstrating the risks involved.

Read the rest at our website:  http://coremedia.info/blockchain-news/itemlist/user/954-nunoteodoro

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August 26, 2017, 05:06:19 PM
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I guess the SEC will also most likely reject the 2nd ETF review filed by Winklevoss twins last April. SEC is really stomping out hard on crypto specially bitcoin. I don't know the reason though on why they haven't release their approval or disapproval. But SEC suspending First Bitcoin Capital proves they will reject it.

According to the SEC, the suspension was due to concerns regarding the: “accuracy and adequacy of publicly available information about the company including, among other things, the value of BITCF’s assets and its capital structure.

Haven't they heard that bitcoin rose more than 300% year to year? That is why the assets and the capital will obviously rose due to this. I think SEC are really afraid that crypto's will be taking over and they don't want it to happen that is why they are shooting every thing related to bitcoin and crypto's in general. Regardless of what the future holds for bitcoin ETFs, the digital currency itself isn't fazed and the price continue to surge ahead above $4000.

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